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A critical
Need for
Entrepreneurship
Of All Kinds
™
Every Day
the challenges facing our world
grow more complex,
Affecting citizens, communities,
and the environment itself.
The world needs new ideas, innovative solutions, and the
makes all the difference in the world; in fact, Babson’s
visionary leaders who can make them happen. These leaders
graduates are driven to make a difference in the world.
are entrepreneurs, and today’s most successful entrepreneurs
are those who pursue both economic and social value­—who
Their story is our story, and together—under the twin banners
create not only wealth, but also a wealth of opportunities
of Entrepreneurial Thought and Action® (how we make a
for others. They can be found in all organizations: startups,
difference) and Entrepreneurship of All Kinds™ (the difference
innovative and growing companies, nonprofits, academia,
we make)—we are writing an exciting new chapter in global
government, and in society at large.
business and social responsibility.
Babson College was the first to understand that thinking and
We invite you to learn more about how we prepare leaders
acting entrepreneurially is more than just an inclination.
to reshape our world.
Rather, entrepreneurship can be taught and how it is taught
IN OUR rapidly
Changing
World,
It takes all Kinds of skills
and all Kinds Of people to make
Entrepreneurship of All Kinds Real.
™
20%
80%
College faculty are
twice as likely as other
workers to be using
social media as part
of their job, and more
than 80 percent of
faculty are using some
form of social media
in their teaching.
babson survey research
group, 2011
57
%
If current trends
continue, transportrelated CO2 emissions
are expected to
increase by 57 percent
worldwide between
2005 and 2030, mainly
as a result of rapid
motorization in
developing countries.
u.n. report, 2010
In the last 10 to 15 years, a seismic shift has occurred in the
knowledge not only among the scholars and students who
business world. A company’s strength no longer correlates to
study business, but also among the business professionals
size; speed to market trumps market stability; and innovative
who put their knowledge and experience into practice every
change happens at every level of an organization.
day, and the policymakers who create environments for their
efforts to flourish.
Leaders who can inspire others are always needed, and
entrepreneurialism is no longer the exclusive domain of the
To that end, Babson cultivates leaders with a broader world-
lone visionary and risk-taker. Today, teams, divisions, even
view. Our students understand that pursuing a career for profit
whole enterprises are striving to be more entrepreneurial.
or for social purpose need not be mutually exclusive. There
To understand what this means, Babson seeks to continu-
are many ways to make an impact on people’s lives, and
ously extend the concept of entrepreneurship in the face of
entrepreneurship—as Babson teaches it—is the wellspring
changing global economic realities. We work to build and share
of innovation that makes it all possible.
THE NEED FOR
INNOVATION IS
CONSTANT.
Entrepreneurial thought and action
MAKES IT POSSIBLE.
®
It also defines the mindset that our students take with them
Thought and Action informs our curriculum, our cocurricular
as they go out to make their impact on the world. By its
offerings, and the real-world experiences we make available
very name, Entrepreneurial Thought and Action describes
to our students. They have seen it work and they put it to work
the two critical abilities of any successful entrepreneur or
alongside their strong business skill set to improve the world.
entrepreneurial organization: conceiving and identifying new
80
%
80 percent of global
chief strategy officers
are significantly concerned about business
model viability in the
next 3–5 years.
Publicly traded entrepreneurial companies grew
by 0.25 percent, even
during 2008–2009 when
the overall market
declined by 3.25 percent.
mckinsey & company,
2010
entrepreneurshares, llc,
2011
opportunities to make a difference, and taking advantage of
But as we have seen, change also is constant. Just as time
them by motivating teams in a common purpose to develop
doesn’t stand still, business can’t stand still, and neither
and deploy the appropriate solution.
can business education. That’s why our faculty, students,
and staff work together to continuously experiment,
Babson understands that Entrepreneurial Thought and Action
innovate, and evolve our programs to reflect the real-world
is possible—essential—in businesses large or small, including
environment in which we operate. It’s because we ourselves
family businesses, nonprofits, and public and private sector
are entrepreneurial that we are able to train our students
entities. The need for innovation is constant. Our graduates
to be entrepreneurial.
are able to jump right in and lead because Entrepreneurial
WE PREPARE
TOMORROW’s
LEADERS
to create economic and social value
in the real WORLD.
A Babson education begins in a classroom with exceptional
business and liberal arts curricular and cocurricular programs,
instruction in the functional knowledge and management
our students experience the world as it is; in the process, they
theories that every serious business student must master.
are shaped into leaders who will reshape the world.
