HKUST Entrepreneurship Education and Minor:

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1 HKUST Entrepreneurship Education and Minor: Educating the Next-Generation Entrepreneurs Gary Chan Professor, Department of Computer Science and Engineering Chair, Task Force on Entrepreneurship Education Deputy Director, Entrepreneurship Center September 7, 16 HKUST entrepreneurship education and minor 1

2 Today s Agenda 6-6:20pm: HKUST entrepreneurship education and minor program 6:20-6:40pm: ENTR course introduction by Prof. Erwin Huang (CEI) 6:40-7pm: Q&A 7pm-8pm: Refreshment Special acknowledgement to those behind-the-scene heroes on entrepreneurship education: Prof. Roger Cheng (Associate Provost on Teaching and Learning) Prof. Robert Ko (SSCI) Prof. Kar Yan Tam and Prof. Michael Zhang (SBM) Prof. Ravi Goonetilleke (SENG) HKUST entrepreneurship education and minor 2

3 Source: Startmeup.hk (2015) HKUST entrepreneurship education and minor 3

4 An Opportune Startup Time (August 13, 14) Nick D Aloisio, an 18-year-old from England in 2014 Founded the company at the age 15 A Summly app provides fast summaries of online articles based on AI technology Sold to yahoo for US$30 millions (HK$230 millions) Studying at Oxford Computer Science and Philosophy HKUST entrepreneurship education and minor 4

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6 Defining Entrepreneurship Starting up new business or service which creates or enhances social, economic and cultural value Often due to innovations or discoveries on Technology and engineering Science Business model and operation process Social science and humanitarian needs Examples Founding commercial ventures Joining startups Social innovation and services Environmental and green entrepreneurship Innovation within large corporations (e.g., google and facebook) etc. HKUST entrepreneurship education and minor 6

7 Entrepreneurship is all about value Commercial/Financial value, social value and cultural value Value creation (keypad vs. touchscreen) Value enhancement (faster, better, cheaper, etc.) Value capture (budget travel) HKUST entrepreneurship education and minor 7

8 An Alternative Career Choice HKUST entrepreneurship education and minor 8

9 Curriculum and Activities: Fostering an inspiring, engaging and vibrant entrepreneurial spirit Cultivate a risk-taking value-creation mindset Discovery of pathways from ideas to impacts Sharpen skills, character and mindset Interpersonal, social and communication skills Business skills Can-do spirit: Following passions persistently by embracing uncertainties and setbacks Enhance hands-on experience and team-work Learning by doing: Group-based inter-disciplinary collaboration Design thinking: understand, observe, ideate, prototype, test and adapt (and iterate the process relentlessly) Knowledge integration and applications Experience early Start early, fail early, learn lessons early, get to know your business early. Identify critical stages and activities from 0 to 1 (creating something new), and then from 1 to infinity HKUST entrepreneurship education and minor 9

10 Student-driven Entrepreneurship 1. Understanding, conceptualizing, prototyping, testing and deploying 2. Acquire knowledge Industry Technology, science, design thinking, etc. Business 3. Build team Early exposure to entrepreneurship experience and hands-on practice Kindle your passions and work on your dreams Identify problems and approaches early to beat the odds of failures Empower you to dream big without rules and boundaries Act small and move fast Cocurricular Curricular Extra-curricular HKUST entrepreneurship education and minor 10

11 Revamped Curriculum: From Exposure to Engagement Entrepreneurship seminars and readings (ENTR2010) 1 credit, graded Entrepreneurial talks or experience sharing Book readings Industrial landscape: Understanding the elements to start a business (ENTR3100) 3 credits, graded To inspire and aspire Developing empathy for different industrial sectors (IT, robotics, manufacturing, supply chain, social enterprise, environmental, etc.) Faculty talks and case studies Field trips, exhibitions, NGOs, company and park visits (FYTRI, SRI, Qianhai, etc.) Market analysis, group presentations & reports on a sector HKUST entrepreneurship education and minor Student-Led Entrepreneurship Acceleration Project (ENTR4901-4) 1-4 credits, offered every semester, graded Entrepreneurial groups develop projects, business plan, prototype, get feedback, present, promote/sale, etc. Driven by students, faculty as coach May be repeated for credits Social Innovations and Entrepreneurship (ENTR4100) Special-topic course on entrepreneurship (ENTR4000) 1-5 credits, depending on workload Fall 16: ENTR4000A Global Product Development 11

12 Entrepreneurship Minor: A Joint Minor by SENG, SBM and SSCI Entrepreneurship seminars and readings Sampling, reflections and overviewing Industrial landscape Interest group/clusters Faculty talks Market analysis Student-led acceleration projects Inter-disciplinary collaboration and teamwork Specialized or advanced entrepreneurship courses IT entrepreneurship Technology startup Social entrepreneurship Marketing, financing, etc. HKUST entrepreneurship education and minor 12

13 (6 credits) (3 credits) (6 credits) HKUST entrepreneurship education and minor 13

14 Student-led Entrepreneurship Acceleration Project (ENTR4901-4) Have a business idea Form team of 2-3 members Could be inter-disciplinary Find a professor in the area who can mentor or advise you Discuss with him/her on the topic, credit hours (1-4), deliverables and evaluation 1 credit hour = hours per semester (3-4 hours/week for 14 weeks) Project must not be related to other courses you are currently enrolled in After confirmation by the professor, send an to the school office before add/drop period to indicate your intend to enroll sscicourse@ust.hk (for SSCI faculty), sengug@ust.hk (for SENG faculty), bmminor@ust.hk (for SBM faculty), or any of the above for other faculties The school administrator will approve you into the course HKUST entrepreneurship education and minor 14

15 From Knowledge to Venture Dream builder: Winter/Summer accelerator funding Curriculum Courses Case studies Seminars Visits Entrepreneurship minor and TLE Competitions, workshops and accelerator programs Student-led acceleration projects Venture Legal advising Mentorship Funding Startup clinic HKUST entrepreneurship education and minor 15

16 Entrepreneur, Anyone? assion Inspiration/Aspiration Motivation Personality Persistence/ Perseverance roblem Market Gap Unsolved Problem Unsatisfied Demand YOU echnology and Innovation Engineering Science Management Process and production Supply chain Sales & Marketing HKUST entrepreneurship education and minor 16

17 The entrepreneurship journey Hop in, buckle up and have fun! HKUST entrepreneurship education and minor 17

18 Prof. Erwin Huang HKUST entrepreneurship education and minor 18

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