ECONOMIC DEVELOPMENT ENTREPRENEURSHIP PROGRAMS
DRIVING ECONOMIC GROWTH AROUND THE WORLD
Babson College’s mission is to educate entrepreneurial leaders who create great economic and social value during times of continuous change and complex human, financial, and environmental challenges. We support this mission by applying our expertise in entrepreneurship education to facilitate transformative public-private partnerships that make a positive impact on people, business, and the world. Our initiatives include on-campus training programs designed to provide entrepreneurs with the skills they need to create new growth. We also, through the Babson Entrepreneurship Ecosystem Platform (BEEP), equip leaders to support entrepreneurial growth and stimulate regional economic development by promoting environments where local growth-oriented businesses and entrepreneurs can thrive.
WE EMPOWER ENTREPRENEURS OF ALL KINDS, EVERYWHERE. 1
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THE BABSON ENTREPRENEURSHIP ECOSYSTEM PLATFORM (BEEP) Entrepreneurship is a uniquely powerful engine for economic development and meaningful employment, but building the programs, policies, and culture that tap into a region’s entrepreneurial spirit poses challenges to local leaders. The Babson Entrepreneurship Ecosystem Platform (BEEP), directed by Professor Daniel Isenberg, a renowned global authority on entrepreneurship, fosters entrepreneurial ecosystems that stimulate measurable growth. In cities, regions, and countries around the world, BEEP is bringing together public and private leaders—including governments, foundations, universities, and businesses—to create the infrastructure and practices needed to create new economic vibrancy and prosperity.
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BEEP: MANIZALES-MAS
BRINGING A REGION TOGETHER TO CREATE A BRIGHT ECONOMIC FUTURE Manizales, founded in 1849 and currently home to roughly 400,000 people, is the capital of the Colombian state of Caldas. The city’s core economy has traditionally revolved around coffee production, but it also has a strong foundation of industry, art, and education. Despite these advantages, when Manizales’ leaders approached Babson in 2010, unemployment was high and many college graduates were leaving for work elsewhere. Piloted in 2010 and fully launched in 2012, Manizales-Mas became BEEP’s first initiative and one of the world’s first comprehensive entrepreneurial ecosystem development projects. It has been recognized by Colombia President Juan Manuel Santos, the World Bank, and many others for its impact on the region.
THE GOAL? TO PARTNER WITH THE CITY’S PUBLIC AND PRIVATE LEADERS
TO INFUSE A GROWTH-DRIVEN ENTREPRENEURIAL SPIRIT INTO THE REGION, CATALYZING AN ECOSYSTEM OF ECONOMIC ACTIVITY AND PROSPERITY.
Manizales-Mas consists of dozens of programming activities designed by BEEP and conducted primarily by Babson faculty, led by a trained project team located in Manizales. These efforts include:
» Scalerator programs to stimulate accelerated growth in established ventures » Mentoring by senior business leaders » Startup-Mas, a program to help university students formulate growth-oriented business ideas
» A finance innovation task force to develop innovative debt-equity financial instruments to fund growth
» AddVenture-Mas, an accelerator to help startups with product concepts to expand their markets
» Ecosystem training for local leaders, including those in state and municipal government, universities, financial institutions, businesses, NGOs, and entrepreneurial ventures
In 2016, participants in Manizales-Mas also launched the Entrepreneurship Route, an entrepreneurship education program from five collaborating universities to strengthen local college students’ abilities to think and act entrepreneurially. 4
THE IMPACT RECEIVED THE ORDER OF CIVIC MERIT FROM THE CHAMBER OF COMMERCE COLOMBO AMERICANA. This is the first time an entity in the region has been honored with the award.
55%
AVERAGE INCREASE IN SALES GROWTH BY 42 SCALERATOR COMPANIES
MORE THAN
80%
OF SCALERATOR COMPANIES SHOW NEWLY ACCELERATED GROWTH
703+
NEW HIRES BY SCALERATOR COMPANIES
MORE THAN
100% INCREASE
12+ NEW
1,071+
NEW BUSINESS CONTRACTS BY SCALERATOR COMPANIES
BANK FINANCINGS
BY SCALERATOR COMPANIES
IN TOTAL ENTREPRENEURIAL ACTIVITY IN ONE YEAR
TEN
SCALERATOR COMPANIES WITH NEW EXPORTS
“There has been increased motivation toward greater economic growth. People are trying to do things that before [Manizales-Mas] they thought were impossible to do. This is a model for economic development that impacts people’s perceptions of themselves and the region and what is achievable. It has changed aspirations and expectations.”
