Market Simulation Programming As A Culminating Experience For Students Interested In Entrepreneurship And Pursuing An M.S. In Engineering Technology

Many of our students enrolled in our Master of Science in Technology program have expressed an interest in learning about entrepreneurship and the development and management of a technology driven company. Students interested in entrepreneurship can pursue a 12 credit concentration that includes classes in developing a cohesive marketing and technology strategy, comparing and contrasting technology strategies for companies within the same market niche, developing an entrepreneurial business plan and coursework in either small business management or entrepreneurial finance. One critical component of this concentration is the utilization of the Marketplace™ Venture Capital simulation game to provide students with real world management experience in running a technology driven company. Teams of students playing roles as CEO, Marketing Manager, Manufacturing Manager, Financial Manager and R and D Manager develop the technology and marketing strategies for their companies as they compete against each other in a global environment. After four quarters of operation, students are required to prepare and deliver a 15 minute presentation to venture capitalists detailing their marketing and technology strategies, performance to date and expectations in the market for the remaining two quarters in the game simulation. They are competing against the other teams for the venture capitalist’s money and must not only have a good presentation but also demonstrate conceptual understanding of what the financial and market data means. The roles of the venture capitalists are played by retired professionals in the community that have run businesses with revenues exceeding $50 M/year, have started new technology based ventures or have managed researchers in a commercial environment. We instruct the venture capitalists to play the role as tough managers who require data and not fluff before they part with their precious venture capital financing. VC and Technology business managers must negotiate on the purchase price for shares of their company with lesser performing companies giving up a greater share of their company in the negotiation. Students utilize techniques presented in the first two classes in their curriculum (Investigations in Technology and Strategic Management of Technology and Innovation) to develop their marketing and technology strategies. The students appreciate the fact that they are able to take risks and make mistakes in a simulation environment where financial disasters are made with fake money. After utilizing this simulation program for three years, we have found that non- traditional students who have been working in an engineering field typically perform better than the traditional graduate students who are entering their graduate program immediately after receiving their bachelor’s degree. Our experience is that all engineering technology students (regardless of when they enter the program) are weak in their comfort and understanding of financial data and that this is a weakness that we need to correct in both the undergraduate and graduate programs

Diverse Cross Functional Student Teams: A Teaching Tool For Enhanced Learning

Traditional engineering and science teaching methodology has been to train like-minded students within the discipline of their respective majors. Curriculum time constraints, however, limit the number and nature of out of discipline elective courses. As a result, students are well trained within their respective fields of study but lack the breadth of experience in interacting with other diverse disciplines. Industry, particularly technology-based companies, has observed that solutions to problems have a greater probability of success when all interested parties (purchasing, innovation, marketing, sales, manufacturing, etc.) have input in developing a plan to achieve a desired corporate outcome. It is through this collective action of diverse disciplines that unique solutions are conceived. Many times breakthroughs in innovation and product development occur not through the actions of companies in direct competition but through new entrant companies by modifying technology currently residing in different markets and applications. The breakthrough occurs because the new entrants are not bound by the technology paradigms constraining innovation in their particular market arena. Our goal is to take the diversity lessons gleaned from industry and incorporate them into coursework that creates diverse cross-functional teams such that students learn the benefits of cross-discipline diversity. The College of Business and Technology at ETSU is itself a diverse blend of disciplines (Engineering Technology, Entrepreneurship, Human Nutrition, Marketing, Digital Media, etc) and several graduate and undergraduate courses residing in different departments within the college have intentional programs that encourage cross-discipline enrollment. This action is further facilitated through dual course listings between departments for the same course. Examples of diverse discipline teams will be discussed with attention to outcomes and challenges. Through this diverse cooperative program, students from the technology, business, applied human sciences and digital media disciplines gain a perspective for each other’s expertise and learn to develop teams with diverse skills to meet the increasing challenges for managing business and technology

Encouraging Student Participation In Social Entrepreneurship Opportunities

Social entrepreneurs utilize the traits of commercial entrepreneurs; organizational abilities, opportunity identification, combining resources in novel ways, willingness to accept and manage risk and explosive growth or returns, to create enterprises that return high social value. As educators, we see opportunities where entrepreneurial skills can be applied to education, not-for-profit organizations, government offices and programs and philanthropic concerns and create service learning opportunities for students beyond the boundaries of the university. Many of us involved in higher education are frustrated with students who do not attend class, turn in assignments late or exhibit a lack of effort in classes where they pay tuition and receive a grade. It is a challenge, therefore, to gain the involvement of students in social entrepreneurship efforts where the reward (grade, pay or recognition) is not immediate or minimal and the trade-off (time management for their schedule) may be more fun or financially rewarding. This paper discusses the evolution for the process of enlisting student involvement in two distinct social entrepreneurship programs at our university. The first program involves linking university skill sets in the arts, digital media, technology and project management to the planning, implementation and evaluation of a regional arts and music festival held in the city where our university operates. Students involved in this social entrepreneurial venture work with community volunteers, city government officials and local business owners for a period of nine to ten months. In the first two years of sponsoring this program the strategy has evolved from enlisting the help of a student technology club (Edge Club, Digital Media) to working with a small volunteer student team (3 to 4 students). In each case, the organization or student team that worked on the project received no academic credit for the work involved beyond enhancement of their resume. Initial enthusiasm was high but tended to decline as the time horizon for finishing the project extended beyond the current semester and other activities or demands competed for the students’ participation. The second program also utilizes a student organization (Students In Free Enterprise, SIFE) to work on social entrepreneurship projects. In SIFE we have found that the students prefer projects that entail an afternoon of preparation for a short presentation, or service within a 3-4 day period. In that this group is involved in a “competition” with SIFE teams from other institutions at the end of the year, it is important that they seek projects that will differentiate themselves. The short-term projects that they prefer do little to accomplish this differentiation. The projects that truly differentiate are those that require a high degree of preparation for an event that culminates at the end of the semester, or even the following year. To that end, all students of this select team are required to create a long-term project that they will spearhead throughout the year. This leads to an escalation of commitment due to their “ownership” of that project. They are also required to assist another team member on their long-term project. Their efforts on these projects tend to be greater in that they realize that the other members will be assisting them on their project and they want to receive a conscientious effort from their teammates. This synergistic performance enhances both the number and quality of the projects. Using this method, we typically create 5 to 6 viable projects each year. Most teams that we compete with tend to have one major project per year. Using this system our university team has completed an average of 10 projects per year for presentation, of which 2 to 3 have been major projects