Babson Academy 2021 Impact Report

BABSON ACADEMY

ADVANCING GLOBAL ENTREPRENEURIAL LEARNING Impact Report 2021

#1

FOR ENTREPRENEURSHIP FOR 28 CONSECUTIVE YEARS – U.S. News & World Report

ACCESS CONNECT how Babson does entrepreneurship education

with a community that advances entrepreneurial

thinking, learning, and teaching to change the world

INSPIRE

your students to engage with the world using an entrepreneurial mindset

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Letter from the Dean

Expanding Entrepreneurial Mindsets Across Disciplines, Modalities, and Countries The Babson Academy for the Advancement of Global Entrepreneurial Learning was established in 2019 to provide access, connection, and inspiration for entrepreneurship educators and universities around the world. In 2021, we advanced our goals through collaboration and engagement with stakeholders from the U.S. and abroad.

We have witnessed a growing interest in entrepreneurship education as the landscape of education changes due to continued travel restrictions, diversified modalities, interdisciplinary opportunities, and growth in lifelong learning.

With an entrepreneurial spirit, we’ve developed new programs in various formats. For instance, the One Hour Entrepreneurship Educator webinar series provides educators with actionable teaching tools, research-based insights, and peer-to-peer connections by featuring Babson’s accomplished faculty from diverse disciplines.

Entrepreneurship education is increasingly important to university leaders, government officials, and educators who are working to prepare tomorrow’s leaders. Entrepreneurial leadership skills empower changemakers of all ages in all fields who must navigate increasingly uncertain environments. As a result, there is increasing demand for lifelong learning through short, relevant, experiential programs The Babson Academy strives to advance entrepreneurship education through access, connection, and inspiration. Our experiments tell us that while the world is eager to re-engage in face-to-face learning, we must also continue to promote access by bringing our best pedagogies to everyone online.

I am grateful to have committed colleagues who inspire me to stay connected and develop new partnerships with universities and educators around the world. I invite you to stay engaged and share your progress in entrepreneurship education.

Best wishes,

Amir Reza, PhD

Dean, Babson Academy & Global Education

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ACCESS

To create positive change in our world, we strive to include everyone in the effort. As entrepreneurial educators, we are grateful to walk with you on this learning journey of building new relationships, ideas, tools, and solutions across time zones, countries, and continents. What was initiated by a global pandemic has become an opportunity to increase access to change-making entrepreneurship education.

In 2021, we collaborated with educators and students from 33 countries and countless fields of study. Let’s keep building access together.

Our goal is to provide continued access to Babson’s entrepreneurship education ecosystem. We are excited to expand our work together, increasing the entrepreneurial mindset of our students—and ourselves—as we create value and move toward global solutions.

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PROGRAMS

33

COUNTRIES

Babson College Campus

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First Virtual Babson Collaborative Global Summit During 2021, we launched our first virtual Babson Collaborative Global Summit, which we plan to continue to provide in hybrid format for years to come.

Let’s not forget that entrepreneurship is education. … A lot of what we learn is through interacting with the world, interacting with other people. … It’s the stuff that we don’t know we will achieve that makes entrepreneurship education very exciting.

– Babson Collaborative ​Global Summit Keynote Speaker, Dr. Saras D. Sarasvathy, Paul M. Hammaker Professor in Business Administration at University of Virginia’s Darden School of Business and Jamuna Raghavan Chair in Entrepreneurship at IIM, Bangalore

2021 FACULTY DIRECTORS Matt Allen

Associate Professor of Entrepreneurship

Candy Brush

Franklin W. Olin Professor of Entrepreneurship

Andrew Corbett

Paul T. Babson Distinguished Professor of Entrepreneurial Studies

Sebastian Fixson Marla M. Capozzi MBA’96 Term Chair in Design Thinking, Innovation and Entrepreneurship

William Gartner

Bertarelli Foundation Distinguished Professor of Family Entrepreneurship

Heidi Neck

THE ONE HOUR ENTREPRENEURSHIP EDUCATOR We have continued our free monthly webinar series, bringing 1,134 educators from around the world together with Babson faculty to share actionable teaching tools and research-based insights. Topics from 2021 were as diverse as Advancing Healthcare Entrepreneurship in the Classroom, Cracking the Code in Sales Education, and Identity in Entrepreneurship: Models of Managing Diversity.

