What do MBA students have to gain from experiencing entrepreneurship outside the classroom?

The Olin ecosystem is designed to thrive on innovation, with numerous aspects of the campus specifically tailored to foster and highlight students' entrepreneurial abilities.

From the moment they arrive at WashU, students are given opportunities to enhance their MBA skills through practical learning experiences outside the traditional classroom setting.

The benefits of learning outside the classroom during an MBA program are manifold. When students engage in entrepreneurial activities beyond their regular coursework, they gain a deeper understanding of the complex challenges in leadership. This direct, hands-on experience serves to refine their business skills, equipping them to become more effective and insightful leaders post-MBA. Additionally, these experiences outside the classroom help cultivate strong relationships and teamwork among peers.

How does Olin create an entrepreneurial environment?

First, specific areas on campus are dedicated to fostering entrepreneurship and attracting student interest. One key location is Skandalaris, which serves as the university-wide entrepreneurship center for all schools, including Olin, McKelvey, Medicine, and others. This interdisciplinary strategy fosters collaborative opportunities and motivates students from all disciplines to engage in entrepreneurship.  

The emphasis on entrepreneurship extends to course design and syllabi. Students can complement their classroom learning with hands-on experiences and consulting courses that connect them to real-world entrepreneurial projects. This approach allows them to collaborate closely with founders and leaders, providing a clear understanding of the unique challenges and operations of early-stage startups, both locally and in major cities.

Olin's community is deeply committed to fostering the entrepreneurial spirit of its students. Classes such as Launching and Scaling New Enterprises (The League) feature founders, students who are also business leaders, and faculty members who have founded numerous successful companies. This dynamic on-campus network is bolstered by a supportive group of alumni who regularly engage with students, providing opportunities to extend their learning through real-world experiences.

What are Olin's unique entrepreneurial opportunities?

Students have the opportunity to take on advisory roles at the Skandalaris Center, the university's center dedicated to innovation and entrepreneurship. The center runs programs like the Endgame of Entrepreneurship class and the Student Enterprise Program. MBA students can help these undergraduate students fully own and operate their businesses on campus.

Additionally, students can engage with IdeaBounce, an online platform and event series spearheaded by the Skandalaris Center. This initiative, a registered trademark owned by Skandalaris and supported by NSF and Kauffman Foundation funding, is designed for broad use across various institutions. IdeaBounce includes specific variations run by Olin, such as Olin's Big IdeaBounce and WashU Olin's Big IdeaBounce, both offering substantial funding to advance top-tier ideas, with the latter providing as much as $50,000. IdeaBounce events, held frequently throughout the year, facilitate connections between students and founders. The online platform currently features over 300 ideas that the WashU community is actively developing.

Furthermore, students can enter competitions such as the Global Impact Award or the Skandalaris Venture Competition. These competitions are geared toward nurturing startups in their early and launched stages, providing essential education, funding and mentorship.

What are some ways Olin students have engaged in learning experiences outside the classroom?

Here's a glimpse into some of the opportunities Olin students have embraced in recent years and how these experiences have influenced their entrepreneurial journeys.   

The Skandalaris Launchpad, a summer accelerator for WashU startups, fosters vital peer relationships among MBA student founders and recent graduates, providing them with funding, mentorship and guidance. The program features cohort groups of peer founders working in similar industries. They develop close relationships that remain valuable as their respective companies grow. A case in point is Tim Berg, the founder of Ice Cream for Bears, whose participation in the Launchpad marked his company's transition from an early stage to growth. During his time in the program, Berg had the chance to connect with investors and advisors and even recruit an intern the center paid for.   

The WashU Venture Network, driven by the Skandalaris Center, aims to create a network among WashU alumni. It offers a unique chance for alumni investors to closely observe and understand startups that are part of the university's ecosystem. At the same time, these startups can interact with and present their ideas to these investors, gaining insights into how to obtain funding. The program involves participants in the venture capital sector, where they assume roles such as analysts and managers, engaging in key activities like conducting due diligence and overseeing investor relations. More than just focusing on their own portfolio development, participants also take over the portfolios managed by former students, giving them a practical understanding of how companies grow and evolve over time.  

These experiences have proven to be invaluable for Olin students and alumni. They offer a practical platform to tackle real-world challenges in a secure and low-risk setting. Students have a resource to address real scenarios they are experiencing with their startups. How do you react to a cease-and-desist letter regarding logo infringement? What steps should you take to refine your pitch deck and term sheet before meeting with an investor? How would you handle an offer to acquire your company? Olin provides a unique environment where students can explore these questions through real-life interactions with established founders and companies.