Center for Entrepreneurship and Business Innovation

Educational and experiential programs in entrepreneurship are one of the fastest growing new curriculums in colleges and universities at this time. Today, there are more than 825 collegiate entrepreneurship programs in the United States, up from just 90 in 1996, according to Entrepreneur Magazine. Entrepreneurs with drive, flexibility and the ability to recognize business opportunities are valuable assets in today’s global economy. Whether bringing new ideas to the marketplace or acting as change agents within established companies, individuals who embrace a spirit of opportunity and innovation are key to economic growth. This perspective, ability and implementation are needed in Ohio and particularly NE Ohio.

The Kent State College of Business Administration and Graduate School of Management is positioning to create a Center for Entrepreneurship and Business Innovation (CEBI) that will create a learning environment for both students and emerging entrepreneurs. In addition to expanding an existing limited curriculum, the CEBI will enable successful entrepreneurs to share their experiences, processes and successes, and serve as a hub for a variety of education and research initiatives for students, faculty and the entrepreneurial community.

To achieve these goals, the College is seeking $300,000 per year in the initial years and more in subsequent years. The ultimate goal is to build an endowment of $12 -15,000,000 that would provide $600,000 - $750,000 annually to underwrite the CEBI. This level of funding will provide the resources to:

• Provide Kent State students with a focus on entrepreneurship through experiential learning opportunities, guest lectures and expanded curriculum;
• Provide entrepreneurial studies and opportunities to students across the eight campuses of Kent State;
• Help entrepreneurs achieve success through consulting arrangements and KSU faculty and students;
• Be a driver in NE Ohio’s growth through collaborative relationships with other entities;
• Develop faculty who are intellectual champions for entrepreneurial thinking;
• For existing and emerging entrepreneurs, offer professional development workshops; and,
• Support entrepreneurial activities, such as technology transfer, within the university community.

Why Kent State, Why Now?

Kent State and the CEBI are committed to graduating students who can possess the characteristics and skills that embody entrepreneurs: (i.e. – strength of personality, high energy, risk taking, character, integrity, honesty, self confidence and charisma). We are also committed to fulfilling the four guiding principles of our university strategic plan, all of which touch the qualities of entrepreneurship.

• "Encourage innovation in learning"
• "Focus on those we serve"
• "Engage with the world beyond our campuses"
• "Build and sustain relationships that foster success"

The literature indicates that there is an increasing demand for entrepreneurship education. Kent State wants to meet that demand and be a university of choice to those seeking it.

While entrepreneurial education, in varied forms, is offered at a number of institutions in Northeast Ohio, no public university has captured a definitive hold on this market. But the window of opportunity is closing. The University of Akron began a center in 1996 with a private gift of $2.5 million. Also, The Ohio State University and Bowling Green State University have each initiated programs within the last two years. Kent State still has the opportunity to be a leader in this field.

Through several recent initiatives, Kent State’s College of Business Administration and Graduate School of Management and the university has demonstrated its ability to foster new curriculum and programming to meet new demands:

• Kent State is the only university in Ohio to offer a Master’s of Science in Financial Engineering. Launched in 2002, the interdisciplinary program prepares individuals for careers in financial analysis and risk management. It features the only simulated derivatives trading floor at a U.S. academic institution.
• The college is proceeding with the establishment of a Global Business Center that will focus on preparing our students so that they may perform successfully in a globally competitive working environment, increase the awareness and understanding of global business through multi-disciplinary scholarly research and teaching and provide innovative learning experiences for students. Entrepreneurship opportunities exist in a global business environment whether abroad or in the U.S.
• The college’s Department of Marketing will be providing in fall 2005 a new curriculum for marketing majors that will place priority focus on preparing for marketing careers in small and medium sized businesses. NE Ohio economy is dominated by such businesses.
• The college has had a long standing working relationship with the independent Kent Regional Business Alliance (KRBA) and its related Small Business Development Council (SBDC). The potential for a next generation of relationship is there.
• Kent State University established in 2004 a new division headed by a Vice President for Outreach and Economic Development, to provide direction and facilitate the building of bridges with those we serve. Our successes through the entrepreneurship program have the potential to help contribute to the success of this enhanced focus.

What will the CEBI do for Students and Faculty?

Thought provoking curriculum - Funding for CEBI will ensure a thought provoking curriculum for undergraduate and graduate students, in any discipline, with an interest in entrepreneurialism. To receive a minor in entrepreneurial studies, undergraduates would be required to take an introductory course and a capstone course in the field, along with 2-4 entrepreneurial electives. MBA students would have the option to earn a certificate in entrepreneurial studies. Graduate students in other fields – such as chemistry or information management – could choose a concentration in entrepreneurial studies, bringing added value to their employers upon graduation.

