The MIT Entrepreneurship Development Programme (EDP) is a week long, high level, intensive executive education course teaching skills for high impact entrepreneurship. It is held onsite at the Massachusetts Institute of Technology (MIT) in Boston in January each year. The course is aimed at highly ambitious entrepreneurs from businesses with international potential who want to learn from the best and be the best.
Applications for MIT EDP 2019 are now open.
To fill out an application form click here - MIT EDP application form
Each year HIE secures a number of places on the EDP course for the most ambitious entrepreneurs in the Highlands and Islands. These places are available on a competitive basis. The successful companies will travel to Boston for a 10 day visit in January to take part on the course. There will also be a wraparound programme of visits and events in and around MIT to make valuable connections in the Boston ecosystem.
MIT EDP is a globally renowned course which blends cutting edge academic learning with practical team work exercises, live investment pitching, best practice company visits and international networking. The five day course is led by serial entrepreneur and MIT Sloan Senior Lecturer Bill Aulet and takes participants through the entire Innovation Driven Enterprise (IDE) venture creation, growth, investment and exit process, teaching core skills of entrepreneurship and the latest thinking in this space. The concepts are taught through lectures, workshops and keynotes from high profile entrepreneurs and then participants are encouraged to apply the learning immediately in simulated exercises that test their thinking.
The course introduces participants to MIT’s vibrant entrepreneurial culture; world class commercialisation and technology transfer system and connects participants to a global entrepreneurial network. Participants learn how to break down the elements of successful business growth into a step by step process and how this formula for success can be applied to their own business or organisation.
Watch the video about Bill Aulet's own experiences of entrepreneurship and how he passes his learning on through the MIT EDP programme.
The EDP covers topics such as creating and capturing value, entrepreneurial marketing, customer personas, how to select and deselect markets through evaluating market opportunity, how to finance an entrepreneurial company, successful pitching and selling strategies, innovative product development and developing unique selling propositions (USPs). Through a combination of high impact interactive teaching, company meetings, team assignments, pitching practice, listening to world renowned guest speakers and visiting simulation laboratories, participants are immersed in MIT’s entrepreneurial culture. They are exposed to the greater Boston business ecosystem and learn what they need to know in order to accelerate their business growth strategies.
MIT EDP will allow participants to:
More information about the MIT EDP is available on the MIT website >
Read how MIT EDP has helped companies in the Highlands and Islands to accelerate their business growth here.
Your business or social enterprise must be account managed by HIE or you must be a participant on one of HIE's accelerators to apply for one of the sponsored places at MIT EDP 2019.
However, if you are not account managed by HIE or a participant on one of the accelerators, you can learn about Bill Aulet’s approach to entrepreneurship at the masterclass ‘Structured Steps in the Entrepreneur’s Journey’ he is delivering in Inverness on 3 and 4 October 2018. Find out more here.
Businesses or social enterprises interested in applying for one of the HIE sponsored places at MIT EDP 2019 must complete the online application form. The application forms will be assessed and a shortlist will be invited to attend an interview on either 29 or 30 October 2018 at HIE, An Lòchran, Inverness. Interviewees will be invited to deliver a 5-minute presentation outlining why they have applied for a place on EDP and what they hope to gain from the experience. A panel comprising HIE staff and a business person who has attended EDP in a previous year will determine which companies are selected for the sponsored places at MIT EDP 2019. A briefing session for successful candidates will take place around the middle of November 2018.
The MIT EDP course is taught over an extremely intensive week. In order to help the cohort of companies from the Highlands and Islands gain the most value from the visit to North America, there will be a number of additional events organised by Highlands and Islands Enterprise for participants outside of the MIT EDP programme to expand their network and understanding of business in the USA.
Individuals are also encouraged to consider extending their visit and set up targeted meetings with relevant businesses, customers, investors or partners. This can be facilitated with the support of Highlands and Islands Enterprise.
The MIT EDP course fee is in the region of $11,400 per person. The financial value of the prize is approximately £10,000. This includes the course fee, return travel from Inverness or any other Scottish airport to Boston, accommodation during the 10 day visit and sponsored networking dinners with the cohort. Added value from attending through a place sponsored by Highlands and Islands Enterprise comes from the additional networking meetings arranged with the wider business network in Boston. This may include meetings organised with GlobalScots, UKTI, the MIT faculty and researchers and the MIT EDP alumni cohort.
In order to comply with the competition rules, businesses or social enterprises with up to 250 employees will be expected to contribute 30% of the total cost of attending the course (course fees, flights and accommodation) which is expected to be approximately £3,000 per participant. Businesses or social enterprises with more than 250 employees will be expected to contribute 50% of the total cost of attending the course which is expected to be approximately £5,000 per participant.
To help participants from the Highlands and Islands make the most of the MIT EDP experience, HIE offers coaching on presentation and pitching skills. Companies or social enterprises shortlisted to attend an interview for a place on MIT EDP are offered one to one coaching by telephone or Skype on presentation strategy, preparation and delivery. The training will equip individuals with the skills to communicate in a relaxed and confident style. Companies selected for a HIE sponsored place also receive one to one coaching to deliver a compelling 60 second pitch. These skills are transferrable to a business context and will enable participants to achieve a greater impact with their customers, stakeholders and suppliers.
At its founding in 1861, MIT was an educational innovation, a community of hands-on problem solvers in love the fundamental science and eager to make the world a better place. Today, that spirt still guides how the university educates students. MIT has been ranked as the top university in the world for seven consecutive years in the QS World University Rankings.
The mission of the MIT Sloan School of Management is “to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice.” Since its founding in 1914, the school has initiated many international efforts to improve regional economies and positive shape the future of global business. The Entrepreneurship Development Programme is a flagship executive education course at MIT Sloan.
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