MSx Entrepreneurship Webinar

Stanford GSB Entrepreneurship Program Overview – MSX & MBA Focus

Key Concepts:

• Entrepreneurship at GSB: A core element of the GSB experience, with approximately two-thirds of students interested in it and a third actively pursuing ventures upon graduation.
• Five Lenses on Entrepreneurship: Founding companies, joining startups, entrepreneurship through acquisition, impact/climate innovation, and intrapreneurship within large corporations.
• Stanford Venture Studio: A resource for evaluating startup ideas, offering mentorship, workshops, and co-working space.
• Experiential Courses: Hands-on courses like Startup Garage where students develop and test business ideas.
• Ecopreneurship Program: A joint venture between the GSB and the School of Sustainability focusing on climate and sustainability-related ventures.
• MSX Program: A one-year intensive master’s program for experienced professionals.
• Venture Capital (VC) Resources: Courses and networking opportunities related to venture funding.

1. Introduction & Program Overview

Deb Whitman (Director, Center for Entrepreneurial Studies - CES) and Lauren Noarani presented an overview of entrepreneurial resources available to students at the Stanford Graduate School of Business (GSB), specifically addressing prospective MSX program applicants and admitted students. The webinar was recorded for future reference. The discussion highlighted the GSB’s strong entrepreneurial ecosystem and the diverse pathways students take after graduation.

2. Entrepreneurial Engagement at the GSB

• Approximately two-thirds of incoming GSB students express interest in entrepreneurship.
• Roughly one-third of MBA graduates and a significant portion of MSX graduates are actively involved in entrepreneurial ventures at graduation.
• 37% of MSX alumni have founded at least one company post-graduation, with many founding multiple ventures.
• The GSB fosters entrepreneurial engagement through alumni mentorship, case studies, and guest lectures.

3. Alumni Examples & Success Stories

• Madus Shetty (MSX Alum): Founder of Balmare, a skincare product for cancer patients undergoing radiation therapy.
• Ritu Narayan (MSX Alum): Founder of Zoom, initially a student transportation service, now focused on efficient and eco-friendly school transportation powered by solar energy.

4. The Five Lenses of Entrepreneurship

The GSB recognizes that entrepreneurship manifests in various forms. They categorize these into five “lenses”:

• Founding Companies: Traditional startup creation. (Example: Diaz Kedo, Via Work)
• Joining Startups: Working within existing early-stage companies. (Example: MSX alum joining Peak Energy as VP of Business Development & Finance)
• Entrepreneurship Through Acquisition: Raising capital to acquire and grow an existing business.
• Impact/Climate Innovation: Developing ventures addressing social or environmental challenges. (Example: Joseph Cow (MSX), Magnify – wildfire prevention through electrical grid maintenance)
• Intrapreneurship: Applying entrepreneurial skills within large corporations. (Example: MBA student as Global Chief of Innovation at ENY)

5. Learning Resources: Courses & Programs

The GSB offers approximately 50 courses with entrepreneurial components, categorized as:

• Experiential Courses: Students develop and test startup ideas in a classroom setting (e.g., Startup Garage). Startup Garage involves a process of customer discovery, ideation, prototyping, and testing, illustrated by a team’s attempt to improve bicycle safety.
• Functional Courses: Courses focusing on specific business functions (finance, marketing, etc.) with an entrepreneurial lens (e.g., Customer Acquisition for New Ventures, Finance and Accounting for Entrepreneurs).
• Industry-Focused Courses: Courses exploring entrepreneurship within specific sectors (e.g., education, transportation, healthcare).
• Startup Fundamentals Courses: Foundational courses like “Formation of New Ventures.”
• Specialized Courses: Focused on social innovation, ecopreneurship, and climate ventures.

6. The Stanford Venture Studio

This resource provides:

• Expert Advisors: One-on-one mentorship.
• Workshops: Skill-building sessions on topics like go-to-market strategy.
• Online Community: A network of over 2,000 alumni.
• Prototyping Software & Co-working Space: Resources for developing and testing ideas.

7. Additional Resources & Opportunities

• Team Formation Hub: An online platform connecting students with complementary skills and interests.
• Ecopreneurship Program: A collaboration between the GSB and the School of Sustainability.
• Post-Graduation Fellowships: Limited opportunities for recent graduates to work on ventures full-time with funding.
• Collaboration with the Law School: Access to legal clinics and courses (e.g., Intellectual Property).
• Venture Capital Resources: Courses on VC investing and networking opportunities. (Ilia Strebulv’s course and book on venture mindset were highlighted).

8. Considerations for International Students

International students need to be mindful of visa restrictions and avoid activities that could be construed as unauthorized employment while developing ventures.

9. MSX Program Specifics & Q&A

• Startup Garage: Can be taken over two quarters (Fall & Spring), with Startup Garage 2 building on the foundation of Startup Garage 1. Teams can join existing projects in the second quarter.
• Scaling a Company During MSX: The presenters cautioned against attempting to raise Series A funding while simultaneously pursuing an MSX degree due to the significant time commitment required by both.
• Stanford Impact Fund: While the GSB doesn’t directly invest, the Center for Social Innovation manages the Stanford Impact Fund, offering small grants for climate and sustainability ventures.

10. Unique Aspects of the GSB Entrepreneurship Program

Deb Whitman identified three key differentiators:

• Immersive Environment: A strong entrepreneurial culture fostered by students, alumni, and proximity to Silicon Valley.
• Curated Learning Resources: A comprehensive suite of courses, programs, and support services.
• Exceptional Faculty: A combination of academic expertise and real-world business experience.

Notable Quotes:

• “You’re going to find there’s a lot of entrepreneurial engagement…at the business school community.” – Deb Whitman
• “We want you to use this year to really evaluate your startup idea and figure out, does this thing have legs?” – Deb Whitman
• “If you’re going to take somebody else’s money while you’re still a student, that gets really tricky because they expect you to be more than full-time focused on this venture idea.” – Deb Whitman

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