The University of Utah has launched a first-of-its-kind master’s degree for entrepreneurs looking to begin and develop a new business quickly.
The Master of Business Creation (MBC) degree was announced last week by the David Eccles School of Business at the UofU.
Instituted in partnership with the Lassonde Entrepreneur Institute, the degree is designed to blend the attributes of a graduate business-degree program taught by scholars with an intensive startup accelerator. Students will get the know-how, mentoring and support needed to launch a company and create their own job through the nine-month program, according to the Eccles School.{mprestriction ids="1,3"}
“The Master of Business Creation is unlike any other business master’s degree,” said Taylor Randall, dean of the Eccles School. “It will teach founders what they need to know to start and grow a successful company, and they will learn these lessons while applying them in real time to their companies. MBC students can customize the program to meet their needs.
“No two companies are alike — we created a program that accommodates this diversity.”
The program, which will begin this fall, will be open to full-time entrepreneurs who want to create, launch and scale a new business. Students will have access to resources, including scholarships, more than $500,000 in grants, mentors, prototyping tools, office space and more. Those who attain the degree will have skills and knowledge that are fundamentally different from managing an existing business.
“This degree program is very relevant and immediately useful for a working entrepreneur,” said Todd Zenger, presidential professor and chair of the Department of Entrepreneurship & Strategy at the Eccles School. “The Master of Business Creation degree was co-designed by serial entrepreneurs and leading educators to provide you with the tools, training and network access required to create and build a business, rather than merely administer one. Our aim is to assist entrepreneurs in what matters most to them — rapidly growing their startup and realizing its potential. We are just as focused on that goal as our students.”
The school responded to students’ requests for such a program and reviewed leading business accelerators that provide space and support to promising startups. Like those accelerators, the MBC program has a competitive application process and offers financial support and a cohort structure that allows founders to learn together.
“We created a graduate degree inspired by leading accelerators like Y Combinator,” said Troy D’Ambrosio, executive director of the Lassonde Entrepreneur Institute, an assistant dean at the Eccles School and a serial entrepreneur. “We wanted to create something similar, but with the unmatched resources and expertise of a top research university. Launching a company on campus has many advantages.”
Those resources include access to experts in various fields of study, entrepreneurship scholars, business-plan competition prizes, specialized tools and equipment, and a thriving student community.
The MBC program will not take an equity interest in students’ companies, allowing them to maintain complete ownership. That differs from many accelerators.
“We want the program to enrich the participant’s startups, not be a drag on them,” D’Ambrosio said. “Everything we do is to support these founders. When a startup is just getting going, the last thing you want to do is to lose value and spend valuable time negotiating ownership. Founders should be focused on growing the company and putting capital into the business.”
Applicants will need a developed startup idea and a willingness to work full time to bring it to life. Existing companies also are encouraged to sponsor employees who may want to spin out a concept. Students will take courses on topics including developing and testing a business model, negotiation, law, accounting, strategy and leadership. In addition, students have access to a vast number of electives to meet any specific needs.
“The Master of Business Creation is not for people who want to just think about entrepreneurship,” D’Ambrosio said. “At the Eccles School, entrepreneurship is a verb. The best way to learn is by doing it. If you have a great idea and are willing to do what it takes to develop it, this is for you.”
Details about the new program are at Eccles.Utah.edu/MBC.
The Eccles sSchool is offering another new entrepreneurship program, called Lassonde+X, a three-course introductory program for all undergraduates to learn about the entrepreneurial mindset.{/mprestriction}
