10/7/2009
Specialized Higher Education Training Benefits Innovative Entrepreneurs
by Rebecca Norman, Graduate Assistant, UALR Lead Center
A study released by the Small Business Administration (SBA) Office of Advocacy found that it is essential for colleges and universities to adopt effective programs to educate and train prospective entrepreneurs who will be involved in innovative processes.
Innovative entrepreneurs are critical contributors to economic growth because they help bring technological advances to market. Few business schools in the U.S. have programs specializing in the education of innovative entrepreneurs, although many schools offer effective programs to train conventional entrepreneurs.
The SBA study was centered on a survey of undergraduate and MBA alumni at five universities conducted by a team of researchers from New York University. Participants were surveyed to identify the nature of the courses and their teaching approaches, and materials that were most useful in carrying out entrepreneurial activities.
Some of the major survey findings included the following:
- Graduates who have taken entrepreneurial courses are significantly more likely to select careers in entrepreneurship.
- Graduates who have taken entrepreneurial courses are more innovative, as measured by the number of patented innovations, new production practices, and new services and products.
- Graduates who have taken entrepreneurial courses and those who have not taken such courses are equally likely to work for small businesses.
The survey results indicated a strong correlation between respondents having taken an entrepreneurial course and their self-reported skills in identifying new business-related opportunities. The next round of the survey is planned for 2010, and will involve additional universities in the U.S., Europe, China, and the Middle East. Survey data will be focused on helping instructors to train prospective innovative entrepreneurs more effectively.
The study, entitled "Toward Effective Education of Innovative Entrepreneurs in Small Business: Initial Results from a Survey of College Students and Graduates" is available at http://www.sba.gov/advo/research/rs353tot.pdf.