Jeffry A. Timmons Professor of Entrepreneurship and Babson Academy Academic Director

Jay Rao

Professor of Operations and Information Management

Mark Rice

Professor of Entrepreneurship

Angelo Santinelli Faculty Advisor, John E. and Alice L. Butler Venture Accelerator Program

Zach Zacharakis

John H. Muller Jr. Professor of Entrepreneurial Studies

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ACCESS

Increasing Economic and Social Value Worldwide with Entrepreneurship Education The sudden adaptations of 2020 inspired Academic Director Heidi Neck and the Babson Academy team to double their efforts in 2021, delivering 30 signature programs (two in person) to over 1,120 participants in 33 countries—approximately doubling the number of educators and students accessing our entrepreneurial resources from 2020.

During a year when seeing a colleague’s pet on the screen was as common as a shared PowerPoint, we prioritized continuity of learning and maintained momentum with virtual delivery, offering cuttingedge entrepreneurship education to universities around the world.

From Global SEEs, to dynamic student modules, to entrepreneurship ecosystem journeys for higher education leaders, high-impact online learning provided incredible access and made us miss mobility just a little less.

– Nan Covert, Senior Director, University Relations and Business Development, Babson Academy

New Resources for Educators and Administrators Throughout 2021, we’ve continued to expand programs for faculty and administrators, developing two new online programs that have supported educators in 25 countries on their entrepreneurial learning journeys.

Building an Entrepreneurial Education Ecosystem Innovating How We Teach Innovation 6

Expanding Access with Partnerships Here is just a sampling of the extensive programs we’ve collaborated in for 2021.

Luksic Scholars Foundation Chile Now in its 11th year, the Luksic-Babson Symposium for Entrepreneurship Educators (SEE) program fosters entrepreneurial growth and economic development in Chile through entrepreneurship education.

After completing a Chilean SEE program, participants may apply to join the small cohort of the Luksic-Babson Fellows Program for a fiveday immersion at Babson. Here, Chilean faculty work on building an entrepreneurship initiative to put into action at their home universities.

Santander Universities This year, Santander Universities invested in supporting each stage of the startup journey by leveraging global awards and challenges to help solve pressing problems. Babson Academy was pleased to partner by designing and delivering Prepare to Launch for Santander X. The highimpact, two-part program targeted student teams who were in the incubation/launch stage of their startup journey and ready to leverage the digital world to prepare to go to market.

After having completed a three-week introductory pre-program, selected teams dove deeply into the entrepreneurial skills and techniques needed to improve the chances of startup success. They also built a network of global entrepreneurs. This four-week program combined asynchronous and synchronous modalities, included mentoring by Babson faculty, and resulted in investor-ready team pitches, priming teams to go to market.

Waseda Global SEE Japan Babson College Professor Zach Zacharakis delivered a virtual program preparing 41 educators in Japan to teach with an entrepreneurial mindset this June. Participants learned the powerful logic of Entrepreneurial Thought & Action® and how they can teach and apply it in their courses.

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CONNECT

2021 was about connection. The Collaborative, an institutional membership organization advancing entrepreneurship ecosystems and connecting universities around the world, has grown to include more members than ever before. We also held the first virtual version of our Annual Global Summit, welcoming an unprecedented number of attendees and celebrating the publication of a Collaborative book written by members. We appreciate the time, insight, and innovation of each of our members and begin 2022 with optimism for what our future collaborations will bring.

Babson Collaborative for Entrepreneurship Education

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MEMBER SCHOOLS

21

COUNTRIES

Four new members in 2021:

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EDC Paris Business School

Universidad de Especialidades Espíritu Santo (UEES)

(Paris, France)

(Guayaquil, Ecuador)

Lewis & Clark College

Universidad del Rosario

(Portland, USA)

(Bogota, Colombia)

2021 Annual Global Summit Fourth Annual and First Virtual Entrepreneurship Education When Your Campus Is the World: The ​​ 2021 Summit explored the implications for learners, educators, and educational institutions when geography matters less, technology matters more, and new paradigms present unprecedented challenges and opportunities.

While the Summit was previously open only to member institutions, in 2021, we invited the public to join us for two sessions. Our virtual experience was so diverse and enriching that we will offer all summits with hybrid content going forward.

The speakers really helped me to solve many doubts I had about how we can generate and maintain this entrepreneurial culture in our young university students, how to keep that motivation, curiosity, sense of innovation and to make solutions to get ahead in the face of any adversity that we go through, be it pandemics, economic downturns, market difficulties, etc.

