Entrepreneurship

MIT Entrepreneurship Development Programme 2020

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 2020 will open in August 2019.   

About MIT EDP

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.

MIT EDP 2020

  • Applications open - 19 August 2019
  • Applications close - 27 September 2019
  • Shortlist for interviews - 4 October 2019
  • Interviews - 28 and 29 October 2019 at HIE Inverness
  • Final selection for EDP 2019 - 1 November 2019
  • MIT EDP 2020 - 16 – 24 January 2020 inclusive

What are the business benefits?

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:

  • Create, identify, and evaluate new venture opportunities
  • Interpret customer needs and quantify the value proposition
  • Start and build a successful company
  • Understand how the process of starting new ventures may vary geographically and culturally.
  • Develop winning business plans
  • Scale companies to be globally successful
  • Navigate the venture capital investment process
  • Obtain feedback on personal entrepreneurship skills
  • Enhance and expand their networks

More information about the MIT EDP is available on the MIT website >

Who can apply?

Your business or social enterprise must be account managed by  HIE to apply for one of the sponsored places at MIT EDP.   However, if you are not account managed by HIE, you can learn about Bill Aulet’s approach to entrepreneurship at the masterclass ‘Structured Steps in the Entrepreneur’s Journey’ on 10 and 11 October 2019

How does HIE support businesses at EDP?

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.

How much does it cost?

The financial value of the prize is approximately £11,000. This includes the course fee, return travel from Inverness or any other Scottish airport to Boston, accommodation during the 10 day visit and a networking dinner with the cohort.   Companies attending through a place sponsored by Highlands and Islands Enterprise also benefit from a tailored itinerary of meetings with MIT faculty and the wider business network in Boston.

In order to comply with the competition rules, businesses or social enterprises must contribute towards the total cost of attending the course (course fees, flights and accommodation).   A company with up to 49 FTEs will contribute 30% of the total cost and a company with 50 - 249 FTEs will contribute 40% of the total cost.

About MIT

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.

Contact

If you require further information, please email entrepreneurship@hient.co.uk

 

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