Here at Auburn, we think about entrepreneurship, innovation and entrepreneurship education in multiple dimensions. First in starting a new for-profit or non-profit business. Another dimension is the introduction of new products or services in an existing organization, and the third dimension is to grow an existing business.
The students we serve, sometimes called Generation Next, are typically between 18 and 25 years of age and have grown up with personal computers, cell phones, the internet, text messaging and social media. They are taking their place in a world where the only constant is rapid change.
Our entrepreneurship programs are focused on developing knowledge and critical thinking skills in an action-based, learn-by-doing setting. We see a new age of diversity coming — more diversity of backgrounds, more women and more younger people.
Characteristics we see in successful entrepreneurs which shape our thinking on programs and initiatives are:
- A sense of curiosity that allows them to continually challenge the status quo, explore different options and innovate
- A willingness to refine and validate their idea to determine whether it has potential
- The ability to adapt and keep moving forward when unexpected events occur
- The decisiveness to make challenging decisions and see them through
- The ability to build a team with complementary talents focused on a common goal
- A high risk tolerance and the ability to balance risk and reward
- Persistence, grit and the ability to deal with and learn from failure
- Critical thinking skills and a long-term focus which allows them to start, grow and sustain a business
In 1899, Charles Dewell, head of the U.S. Patent Office, recommended to President McKinley that the office should be closed because “Everything that can be invented has been invented.” History has proven and will continue to prove that vision to be woefully incorrect. Our take on the future has innovation and an increasingly diverse population of entrepreneurs playing a significant role in providing products and services across a broad range of solutions in health care, data analytics, artificial intelligence, additive manufacturing, digital commerce, ease of use, social media, social and environmental responsibility, location-independent solutions serviced by more remote workers, as well as online learning, just to name a few.
Our job is to help develop the critical thinking skills to enable Auburn students to lead and excel in these fields and many others.
Lou Bifano
Director
New Venture Accelerator
