Priorities:University of Chicago Student Priorities

Contents

Overview

The University of Chicago is currently in the process of expanding and refining its entrepreneurial ecosystem, and there have been numerous exciting developments in the recent year. In order to further this growth as students, we have devised a "bottom-up" approach, in constrast to the university's "top-down" approach of building infrastructure and implementing major changes, that takes into account the needs and expectations of the student body. Below we indicate major priorities for our university in improving its entrepreneurial ecosystem, which we believe will yield many long-term benefits.

In our analysis of the various innovation and entrepreneurship (I&E) resources available to members of the university, we noted two major areas for improvement: introducing students of all disciplines to the importance and relevance of I&E, and providing the appropriate resources to help students work on entrepreneurial projects in their domain of interest. Programming and resources that address these needs already exist for graduate students and faculty members, but they do not yet for undergraduate students. We believe that such changes in the I&E ecosystem can be accomplished within the reasonable time span of one to three years because they already do for other members of the university.

Goal 1: Expose students to the importance and value of I&E

In our conversations with members of the student body from different backgrounds and academic disciplines, we uncovered a common theme: students generally do not understand the relevance of entrepreneurship to their professional interests. Some students remarked that the I&E programs and events offered by the university are often "self-selecting" in that the students who participate in such programs are more often than not in these programs because they have already built up an interest in entrepreneurship and are not participating in these offerings to explore entrepreneurship. This self-selection leads to the I&E ecosystem consisting largely of students in areas like economics and computer science and ultimately shapes the programming to be more directed to the interests of members of these segments of the student body.

Project 1: Implement programs that cater to problem solvers rather than entrepreneurs

For many non-entrepreneurial students at the University of Chicago, the word "entrepreneurship" is associated with things like business and technology. While entrepreneurship is not intrinsically tied with either of these concepts, this strong association leads to many students not being interested in getting involved in entrepreneurial opportunities. A broad solution to this problem would be to expose these students to how entrepreneurship is relevant to their experiences and interests. We are currently implementing a program that is a specific variant of this solution directed towards undergraduate science majors.

Science Innovation Program

The Science Innovation Program is a two-quarter training program designed to help science and engineering undergraduates apply their knowledge and develop the entrepreneurial skills and knowledge that they need to come up with good business ideas to solve important social issues like healthcare and pollution, and create successful startup companies around these ideas. In the first quarter of the program, members of the program will attend four biweekly workshops led by professors from the Booth School of Business and entrepreneurs from Chicago-based startups where they will learn the essentials of coming up with new ideas, assessing the practicality and feasibility of their ideas, developing a business plan for their idea, and implementing their business plan. In the second quarter of the program, members will then have the opportunity to formulate their own ideas for scientific inventions, create a business plans for these ideas, and pitch these ideas to a panel of investors and professors, who will evaluate and give feedback on these proposals. The program has been designed specifically to help students who are majoring in the sciences and engineering, and have little to no background in either entrepreneurship or business. Furthermore, students are not expected to have their own business ideas prior to participating in the program.

Project Lead: Klevin Lo

Team Members: Spring 2015 UIF University of Chicago Candidates

Project 2: Introduce examples of I&E in classrooms

The University of Chicago is notorious for its association with the quote "That's all well and good in practice, but how does it work in theory?" The university embodies an ethods of prioritizing theoretical, academic pursuits over the practical applications of the ideas from these pursuits. As such, there is a dearth of entrepreneurial concepts presented in the course work. Science courses typically focus on scientific discoveries conducted in academic and institutional laboratories, and eschew discussion of the real-world applications of research in producing life-saving cures. Companies are occassionally mentioned in the Cancer Biology course, but little elaboration is given on the commercial aspects of developing medicine and treatments.