– Ariana Carolina Ulloa Alzate, Universidad de Guadalajara (Mexico)

11 SESSIONS ACROSS 4 DAYS Attending:

300+ EDUCATORS 29 MEMBER SCHOOLS

Speakers and Presenters:

40 MEMBER 13 SCHOOLS REPRESENTED BY 10 COUNTRIES SPEAKERS AND PRESENTERS EDUCATORS AND UNIVERSITY LEADERS

Babson Collaborative Book Launch A showcase for the latest research and practices in entrepreneurship education.

Innovation in Global Entrepreneurship Education Edited by Babson Academy Director Heidi Neck and Yipeng Liu of Henley Business School, chapters are authored by Collaborative members. This book was inspired by a conversation between the two in 2019 during Dr. Liu’s visit to campus for Neck’s Price-Babson Symposium for Entrepreneurship Educators—a beautiful example of what happens when we connect with one another.

SCHOOLS IN 14 COUNTRIES 20 CHAPTERS BY 50 EDUCATORS FROM 16 MEMBER 9

CONNECT

Celebrating Entrepreneurial Students Babson Collaborative Student Network In 2021, Babson Collaborative Student Network (BCSN) students stepped up their engagement. They formed cross-institution multicultural teams to execute successful programs on topics including leadership in chaos, startup financing and scaling, and women’s entrepreneurship.

60+ STUDENT AMBASSADORS

16

SCHOOLS

12

COUNTRIES

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I believe BCSN has personally inspired me to learn more, set clear goals to evolve and had an impact on my thought process. Every interaction I’ve had with students of the community was a new opportunity to gain broader understanding of new perspectives.

I’ve thoroughly enjoyed being associated with this student collaboration network!

– BCSN student ambassador and panelist for the 2021 summit Geha Reddy, Mahindra University (India)

Collaborative Global Student Challenge

875 STUDENTS FROM 22

COLLABORATIVE MEMBER INSTITUTIONS IN

16 COUNTRIES

In this challenge, students complete a feasibility analysis of a new business concept that addresses one or more of the UN Sustainable Development Goals.

215 27% SCHOOLS PARTICIPATED OF ALL MEMBER SCHOOLS 3 FOR THE FIRST TIME 79% PARTICIPATED PROJECTS ADDRESSING THE UN SDGS

INCREASE IN STUDENTS FROM THE YEAR PRIOR

Proud of the 2021 Challenge Winners!

Bachelor’s Challenge Winners

1

Kellun, from Universidad del Desarrollo (Chile)

2 NDPLACE

Waste Cero, from Universidad de Piura (Peru)

3 RDPLACE

Grash, from SolBridge International School of Business (South Korea)

ST PLACE

Kellun provides a digital platform that connects volunteers, donors, NGOs, social initiatives and companies to generate the first ecosystem of charitable opportunities in Chile.

Waste Cero creates a sustainable and transparent path from farmers to the consumer, resulting in nutritious juice from fruit that would otherwise be wasted.

Grash is a digital platform to help connect households and scrap collectors to dispose of scraps efficiently and safely.

Master’s Challenge Winners

1STPLACE

Woolero, from Norwegian University of Science and Technology (Norway)

2

BikeWay, from Prince Mohammed Bin Salman College (Saudi Arabia)

ND PLACE

(TIE)

Woolero develops stylish and 100% biodegradable packaging made of Norwegian surplus wool.

BikeWay is a non-invasive and all-inclusive application that contributes to mental and physical health and promotes the empowerment of women for both transport and leisure.

Medily, from Toulouse Business School (France) Medily is a digital platform for exchanges and therapeutic education, intended for people suffering from chronic diseases or disabilities and their families.

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INSPIRE

We are continually inspired by the commitment and creativity of our global community. From international student-led initiatives, to the entrepreneurial institutional projects of administrators and educators, we’ve seen ideas blossom despite the pressures of the year. We hope to help further inspire your teaching, research, institution, and students with a collaborative entrepreneurial approach that creates social and economic value.

BCSN Students Help Fellow Member Escape Afghanistan

BCSN ambassadors from Universidad del Desarrollo successfully executed a rescue mission to resettle Fatema Jalaly, of AUAF, safely in Chile, where she is starting anew.

Read the full rescue at https://entrepreneurship.babson.edu/collaborative-afghan-refugee

BCSN proved to be a ray of hope, a window of opportunity, and a promise for a better future. Very soon (after both campuses in Kabul were taken by the Taliban) they (students) started working on presentations, learning as they navigated, with the sheer joy of connecting with like-minded students across the globe. The network comes to them as a blessing, providing them a platform to realize their entrepreneurial mindset.