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BEEP: SCALE UP MILWAUKEE ®
BUILDING OFF A FOUNDATION OF INDUSTRY TO FOSTER NEW GROWTH
Greater Milwaukee is renowned for its manufacturing history, but its lesser-known assets— including a talented creative class, world-class research centers, and a strong financial community—were not being harnessed to their full potential in order to encourage growth. Launched in 2013, Scale Up Milwaukee was developed in collaboration with the Greater Milwaukee Committee (GMC)—a nonprofit civic organization comprised of 200 local business, labor, academic, philanthropic, nonprofit, and civic leaders—and other regional groups to foster a growth-obsessed and growth-enabled region. This included initiatives such as the Scalerator™, an intensive training program taught by Babson faculty that was designed to prepare business owners to successfully accelerate and sustain growth.
THE GOAL? BY 2020, THE PROGRAM AIMS TO STIMULATE RAPID GROWTH
IN 200 COMPANIES OF ALL AGES, SIZES, AND SECTORS, ENCOURAGING NEW BUSINESS AND JOB CREATION, INCREASING THE TAX BASE, AND IMPROVING OVERALL QUALITY OF LIFE. Scale Up Milwaukee is helping to create a vibrant economic culture in southeast Wisconsin, where public and private community leaders, entrepreneurs, corporate executives, investors, and faculty members from Greater Milwaukee can strengthen the local economy for generations to come.
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“The Babson team’s business insights and practical experience have been instrumental in developing a specialized and wide-reaching economic growth project able to take advantage of Milwaukee’s unique policies, institutions, and culture.” – Brian Schupper, Director of Policy at the Greater Milwaukee Committee
THE IMPACT AS OF MID-2016:
45 COMPANIES
REPRESENTING $200 MILLION IN REVENUES AND MORE THAN
1,000 EMPLOYEES HAVE COMPLETED THE PROGRAM’S SCALERATOR.
SCALERATOR COMPANIES HAVE EXPERIENCED NEW GROWTH RANGING FROM %
10–50
320+ new jobs have been created, with 200 more in process
Ran a communications campaign with more than:
» 220 MILLION IMPRESSIONS » 230 MEDIA MENTIONS » 120 ORIGINAL VIDEOS
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SALTIRE FELLOWSHIP PROGRAM
TRANSFORMING SCOTLAND’S ECONOMY THROUGH ENTREPRENEURIAL LEADERSHIP In 2008, Scotland’s economy was at a crossroads. A fear of failure had limited new business creation, and existing businesses faced stagnating growth as they struggled to keep homegrown talent and stay competitive in global markets. Later that year, the Saltire Foundation was established to “find, fuel, and spark the next generation of Scottish business leaders.” Having identified the issues troubling Scotland’s economy, they sought to revitalize Scottish companies and create a national climate of innovation. Recognizing Babson’s leadership in entrepreneurship education, the Saltire Fellowship program partnered with us to aid in their efforts.
THE GOAL? TO DESIGN A PROGRAM THAT PROVIDES THE NEXT GENERATION OF SCOTTISH BUSINESS LEADERS WITH THE PRACTICAL SKILLS, GLOBAL MINDSET, AND ENTREPRENEURIAL DRIVE NECESSARY TO GROW AND SCALE BUSINESSES IN A WIDE ARRAY OF SCOTTISH INDUSTRIES.
Over the course of eight months, three of which are spent in an intensive learning experience on Babson’s campus, the program equips a select group of high-potential Fellows—Scotland’s rising business talent—with the tools and aspiration required to grow and scale businesses in a wide array of Scottish industries.
