New Master program for entrepreneurs set to launch
A sobering statistic is often cited regarding the success rates of new businesses. “Nearly 50% of all new ventures fail within the first three years,” says Elspeth Murray, Associate Dean of MBA and Masters Programs at QSB. A new Queen’s Master of Entrepreneurship and Innovation program is designed to help improve the odds of success of start-ups, and of established companies looking to innovate. The program was developed in partnership with Queen’s Faculty of Engineering and Applied Science, with curriculum developed and delivered by outstanding professors from both faculties.
“This program offers a unique opportunity for students with an entrepreneurial spirit,” says Kimberly Woodhouse, dean of the engineering faculty. “It will provide graduates with the business fundamentals and critical skills to help them contribute to Canada’s innovation needs in the corporate, for-profit or social innovation sectors.”
“There are many reasons that new businesses fail,” Elspeth says. “The most common are an ill-conceived strategy, and poor financial-management, marketing and leadership skills. This new program is designed to help aspiring entrepreneurs overcome these obstacles by teaching them business fundamentals and providing hands-on experience in this fast-paced field. It’s of equal interest to those wanting to introduce innovations and an entrepreneurial approach within existing organizations.”
Regardless of the type of business venture of interest to students, they will be able to complete an in-depth research project related to that business. “If you have an idea for a new mining technology or for an innovation in biotechnology or social media, you’ll have the opportunity to delve deeply into that subject,” Elspeth explains.
Another major project involves the formulation and development of an actual new venture or innovation that students will present to a panel of venture capitalists and angel investors. Throughout the program, students will be able to access the tools and resources they need to turn their ideas into reality. These resources include design studios, prototyping facilities and workshops, all staffed by experts in their respective fields. Students will also be exposed to the ideas and experiences of established entrepreneurs and industry experts invited to guest-lecture and serve as mentors.
“We’re looking for people with an entrepreneurial spirit who are intent on launching a new venture or introducing an innovation within an established organization,” Elspeth says. “We’re confident that when they complete the program, they’ll be equipped to add to the ranks of new ventures that succeed.”
This intensive 12-month program is open to people with an undergraduate degree in any field and does not require prior full-time work experience. Classes are scheduled to start in September 2015, pending final approval by Queen’s Senate.