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– Dr. Enakshi Sengupta, Interim Chair of Business, Director of Center for Teaching and Learning, Associate Professor of Business, American University of Afghanistan, Afghanistan

The Babson Build program is a life-changing experience that prepares you to leave your mark in the world. At first I thought that it was only related to entrepreneurial mark, but all the preparation in empathy, fast thinking, resilience, working in international teams, and negotiation skills that I learned prepared me to coordinate with other Chilean ambassadors the evacuation and integration of one of our fellow BCSN ambassadors from Afghanistan.

– Joaquín González, BCSN ambassador, Universidad del Desarrollo, Chile

– Entrepreneurial Mindshift student (BBA at the American University of Afghanistan)

As a girl, I was always convinced by society that I cannot start a business. It is because people think there aren’t lots of opportunities here, particularly for girls. Here comes the most impactful thing I learned from this program: creating opportunity.

Now I believe, you do not always need to find or search for opportunities; sometimes you should create and design one.

Inspiring Impact in Building an Entrepreneurship Education Ecosystem Moraima De Hoyos-Ruperto

Imperial College London

Goals: expand the entrepreneurship curriculum and create a program at the graduate level. Need to engage faculty and administrators, other stakeholders such as companies, entrepreneurs, and alumni.

Action: will develop a curriculum proposal and get feedback and commitment.

Evgenia Anikina

Moscow School of Management

Goal: to grow the number of entrepreneurs that care about the future, think globally, and really want to create value with their products and businesses.

Actions: create an entrepreneurship center by converting our courses and programs. Create an EdTech center to transfer information among all ecosystem stakeholders. Create an analytics platform to empower the ecosystem by measuring outcomes.

Ben Mumby-Croft

University of Puerto Rico

Goal: create a single college-wide entrepreneurship website portal that shows the entire ecosystem Actions: meet with key internal stakeholders. Create an internal delivery group to design a plan for execution.

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Letter from the Academic Director

What It Means to Be an Entrepreneurial Educator Let’s start with the less than pleasant news of 2021. Both students and faculty are mentally fatigued. I get it. I feel it. Students have difficulty engaging 100% online or with classmates split between the classroom and online. Similarly, faculty are burdened with heightened levels of prep time to reimagine course content for these formats. Teaching with technology will help us, but it cannot save us. Is anyone missing that whiteboard at the front of the room yet?

Now let’s move to happier news. As educators, we’ve elevated our online teaching skillset: video conferencing, online breakout rooms, collaboration spaces, group brainstorming software, simulations, polling, rapid screen sharing, discussion boards, and more.

The skill set, however, is just part of the equation. As educators, our mindset also matters. Our students need us to be entrepreneurial now more than ever. But what does this mean? An entrepreneurial educator: Continues to experiment with new ways of teaching, knowing it’s not perfect.

Shares the responsibility of learning with students to co-create entrepreneurial knowledge.

Shows empathy for students and works to meet them where they are rather than show frustration.

Trusts that students will engage with the content when they feel ownership in the course.

Empowers all students to live up to their own image of what an impactful entrepreneur can be.

Yes, mindset matters a lot. Let us model the behavior we want to see in our students.

Entrepreneurially,

Heidi M. Neck, PhD Academic Director, Babson Academy

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IMPACT

Experiment, Share, and Co-Create with Us! Where will your ideas, goals, and challenges take you in 2022?

We’d love to support you in your journey.

Learn action-based teaching methods Tackle an institutional or professional project Reimagine your teaching philosophy Pursue your research Build an entrepreneurial mindset in your students Entrepreneurial Programs for Educators and Administrators babson.edu/balearning We are always learning. Join us for FREE monthly webinars on topics from refining your video voice potential to teaching sustainability in entrepreneurship.

THE ONE HOUR ENTREPRENEURSHIP EDUCATOR

Check out our calendar to get actionable tools, research-based insights, and peer-to-peer connections: babson.edu/babson-academy-webinars/

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OUR MISSION The Babson Academy provides access, connection, and inspiration for institutions and educators who desire to grow entrepreneurship education ecosystems to accelerate the development of current and future entrepreneurial generations.

babson.edu/babsonacademy

babsonacademy@babson.edu EM2-3544 02/2022