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EE/CS Education for the Future:The “Entrepreneurship” Opportunity

Professor Tom ByersJune 17, 2003

tbyers@stanford.edu

http://stvp.stanford.edu

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A Word about Stanford’s Legacy

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Our Vision

“We believe engineers and scientists need entrepreneurial skills to be successful at all levels

within their organizations. Our center is dedicated to accelerating high-technology entrepreneurship education and creating scholarly research on

technology-based firms. We prepare students for leadership positions in industry, universities, and

society, and we disseminate our research and teaching knowledge throughout the world. The center is hosted

within Stanford’s School of Engineering.”

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Our Team in EngineeringOur Team in Engineering

Regular Faculty Adjunct Faculty Staff

Tom Byers, Academic Director

Kathy Eisenhardt, Academic Director

Riitta Katila

Bob Sutton

John Weyant

Tina Seelig, Executive Director

Katherine Emery

Sue Purdy Pelosi

Josh Mangum

Michelle Tung

Stan Christensen

Randy Komisar

Tom Kosnik

Mark Leslie

Mike Lyons

Audrey MacLean

Doug Mackenzie

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Who We ServeWho We Serve

~5,000 Stanford science and engineering students each year

~2,000 entrepreneurship professors and senior administrators at universities around the world; these faculty reach ~2 million science and engineering students

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Roundtable on Entrepreneurship Roundtable on Entrepreneurship Education (REE): Focus on University-Education (REE): Focus on University-

Wide, High-Technology ProgramsWide, High-Technology Programs

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Why Teach Entrepreneurship to Why Teach Entrepreneurship to Engineers and Scientists?Engineers and Scientists?

“Society needs engineers who not only solve engineering problems,but who can participate in bringing ideas and products to market.”

--Frank Huband, Director, American Society of Engineering Educators

Region’s economic development

Student’s skill development

University’s competitive advantage

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Seven Important Skills for Tomorrow’s Seven Important Skills for Tomorrow’s Entrepreneurial Leaders Stressed by STVPEntrepreneurial Leaders Stressed by STVP

Creativity and Opportunity Evaluation Real-time Strategy and Decision Making Comfort with Change and Chaos Teamwork Evangelism, Selling, Negotiation, and Motivation

through Influence and Persuasion Oral and Written Communication Basics of Start-Up Finance and Accounting

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Top Ten Elements of High-Top Ten Elements of High-Technology EntrepreneurshipTechnology Entrepreneurship

1. What is high-technology entrepreneurship? What is the difference between an idea and a business opportunity?

2. Why do ventures require dynamic leaders who understand vision, strategy, risk, and tactics?

3. How does context (e.g. economic and political climate) play a role in high-tech entrepreneurship?

4. What is market positioning? Why are partnerships important?

5. What is the purpose of the business plan?

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Top Ten Elements of High-Tech Top Ten Elements of High-Tech Entrepreneurship (continued)Entrepreneurship (continued)

6. Why is cash flow so vital?7. What are the different sources of capital for high-

tech ventures? What are the essentials of the venture finance process?

8. Why is high-tech entrepreneurship a team sport? How can reward systems and company culture inspire innovation?

9. Why are sales and business development skills so valuable?

10. What is the role of ethics in high-tech entrepreneurship?

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Donielle Newell Donielle Newell Junior in Biomechanical EngineeringJunior in Biomechanical Engineering

Enrolled in “Management of Technology Ventures”Enrolled in “Management of Technology Ventures”Stanford UniversityStanford University

“I think that entrepreneurship is at a very important point in history right now. As we see government not

being able to solve the world problems…, it is a particularly critical time for entrepreneurs who really

believe in making people’s lives better through whatever industry they are in. Entrepreneurs have the power to

leverage the economy in order to create societal change. This can be in technology, social issues or whatever someone feels needs to be changed. I believe that

entrepreneurs have a mentality and drive to get things done and they do not allow their resources, or lack thereof, to prevent them from their goals. We need

more people who run the world to have this mentality.”