But there is nothing theoretical about the needs and realities
BILLION
4.6
By the end of 2009, global
subscriptions to mobile
cellular services had
ballooned to an estimated
4.6 billion—equivalent to
one mobile cellular
subscription for 67 out
of every 100 people.
u.n. millennium development goals report, 2010
In the aftermath of
the global financial
crisis, the economies
of North America and
Europe remain fragile,
while those of Asia
continue to grow.
foreign affairs,
sept/oct 2010
of the world they also must learn. Social, economic, and
Babson-educated leaders have a holistic sense of the world and
environmental issues require real-world solutions—the
a keen understanding of the skills they possess that can be
type that entrepreneurship, broadly defined, is uniquely
applied in any situation. They are comfortable with ambiguity,
capable of delivering.
embrace accountability, and adapt to a range of contexts. They
are quick to identify and capitalize on opportunities, and are
That is why Babson developed its culture and curriculum to
committed to creating economic, social, and personal value,
form a living/learning laboratory focused on applying and
benefiting themselves, their organizations, their communities,
advancing Entrepreneurial Thought and Action globally. In
and beyond. We call them entrepreneurs of all kinds.
our collaborative community, through a blend of innovative
WE are ENTREPRENEURS
OF ALL KINDS.
Entrepreneurship of All Kinds is a way of looking at and leading change
in the world. As the world changes, the definition of entrepreneurship
also must evolve to meet the needs of consumers, communities, and
economies. Babson believes that entrepreneurs can be found at every
level of any kind of organization. The key is having the ability to
identify opportunities, create solutions, and motivate others in making
the vision a reality.
The entrepreneurs on the following pages are examples of people who
apply Entrepreneurial Thought and Action to achieve their goals.
“Ideas are a dime a dozen.
Being able to differentiate your
product and your company
requires a knowledge of the
marketplace and a creative
vision as complete and distinct
as your business vision.”
ruthie davis m’93
President, Founder, and Designer,
RADesign Inc. and RUTHIE DAVIS ®
Ruthie Davis® is a collection of ultra-modern
“The only constant is change.
If Babson only taught what
business was like in the ’90s,
I would never be able to adapt
to the world economy today, 15
years after graduating. Only by
looking ahead can you anticipate
and find new opportunities.”
footwear that has garnered worldwide
recognition for its technical innovation,
architectural precision, and sleek aesthetic
sensibility. The Ruthie Davis collection
is a favorite in the fashion press, among
celebrities, and on runways around the world.
jeffrey j. mclane ’96
President, Bank of America
Business Capital
Bank of America Business Capital (BABC)
is the leading U.S. asset-based lender, with
nearly 400 employees in more than 20 offices
responsible for asset-based loan origination,
underwriting, and portfolio management.
Serving clients in the U.S., Canada, Asia, and
Europe, BABC ranked first in both number of
deals (149) and loan volume ($20.5 billion) in
2010, according to Thomson Reuters.
“Entrepreneurship is the
solution to many of the world’s
problems. Our products stem
from our commitment to find
innovative solutions that help
entrepreneurs in their efforts
to change the world.”
siamak taghaddos ’03
david hauser ’04
“Corporate entrepreneurship is
driven by passion and a desire
to change the world. I feel very
fortunate to work for a company
that makes a profound difference
in people’s lives. I never lose
site of the fact that every one
of our monitors, defibrillators,
and images is attached to a
patient, and that patient and
their families are counting on
us. There’s no greater motivation
than this to succeed.”
Co-founders,
Grasshopper Group
Grasshopper Group has been making it easier
to start and grow companies since 2003.
The Grasshopper Virtual Phone System was
deborah disanzo m’89
Executive Vice President,
Philips Healthcare
launched at Babson and has served more
than 100,000 entrepreneurs throughout
Philips Healthcare is a sector of Royal Philips Electronics of the Netherlands,
North America.
a health and well-being company, focused on improving people’s lives
through timely innovations in health care, lifestyle, and lighting. Deborah
DiSanzo leads Philips Patient Care and Clinical Informatics group.
DiSanzo was inducted into the Babson College Alumni Entrepreneur
Hall of Fame in 2008.
“I started my present company
in 1999, but I started my first
company while at Babson
almost 30 years earlier. Learning
to run a student laundry
business prepared me for
the challenges of operating
a much larger business.”
“For a long time, nonprofits
have addressed market failures
whether it’s housing, hunger, or
poverty, but have often struggled
with measuring their impact.
Today, successful nonprofits
are those that find a balance in
operating as social entrepreneurs
while using the disciplines of the
corporate world to demonstrate
their impact and remain
financially strong.”
deborah de santis ’85
fred s.c. kiang ’70, m’75
President and CEO,
Corporation for Supportive Housing
Co-founder and Chairman,
Sunrise Duty Free (Shanghai) Co. Ltd.
