Harvard Case - The Story Behind 'My INSEAD Story' - Part 1
"The Story Behind 'My INSEAD Story' - Part 1" Harvard business case study is written by Manuel Sosa, Ankur Grover. It deals with the challenges in the field of Entrepreneurship. The case study is 5 page(s) long and it was first published on : Jul 30, 2018
At Fern Fort University, we recommend that INSEAD, through its ?My INSEAD Story? initiative, focus on building a comprehensive and impactful entrepreneurial ecosystem within its community. This ecosystem should leverage INSEAD?s global network, academic expertise, and alumni success to empower aspiring entrepreneurs, nurture existing ventures, and foster innovation.
2. Background
The case study focuses on INSEAD?s ?My INSEAD Story? initiative, launched to showcase the entrepreneurial spirit within its community. The initiative highlights the diverse journeys of INSEAD alumni who have successfully launched and grown their businesses. However, the case highlights a need for a more structured and comprehensive approach to support entrepreneurship within the INSEAD ecosystem.
The main protagonists of the case study are:
- INSEAD: A leading global business school with a strong commitment to fostering entrepreneurship.
- INSEAD Alumni: A vast and diverse network of successful entrepreneurs who have benefited from their INSEAD experience.
- Aspiring Entrepreneurs: Current INSEAD students and alumni who seek guidance, resources, and support to launch their ventures.
3. Analysis of the Case Study
To analyze the case, we can utilize the following frameworks:
- Entrepreneurial Ecosystem Framework: This framework highlights the key elements of a successful entrepreneurial ecosystem, including access to capital, mentorship, talent, infrastructure, and a supportive regulatory environment.
- Business Model Innovation Framework: This framework helps evaluate the potential of different business models for supporting entrepreneurship within the INSEAD ecosystem.
- Growth Strategy Framework: This framework analyzes the different growth strategies that INSEAD can leverage to scale its entrepreneurial initiatives.
Key Findings:
- Strong Existing Network: INSEAD possesses a vast global network of alumni, including successful entrepreneurs, which can be leveraged to provide mentorship, guidance, and investment opportunities.
- Academic Expertise: INSEAD?s faculty expertise in entrepreneurship, innovation, and business strategy can be utilized to develop tailored programs and resources for aspiring entrepreneurs.
- Limited Structure: The ?My INSEAD Story? initiative lacks a structured framework to effectively support entrepreneurship within the INSEAD community.
- Opportunity for Scalability: INSEAD has the potential to scale its entrepreneurial initiatives by leveraging its global network, academic resources, and alumni success.
4. Recommendations
INSEAD should implement the following recommendations to build a thriving entrepreneurial ecosystem:
- Establish a dedicated Entrepreneurship Center: Create a central hub for all entrepreneurial activities, providing resources, mentorship, and networking opportunities for aspiring entrepreneurs.
- Develop a comprehensive entrepreneurship curriculum: Integrate entrepreneurship into the core curriculum and offer specialized courses and workshops on topics like business model innovation, lean startup methodology, and entrepreneurial finance.
- Launch an accelerator program: Provide intensive support to early-stage startups through mentorship, workshops, and access to funding opportunities.
- Foster a culture of entrepreneurship: Encourage and celebrate entrepreneurial activity within the INSEAD community through events, competitions, and recognition programs.
- Leverage alumni network: Create a platform for alumni entrepreneurs to connect with current students and share their experiences, provide mentorship, and offer investment opportunities.
- Partner with external organizations: Collaborate with venture capital firms, incubators, and accelerators to provide access to funding, mentorship, and resources.
- Invest in technology and analytics: Utilize data and analytics to track entrepreneurial activity, identify trends, and measure the impact of initiatives.
- Develop a sustainable funding model: Secure funding for the entrepreneurship center through partnerships, donations, and revenue-generating activities.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with INSEAD?s mission of developing business leaders who are innovative, entrepreneurial, and globally minded.
- External Customers and Internal Clients: The recommendations cater to the needs of aspiring entrepreneurs within the INSEAD community, as well as external stakeholders who seek to connect with talented entrepreneurs.
- Competitors: The recommendations position INSEAD as a leader in entrepreneurial education and support, differentiating it from other business schools.
- Attractiveness: The recommendations have the potential to attract talented entrepreneurs, enhance INSEAD?s reputation, and generate revenue through investment opportunities and partnerships.
6. Conclusion
By implementing these recommendations, INSEAD can create a thriving entrepreneurial ecosystem that empowers aspiring entrepreneurs, fosters innovation, and strengthens its global reputation as a leading business school. The ?My INSEAD Story? initiative can serve as a powerful platform to showcase the entrepreneurial spirit within the INSEAD community and inspire future generations of entrepreneurs.
7. Discussion
Other Alternatives:
- Focus solely on the ?My INSEAD Story? initiative: This approach would lack structure and fail to provide comprehensive support for entrepreneurship.
- Partner with a single external organization: This approach could limit access to resources and opportunities.
Risks and Key Assumptions:
- Funding: Securing sufficient funding for the entrepreneurship center is crucial for its success.
- Commitment from stakeholders: Commitment from INSEAD leadership, faculty, and alumni is essential for the initiative?s success.
- Impact on existing curriculum: Integrating entrepreneurship into the core curriculum may require adjustments to existing course offerings.
8. Next Steps
- Phase 1 (Year 1): Establish the entrepreneurship center, develop the curriculum, and launch the accelerator program.
- Phase 2 (Year 2): Expand the network of alumni entrepreneurs, partner with external organizations, and invest in technology and analytics.
- Phase 3 (Year 3): Evaluate the impact of the initiative, refine the program based on feedback, and secure long-term funding.
By taking these steps, INSEAD can create a thriving entrepreneurial ecosystem that will empower its community, foster innovation, and contribute to the global entrepreneurial landscape.
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Case Description
The case tells the story behind "My INSEAD Story" - a unique book for children based on the INSEAD MBA experience of their parents. Sian Bentson and Ankur Grover came up with the idea as part of their final assignment for the "SPSD: Creative Thinking" course. It subsequently became the basis of a commercial product and, ultimately, a company, StoryPie (storypie.co) - which creates storybooks from the personal experiences of parents. Ankur Grover shares the behind-the-scenes journey, describing the rollercoaster ride from concept development to product launch. The case explains how innovation projects (even for simple products) are carried out - from gathering user insights to ideation, prototyping, and testing - and the sources of uncertainty that a project leader has to manage during the innovation journey. There are two versions of the case. Part 1 describes the product conceptualization as part of a 10-day course assignment. The complete version covers the journey over the two months that followed the course to develop it into a commercial product.
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