Phil co-teaches in the successful 'Regional Entrepreneurship Acceleration Program' (REAP), an ExecEd program for regional teams from around the globe interested in accelerating 'innovation-driven entrepreneurship'; in the related 15.364 class, known as the 'Regional Entrepreneurship Acceleration Lab' (REAL), aimed at MBAs and Sloan Fellows; and on similar topics in a variety of degree and ExecEd settings.
Phil's approach combines academic, historical and real-world perspectives on how different stakeholders - including Entrepreneurs, Universities and 'Risk Capital' providers, alongside Corporate enterprises and Government policymakers - can all contribute to building successful innovation ecosystems. Phil is currently on leave from the British Government, and joins MIT having worked recently in Boston's private sector for the Royal Bank of Scotland's US subsidiary, Citizens Bank, where he focused on financing transatlantic (especially British-American) trade and investment. His background as a diplomat makes him well-suited to the 'global innovation' of REAP/REAL, the interplay among the REAP teams, and the negotiations within the 'innovation ecosystems' (especially between Corporate and Government stakeholders).
In the fall of 2012, while a Visiting Scholar at MIT, Phil had undertaken a project on innovation and entrepreneurship for the British Prime Minister's office at No 10 (and UK Trade and Investment) to inform the UK's Entrepreneurs Campaign. From 2007 until 2012, he had served as the British Consul General to New England, in which role he had been responsible for transatlantic business issues, including trade and investment, corporate/government affairs, as well as science and innovation, leading him to an abiding interest in entrepreneurship. In that time, he also moved the British Consulate to One Broadway (aka e70) to be closer to MIT, Sloan and Kendall Square.
Prior to MIT, Phil had joined the British Foreign Office in 1993, and spent his first decade as a diplomat focused on Britain's membership of the European Union (EU), involving its key economic, financial and technology policies. After 9/11, his second decade as a British diplomat was spent in the US: first at the British Embassy in Washington (2002-2007), focused on transatlantic economic and business issues, including technology security, international science and innovation links, and trade policy; and later based in Boston (2007-2012) as Her Britannic Majesty's Consul General to New England.
In sum, Phil has held these posts with the British government: British Cabinet Office, London (5/6/2001 - 6/30/2002); British Embassy, Washington DC (7/1/2002 - 8/5/2007); 1st Secretary (UK-US Technology, Science & Innovation) Washington DC; Adviser to the PM at No10 (European/institutional strategy) London, UK.
Phil holds a BA and MA in History from Lincoln College, the University of Oxford; an MA in History and Government from Cornell University; and a PhD (DPhil) in History and International Political Economy from the University of Oxford.
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The Innovator's DNA: Mastering Five Skills For Disruptive Innovation
Innovation Ecosystems: A New Approach to Accelerating Corporate Innovation and Entrepreneurship
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Innovation is a critical component to success in today’s ever-changing business landscape. It flourishes in an environment in which key stakeholders can connect, contribute, and share resources—in other words, when they are part of an innovation ecosystem.
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In this blog post, Phil Budden writes about how the MIT Regional Entrepreneurship Development Program (REAP) is fostering innovation in London.
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