MCAST Entrepreneurship Strategy Fostering Entrepreneurial Mindsets Eric Flask Director, Innovation & Entrepreneurship October 2017

Outline MCAST Vision for Entrepreneurship L6 Entrepreneurship Implementation L6 Entrepreneurship Module L6 Entrepreneurship Assessment Workshop Schedule Important Points A hint of Success Stories

MCAST Vision for Entrepreneurship

MCAST Holistic Approach to Education Multidisciplinarity Curriculum Alignment of Curricula with Industry Needs Work Based Learning Apprenticeships, Placements & Internships Entrepreneurship Fostering an Entrepreneurial Mindset Develop the Workforce Through Experience & Training

Entrepreneurship Definition What is Entrepreneurship ?

Entrepreneurship “an individual’s creative capacity, independently or within an organisation, to identify an opportunity and to pursue it in order to produce new value or economic success”. “the mindset and process needed to create and develop economic activity (…) (…) an individual’s ability to turn ideas into action. It covers creativity, innovation and risk taking, and the ability to plan and manage projects in order to achieve objectives” European Commission Source: Fostering entrepreneurial mindsets through education and learning”. COM(2006)

A 3-Tier Approach INFORM EXPERIENCE TRAIN & FORM ABOUT FOR THROUGH Learning ABOUT Entrepreneurship INFORM Learning to understand entrepreneurship. Knowledge about entrepreneurship as a concept. Learning FOR Entrepreneurship TRAIN & FORM Learning to become entrepreneurial. Entrepreneurial skills and competencies development. Learning THROUGH Entrepreneurship EXPERIENCE Learning to become an entrepreneur. Knowledge and entrepreneurial skills pertaining to business start-up and venture creation.

Vision for Entrepreneurship Curriculum Vision for Entrepreneurship Foundation Levels 1 – 3 Technical Level 4 University Levels 5 – 7 Awareness Engagement Understanding Experiencing Exposure Enthusiasm MCAST Entrepreneurship Centre Related Activities awareness raising, mentoring, expert advise, networking, experience exchange, education & training Inform , Educate & Captivate Idea Generation Idea & Concept Development with MEC Business Proposal Development Business Proposal Evaluation & Shortlisting Projects to ENGAGE Workshops Seminars Acceptance Start-Up Creation Development of Detailed Business Plan & Business Development Roadmap Product Development Prototyping & initial Production Graduation / Exit Strategy

Implementation Entrepreneurship as a Key Skill Unit across all Colleges. Aligned, more focused, more practical and interactive approach to Units. Cross Institute Groups at MQF Level 6. Integration of Curriculum with MEC related Activities. Focus on Entrepreneurial experience including failure.

Entrepreneurship Curriculum Stage 3 University College Level 6 Instilling a Spirit of Enterprise, Creativity and Innovation Business Plan, Prototype & Sales Pitch Cross Institute Teams Taught Component Workshops Mentoring Developing a Business Idea Business Proposal Stage 2 Technical College Level 4 Entrepreneurial Experience from Idea Generation and Validation to Business Proposal Stage 1 Foundation College Levels 1, 2 and 3   Personal Qualities and Values Interpersonal Skills Cognitive Skills Practical Skills Awareness Raising through Seminars and Workshops

The MCAST Entrepreneurship Centre (MEC) Physical Location Education & Training Experiential Learning Mentoring Networking Expert Advice Experience Exchange Equity Empowerment

Entrepreneurship Curriculum University College The Business Canvas Core Entrepreneurship Theory and Understanding Basic understanding of the core theories. Main delivery through Lectures Formulation of a Business Plan Structure. Creation of a Business Canvas. The Business Design Application of Business Tools and Business Enterprise Creation Taking the business plan Structure up a notch. Main Delivery through Workshops, Seminars and Talks Formulation of a detailed business plan. Basic cross-institute collaboration. Design of a conceptual model of the proposed product / service. The Business Implementation Production and Costings of Working Prototype Taking the business idea to a whole new practical level via support through the MCAST Entrepreneurship Centre (MEC). Main Delivery through regular mentoring sessions. Development of a full prototype. Final financial analysis. Delivery of a Sales Pitch. Business Creation through the MEC.

L6 Entrepreneurship Module Components Cross Institute Random Groups Three Main Components Taught Component Workshops and Seminars Mentoring Four Main Deliverables Mini Business Plan Prototype Sales Pitch Reflective Journal Note: Templates shall be distributed for guidance purposes

L6 Entrepreneurship Module Schedule Understanding Doing Timeframe Oct Nov Dec Jan Feb Mar Apr May 1 Business Theory Building Blocks 20 Taught Hours Viable Product/Service Targeted Real Life Piloting/Prototyping 4 Doing / Implementation Effective Team Setup 2 Informative Workshops Expert Speakers Key Themes 3 Mentoring Support Assistance in Ideas Assistance in Implementation

Entrepreneurship Assessment Aim Go through and experience the lifecycle of a product or service including prototyping to finally present it in a sales pitch. Team Formation Between 5 to 8 L6 Final Year students Minimum of 3 different programmes / disciplines Assessment Group: Mini Business Plan, Prototype & Sales Pitch Individual: Reflective Journal

Seminars / Workshops Schedule Venue IAS Auditorium - MCAST Main Campus, PAOLA   Time Two Groups, between 12:00 - 14:30 and 14:45 - 17:15 Group details shall be communicated at a later stage Num Title of Workshop Date 01 Introduction to Entrepreneurship at Level 6 18-Oct-17 Formation of Groups by 31-Oct-17 02 Idea Generation Process 15-Nov-17 Deadline for Idea Submission Form 31-Dec-17 03 Idea Validation Process 10-Jan-18 04 Marketing Strategy and Planning 21-Feb-18 05 Group Dynamics 21-Mar-18 06 Accounting for Entrepreneurs 11-Apr-18 07 Finance Equity 25-Apr-18 08 Sales Pitch 30-May-18 Note: Schedule is subject to change with advanced notice

Conferences Schedule Num Title of Conference Date 09 Bridging the Gap: Student to Entrepreneur Students' House Hall 27-Oct-17 08:15 - 13:00 10 MCAST Annual Conference on Entrepreneurship 26-Jan-18

Idea Submission Form Template Group Details Group Number and Name Group Members including contact details Group Representative Business Idea Overview Title of Proposed Idea Tackled problem, Issue or Challenge Key Elements of Business Idea Target Market Key Product/s or Service/s Unique Selling Points

Logbook Template General Information Student Details Team Details Section A – Meeting Minutes and Discussion (Endorsed by Mentor) Task Discussion Way Forward Deliverables Date Due Section B – Discussions and Reflections Business Process Team Decision Personal Reflection Section C – Final Comments & Reflections

Important Points Discuss and share ideas Tackle challenges early Plan ahead for Deadlines & Meetings Schedule meetings with Mentors in advance Meet Regularly Take Minutes Enjoy and have fun

Thank You Eric Flask Director, Innovation & Entrepreneurship Malta College of Arts, Science & Technology Administration Building, MCAST Main Campus Corradino Hill, Paola PLA 9032, MALTA Email: eric.flask@mcast.edu.mt Mob: +356 9966 7776 Tel: +356 2398 7333