Learning community - Students also would benefit from an Entrepreneurship Learning Community, in which they would choose to live in a special residence hall and share extracurricular activities with other students who share their interests in entrepreneurship.

Student associations - Kent State has a student run organization dedicated to fostering the dev elopement of entrepreneurial skills in its members. They hold sessions with outside speakers, workshops to build their understanding and other activities.

Consulting opportunities - Kent State faculty will benefit from CEBI in a number of ways. Contacts made through outreach programs will provide opportunities to act as consultants. In addition, the Entrepreneurial Lab will assist faculty researchers in any discipline wishing to transfer new technology to the marketplace.

Faculty development - Faculty development is critical to the success of CEBI. The growth of entrepreneurship education nationally has resulted in dozens of faculty endowed chair positions going unfilled due to a lack of suitable candidates. Kent State must provide opportunities for existing faculty members to travel to conduct research and attend conferences without incurring personal expense. An endowed fund focused on entrepreneurship will dramatically increase opportunities for professional development and research. The fund will assist Kent State faculty in integrating entrepreneurial concepts into core business courses, in developing new courses and curriculum, and in hiring adjunct faculty with entrepreneurial experience.

Business plan competitions - Kent State is a major sponsor of the Graduate Business Student competition held in April of each year. We prepare and send two student groups to this State-wide competition. We would like to expand this to include sending a Kent State team to a national level competition.

Internships - Internships are a critical component of experiential learning. A Kent State entrepreneurship graduate should have relevant entrepreneurial experience on their resume prior to graduation.

What will the CEBI do for the Business Community?

Entrepreneurial Lab - Fundamental to the center and its philosophy of experiential learning will be an Entrepreneurial Laboratory. This “lab” will provide consulting services, on a contract basis, to start-ups, family businesses, intrapreneurs and others. Dedicated meeting space within the college will be made available for lab activities. Under the guidance of faculty, students will assist with market research, data acquisition and business planning. The Entrepreneurial Lab will expose faculty and students to businesses and business leaders, keeping them abreast of changing factors in the marketplace. These links are critical to sustaining entrepreneurial activity in Northeast Ohio and beyond and connecting our students and faculty with the business word.

Workshops, "Bootcamps", Speaker Series - A variety of speakers, workshops, entrepreneur awards and other programs will stimulate entrepreneurial thinking in the business community and assist those who wish to begin their own companies.

Opportunities for Private Support and Donor Recognition

Naming of the Center for Entrepreneurship and Business Innovation
- $4,000,000 Endowed

Ensuring full-time direction of the Center
- $100,000 annually or $2,000,000 endowed

Providing for development of existing faculty
- $25,000 annually or $500,000 endowed

Providing for recognition of existing faculty through endowed professoriates
- $5,000- $50,000 annually or $100,000 - $1,000,000 endowed

Providing for additional faculty as curriculum grows
- $25,000 -$50,000 annually or $500,000 - $1,000,000 endowed

Supporting an Entrepreneur-in-Residence
- $100,000 - $150,000 annually or $2,000,000 - $3,000,000 endowed

Providing operating support for the Entrepreneurial Laboratory
- $50,000 or $1,000,000 endowed

Providing leadership for the Student Learning Community
- $25,000 annually or $500,000 endowed

Providing for administrative support and coordination of the programs offered through the CEBI
- $25,000 annually or $500,000

Endowing a Chair in Entrepreneurship and Business Innovation (longer term)
- $250,000 annually or $5,000,000 endowment

Summary

Several factors within our society – rapid technological change, environmental concerns, the global move toward free enterprise – have accelerated the need for entrepreneurial thinking. The Center for Entrepreneurship and Business Innovation will be a resource for the development of initiative, imagination, flexibility, creativity and the capacity to see change as an opportunity – skills that can be applied in any enterprise scale, from start-up to global corporation.

Kent State University is poised for success as Northeast Ohio’s premiere institution for entrepreneurial education. The region ranks 57th out of 61 in terms of entrepreneurial activity according to a 2003 survey by Dun & Bradstreet and Entrepreneur Magazine. CEBI aims to improve the climate for entrepreneurship to make Ohio more economically competitive.

The entrepreneurial studies curriculum will emphasize experiential learning, exposure to the business community and student development. Graduates of the program will become the next generation of successful Kent State alumni as they apply their skills to develop new businesses, increase revenues as managers of rapid-growth companies and improve the quality of life through new products and services.

The CEBI initiative represents an opportunity for successful Kent State alumni, foundations and corporate donors to partner with the university as entrepreneurs in creating a high-impact educational enterprise.