The call for applications for sponsored places for HIE and Scottish Enterprise account managed companies on MIT EDP 2017 has now closed.
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.
HIE and Scottish Enterprise have secured 13 places on the EDP 2017 course for the most ambitious Scottish entrepreneurs which will be available on a competitive basis. The successful companies will travel to Boston for a 10 day visit in January 2017 to take part on the course and a wraparound programme of visits and events in and around MIT to make valuable connections in the Boston ecosystem and expand their global network.
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 Based Enterprise (IBE) 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 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, exposed to the greater Boston business ecosystem and learn what they need to know in order to accelerate their business growth strategies back in their home environment.
EDP will allow participants to:
More information about the MIT EDP is available on the MIT website >
The EDP course is taught over an extremely intensive week. In order to help the cohort of Scottish companies gain the most value from the visit to North America, there will be a number of additional events organised by Highlands and Islands Enterprise and Scottish Enterprise for participants outside of the MIT programme to expand their network and understanding of business in the USA.
Individuals are also encouraged to consider extending their visit and setting up targeted meetings with relevant businesses, customers, investors or partners. This can be facilitated with the support of Highlands and Islands Enterprise, Scottish Enterprise and Scottish Development International (SDI).
The EDP course fee is $10,900 per person. The financial value of the prize is approximately £9,500. This includes: the course fee, return travel from Aberdeen, Edinburgh or Glasgow to Boston, accommodation during the 10 day visit and sponsored networking dinners with the Scottish cohort. Added value from attending through a place sponsored by Highlands and Islands Enterprise or Scottish 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 EDP alumni cohort.
In order to comply with the competition rules, participating existing businesses (account managed by Highlands and Islands Enterprise or Scottish Enterprise and also businesses who have received funding from the Scottish Investment Bank) will be expected to contribute 30% of the total cost of attending the course (course fee plus flight and 10 days accommodation cost) which is expected to be approximately £2,850 per participant. Please note the exchange rate is subject to some fluctuation so the total cost may be subject to some change.
Businesses that meet all of the following three conditions may be considered for full funding support from Scottish Enterprise under De minimis State Aid rules. This must be agreed with your account manager before application.
For further information contact Louise MacDonald at Highlands and Islands Enterprise on 03000 132545 or email email@example.com
For companies in the Scottish Enterprise area looking for further information, please contact Stephanie Anderson at Scottish Enterprise on 0131 313 6079 or email firstname.lastname@example.org
If you are interested in applying for a sponsored place on MIT EDP 2017 please read the EDP Frequently Asked Questions (FAQs), agree to the EDP 2017 Terms and Conditions then fill out the online EDP 2017 application form and submit it to us between Tuesday 01 August and 12 noon Friday 16 September 2016. EDP is for HIE and Scottish Enterprise (SE) account managed businesses only. You must have the support of your account manager before applying as your account manager will be asked for a supporting statement on receipt of your application form.
A shortlisting process will take place and shortlisted applicants will be invited to interview in either Inverness (17 and 18 October 2016) or Edinburgh (19 and 20 October). The selection panel will consist of five people representing HIE, SE and businesses who have previously taken part on EDP. Successful and unsuccessful applicants will be advised by 27 October 2016.
Successful applicants are required to attend a pre-EDP briefing and networking session in Edinburgh on 29 November 2016. This is mandatory for all selected participants. The selected participants are also required to be available to travel to Boston on Thursday 19 January 2017 and return on Saturday 28 January 2017 at the earliest. If you are unable to commit to these dates, please do not apply for the competition.