In
November 2001, the Board of Regents of the Montana University System
authorized the creation of The Center for Entrepreneurship for the
New West and the minor program in Entrepreneurship and Small Business
Management in the College of Business at Montana State University-Bozeman.
The minor program in Entrepreneurship and Small Business Management
is open to ALL academic disciplines and is targeted particularly
to business, engineering, science, agriculture, and biotechnology
students. Developed in collaboration with the Colleges of Engineering
and Agriculture, the program is a vehicle for entrepreneurial training
which focuses on the commercialization of university-based innovations
and inventions. The minor curriculum includes courses in business
fundamentals as well as specialized courses exploring entrepreneurship
topics.
At its founding, the Center established a unique partnership between
the College of Business (www.montana.edu/cob/)
and TechRanch, a technology business incubator (www.techranch.org).
TechRanch is a Montana not-for-profit technology business incubator
assisting entrepreneurs in the development of sustainable, profitable
technological ventures to compete in a global market. The MSU College
of Business - TechRanch relationship is crucial to the minor program
in Entrepreneurship and Small Business Management at MSU. The minor's
capstone course, MGMT 463 - The Entrepreneurial Experience, programmatically
includes collaboration between senior-level students from many disciplines
and entrepreneurial business owners, especially with those housed
at TechRanch.
In MGMT 463 - The Entrepreneurial Experience, senior-level students
generate research and analyses for entrepreneurs. This cooperative
relationship between entrepreneurs and students supports unique,
hands-on learning that cannot be gained from a textbook or from
a typical classroom situation. The students gain experience with
real ventures; while the clients receive insight, research, and
analysis from the students. This experiential learning distinguishes
the MSU program from other entrepreneurship programs across the
country.
The MGMT 463 Director of Student Research Services is selected from the pool of College
of Business faculty members and seasoned entrepreneurs who encourage
the cross-fertilization of academic theory with entrepreneurial
practice. Serving as a liaison among the business owners and TechRanch
clients and the MGMT 463 students, the Director meets with the
clients to assess their needs, then matches students with clients
where the students' background and interests can best serve the
needs of the clients. The Director provides guidance toward meeting
the client's expectations and also offers advice on research methodology
and technical issues. Faculty members and experts in other fields
occasionally speak to the class to provide additional entrepreneurial
education and socialization. Representing a spectrum of expertise
and professional experience, guest speakers help students to recognize
the multiplicity of skills that play a role in the successful entrepreneurial
experience.
Funding for instruction and administration of the minor program,
for MGMT 463, and for the Center for Entrepreneurship for the New
West is provided through current College of Business budgets, The Alderson Endowment and
through grant funding for the TechRanch business incubator. To facilitate
growth and development as the number of students and clients increases,
Montana State University has included the Center in legislatively
earmarked funding requests for long-term sustainability of the Center
for Entrepreneurship for the New West.
Finally, grant applications have been submitted to foundations and
other funding sources to provide interim funding.
Medium term plans (3-5 years) for the entrepreneurship curriculum
and the Center for Entrepreneurship for the New West include the
following:
- Expand the quantity and diversity of students, particularly
to biology, art, agriculture, computer science, and engineering,
so that disciplinary diversity strengthens the partnership between
the university and the incubator.
- Implement the Grow Your Own Program, an effort funded by the
National Science Foundation to coordinate activities to commercialize
the science and technology created by MSU-Bozeman research activities.
- Improve Community and Regional Awareness about the human resource
network for supporting the startup of new ventures at the TechRanch
incubator.
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