The last two decades have seen a rapid rise in innovation-driven entrepreneurship ventures born in academia. And while the path from classroom to commercialization is a long and winding road, a common-held belief in academic entrepreneurial circles is the assumption that faculty advisors are most often the primary traveler on the road to entrepreneurial success. New research suggests, however, that student innovators—who have more time and flexibility than faculty— drive the momentum of successful entrepreneurial ventures outside of school. (Learn more about the drivers of innovation-driven entrepreneurship in this innovation@work webinar with MIT Sloan Professor Bill Aulet.)
At the same time, studies show that these student innovators are heavily influenced by their faculty advisors, and the success of the academic entrepreneurial venture is largely determined by the students relationship dynamic with their faculty mentors. Lastly, studies also show that the relationships students form in competition greatly influence the success of their venture outside of academia.
This is the third and final post in a series on launching a successful startup. Read the first and second posts here.
In his book, Disciplined Entrepreneurship: 24 Steps to a Successful Startup, Bill Aulet, Managing Director of the Martin Trust Center for MIT Entrepreneurship, stresses the importance of searching for the holy grail of specificity: market opportunities where the target customer will meet, buy, and adopt your product or service. In the first post in this series on successful start-ups, we stressed the importance of the discovery stage—time spent brainstorming about product and service ideas, defining potential customers, and identifying industry matches. In the second post in this series we focused on finding the start-up sweet spot where your product or service meets not only a potential customer, but a targeted end user—the customer who will buy your product or service and become a loyal brand ambassador, persuading others to buy it, as well.
It comes as no surprise that like many post graduate programs, the MIT Sloan Advanced Management Program (AMP) is an intensive learning experience geared toward the seasoned professional who needs to balance accelerated learning options with the demands of a full-time career.
What is surprising about AMP is that, in addition to its challenging learning experience, the program has a distinctive feature that differentiates it from similar programs, making it—in a word—transformational. While providing participants with real-time solutions to complex business problems, AMP also gives participants access to MIT’s “innovation ecosystem.” This unique component involves interaction with executive panels, tours of Cambridge-area laboratories, and visits to well-known companies like Ambri and Akamai.
By MIT Sloan Executive Certificate holder Kiriti Rambhatla
Working for an international organization in Italy, my focus at work has always been on improving the process of innovation in product development. Before coming to MIT Sloan School of Management, I had already worked on building a tool to quantify the innovation process within a company.
However, I realized I needed a better conceptual understanding of strategy and innovation involved within any product development across various industries. I wasn’t even sure if such courses in strategy and innovation were offered. I was already exploring the PhD option at Sloan when I came across the MIT Sloan Executive Education certificate program in Strategy and Innovation. I determined that the courses were tailor made for the issues I was focusing on at my place of work, ranging from innovation, strategy, and developing a successful product to understanding the dynamics of globalization and macroeconomics.
Winter weather—and its associated travel woes—are nothing new to the Northeast or the Midwest. But the early storm (Hercules) of 2014 saw a nearly unprecedented level of cancellations and chaos days after the actual storm.
Those most impacted were passengers of JetBlue. Several days after the initial storm, JetBlue halted all operations at Boston’s Logan International Airport and all three New York-area airports. According to CNN.com, “JetBlue said it cancelled 435 flights, affecting 49,000 passengers.” The airline blamed both the weather and new FAA rules that extended the hours of rest crews needed between flights.
Not only has this incident exposed some core airline operations issues—not planning for the extension in required rest hours and not having the flexibility to move aircraft—but it has also exposed some holes in JetBlue’s digital customer service.