“Babson is playing an integral role in transforming Scotland’s economy. Their expertise in entrepreneurial leadership makes them the ideal academic institution for the innovative and groundbreaking Saltire Fellowship Program.” – Sandy Kennedy, CEO, Saltire Foundation and Entrepreneurial Scotland
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THE IMPACT GRADUATED SALTIRE FELLOWS:
25 COMPANIES AND SOCIAL ENTERPRISES
HAVE FOUNDED MORE THAN
HELPED BRING IN MORE THAN £40 MILLION IN VC FUNDING TO SCOTLAND HAVE BEEN DIRECTLY INVOLVED IN THE
CREATION OF HUNDREDS OF NEW JOBS AND HAVE CONTRIBUTED TO REVENUE GROWTH UP TO 300% IN BUSINESSES ACROSS THE COUNTRY
THREE OF SCOTLAND’S TOP 10 HIGH-GROWTH FIRMS HAVE SALTIRE FELLOWS AS CEOS.
43% 26%
of graduated Fellows are at C-level roles
OF GRADUATED FELLOWS STARTED A COMPANY OR CO-FOUNDED AN EXISTING STARTUP 9
GOLDMAN SACHS 10,000 SMALL BUSINESSES (10KSB) Launched in 2009, Goldman Sachs 10,000 Small Businesses is a public-private partnership aimed at unlocking the growth and job-creation potential of small business owners through practical business and management education, business support services, and access to capital. Because Babson College understands the transformative power of small businesses, and how investing in these entrepreneurs creates jobs and economic opportunities across America, Goldman Sachs 10KSB came to Babson to lead curriculum design and development of the 10KSB academic program. As a national partner for 10KSB, Babson’s role includes faculty and business advisory training, and to date we have trained almost 250 faculty and staff members to become local education program partners. In 2014, Babson led development of a national version of the 10KSB curriculum that’s delivered in a blended learning program (online and face-to-face sessions on campus). Babson hosts the national cohort of program recruits for two separate sessions, four days each, of action-based, peer-to-peer learning. Soon after the creation of 10KSB, Goldman Sachs launched the 10KSB UK program. Largely based on the U.S. model, the UK program is designed to provide high-quality, practical education and business support to leaders of high-growth small businesses and social enterprises across the country. Before 10KSB, Goldman Sachs also launched 10,000 Women, a global initiative that fosters economic growth by providing women entrepreneurs with a business and management education, mentoring and networking, and access to capital. The initiative has reached more than 10,000 women from across 56 countries through a network of 100 academic nonprofit and bank partners. In 2014, 10,000 Women (italicize) was expanded to provide 100,000 women with access to capital through a partnership with IFC to create the first global finance facility. Babson currently is providing continued curriculum design and development, as well as train the trainer support, for the delivery of the program.
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“10,000 Small Businesses has been instrumental to my growth. The alumni of 10,000 Small Businesses have become part of my family. I rely on them for advice, encouragement, legal services, construction, and supplies—they have been equally instrumental in my growth and keep me grounded.” – Carmen Rodriguez, co-founder of Brooklyn Cupcake, 10KSB graduate
THE IMPACT REACHED BUSINESSES IN
ALL 50 STATES
85%
OF GRADUATES DO BUSINESS WITH EACH OTHER
6,500+ BUSINESSES SERVED BY THE PROGRAM
69%
100+ LOCAL AND
NATIONAL PARTNERS OF 10KSB ALUMNI GREW REVENUE WITHIN 6 MONTHS
WITHIN 18 MONTHS OF COMPLETING THE PROGRAM:
56%
OF 10KSB GRADUATE BUSINESSES CREATED JOBS
GRADUATES ARE MENTORING AN AVERAGE OF 8 PEOPLE EACH
86%
OF GRADUATE BUSINESSES PROVIDE WORKFORCE TRAINING
99%
GRADUATION RATE
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LEARN MORE ABOUT HOW YOU CAN CREATE NEW GROWTH IN YOUR REGION BY ENROLLING IN:
DRIVING ECONOMIC GROWTH THROUGH ENTREPRENEURSHIP ECOSYSTEMS: A PROGRAM FOR PUBLIC AND PRIVATE SECTOR LEADERS
WWW.BABSON.EDU/BEE EXEC@BABSON.EDU +1-781-239-4354 @BABSONEXECED
BABSON COLLEGE / 231 FOREST STREET / WELLESLEY, MA 02457
WWW.BABSON.EDU/BEE
09_2016 EXECMKT-4896