Beyond the ivory tower: universities need to prioritise the entrepreneurial mindset, not just new ideas

As universities consider their future in the 21st century, many are embracing the concept of “innovation” in their strategic plans.

According to Harvard Business School, innovation is “a product, service, business model or strategy that’s both novel and useful”.

By focusing on innovation, universities are attempting to position themselves as drivers of progress – as institutions that generate knowledge and apply it to solve the world’s most pressing problems.

But here’s the catch: fewer universities embrace “entrepreneurship” similarly, despite it being the critical bridge between innovation and real-world impact.

Innovation vs entrepreneurship

It’s easy to see why universities are more comfortable with innovation.

Labs, research centres and academic programs encourage pushing the envelope in a relatively risk-free setting.

Original research is one of the requirements of completing a doctorate. This means universities feel like hubs of cutting-edge thinking, even if the innovations never leave the confines of the campus.

However, entrepreneurship requires something different. Those with an idea also have to understand how to navigate the messy realities of bringing it to fruition.

Entrepreneurship demands the skills to manage people and resources, assess viability, identify pathways to adoption, and understand the environment while being comfortable with uncertainty and resilient in the face of failure and change.

Fostering an entrepreneur mindset in academics

Understanding the distinction between innovation and entrepreneurship is critical. Innovation often begins by assuming no constraints and imagining a world of possibility.

But entrepreneurship assumes resources are scarce and that success depends on overcoming obstacles and working with what’s available. While innovation can happen in isolation, entrepreneurship needs community, collaboration, feedback and constant adaptation.

Entrepreneurial skills are valuable for students at all levels and any discipline. But the entrepreneurial process can be especially helpful for researchers and PhD students who have spent years developing an idea but not a way to get it into the real world.

Bridging the gap

Globally, there is a growing gap between the number of doctoral graduates and academic jobs.

Programs such as the ones run by the University of Auckland Business School’s Centre for Innovation and Entrepreneurship (CIE) (which I am involved in), are teaching how to identify opportunities and navigate resource constraints through mentoring, workshops and hands-on projects.

While some find opportunities to commercialise their research, others pursue policy changes or social ventures.

One good illustration of this is Kate Riegle van West’s doctoral research. Riegle van West examined the benefits of poi for the health of older adults. Supported by CIE’s programs, she launched SpinPoi, a social venture dedicated to working with poi to improve health and well being.

Since its founding, CIE has helped start more than 279 ventures and provides entrepreneurial experiences to more than 7,500 students and staff across the university each year.

Similar programs exist at other universities, but much more needs to be done to scale up the development of entrepreneurial skills within universities.

Rod McNaughton, in the article “Beyond the Ivory Tower: Universities Need to Prioritise the Entrepreneurial Mindset, Not Just New Ideas,” emphasizes the importance of fostering an entrepreneurial mindset in universities, rather than focusing solely on generating new ideas.

To learn more about how universities can support entrepreneurship, you can read Rod McNaughton’s full article on Beyond the ivory tower: universities need to prioritise the entrepreneurial mindset, not just new ideas (theconversation.com)