Sunrise Duty Free is a specialized travel retail duty-free operator with shops
For 20 years, the Corporation for Supportive Housing (CSH) has been the
in Beijing Capital International Airport, Shanghai Pudong International
leader in the national supportive housing movement. It is a catalyst for
Airport, and Shanghai Hongqiao Airport. The company is the only private
housing connected with services to prevent and end homelessness. CSH
airport duty-free business in mainland China.
develops innovative program models, provides research-backed tools
and training, offers development expertise, makes loans and grants, and
collaborates on public policy and systems reform to make it easier to
create and operate high-quality supportive housing. CSH’s goal is to help
communities create 150,000 units of supportive housing nationwide by 2012.
De Santis was inducted into the Babson College Alumni Entrepreneur
Hall of Fame in 2010.
“Family businesses have unique
challenges and interpersonal
dynamics. My Babson education
taught me how to work more
effectively in my family business
and to keep the entrepreneurial
spirit alive within myself.”
lauren ratner m’08
“As communication technologies
and interactive media have
grown, access to information
and the ability to communicate
globally has never been easier.
Many of these advancements
were developed by entrepreneurs
and by corporations with a
strong desire to innovate and
foster an entrepreneurial culture.
Embracing the entrepreneurial
spirit is critical to creating new
businesses or being effective
in a large enterprise.”
Stylist and New Business
Development, Ratner Companies
Ratner Companies is the largest family-
michael angelakis ’86
owned and operated chain of hair salons in
CFO, Comcast Corporation
the U.S., operating more than 800 salons in
Comcast Corporation is one of the world’s leading media, entertainment,
16 states and employing more than 12,000
and communications companies. Comcast is principally involved in the
stylists. Its diverse brands include Hair
operation of cable systems through Comcast Cable and in the development,
Cuttery, BUBBLES, Salon Cielo and Spa,
production, and distribution of entertainment, news, sports, and other
ColorWorks, Salon Plaza, and Cibu.
content for global audiences through NBCUniversal.
babson is
continuously
advancing
entrepreneurial thought and action
AS THE MOST POSITIVE FORCE ON THE PLANET.
®
MILLION
250
250 million people
between the ages
of 18 and 64 are
actively engaged in
starting or running
new businesses in
59 economies.
global entrepreneurship
monitor (gem), 2010
Nearly half a century ago, Babson College was the first to
organizations, and foundations in 57 countries to teach
imagine the transformative impact of entrepreneurship
entrepreneurship to tens of thousands of students each year.
education. Today, we collaborate with businesses, educational
Through the Babson Entrepreneurship Ecosystems Project,
institutions, and policymakers on a global basis to advance
we also partner with governments, private sector leaders,
our model and export our expertise. We do this for one reason:
and other stakeholders to create meaningful, rapid, and
there is a critical need for Entrepreneurship of All Kinds.
measurable economic and social change in specific regions.
For 35 years, our Executive Education program has been
We work with Goldman Sachs in executing its $500 million
helping corporate leaders and other professionals to develop
10,000 Small Businesses initiative, which supports community
their leadership, influence change, understand and apply
colleges in teaching entrepreneurship to small business owners.
strategies, and think and act more entrepreneurially to better
We also are infusing our philosophy and content into the
manage their businesses. In 2010, our custom programs were
curriculum of the Abu Dhabi School of Management; helping
ranked No. 5 in the U.S. and No. 12 worldwide by Financial Times.
the Institute of Business Administration in Karachi, Pakistan,
to establish its entrepreneurship program; and launching the
Since 1984, Babson’s Symposia for Entrepreneurship
Educators (SEE) have trained more than 2,400 academics and
entrepreneurs from 605 academic institutions, government
Babson-Rwanda Entrepreneurship Center in Kigali.
WE ARE MORE THAN
A REPOSITORY OF
KNOWLEDGE ABOUT
ENTREPRENEURSHIP.
WE ARE THE CREATORS AND CONVENERS
OF NEW KNOWLEDGE ABOUT ENTREPRENEURSHIP.
Global Entrepreneurship Monitor (Gem)
Diana Project
Babson is the co-founder and catalyst for GEM, the world’s
Babson is a partner in the Diana Project, a multiyear and
largest and longest-standing globally focused entrepreneurship
multiuniversity study of female business owners and their
research project. To date, hundreds of scholars and researchers
economic growth activities. The Diana Project examines
from more than 70 countries have participated in the GEM project.
high-growth, women-led ventures and their access to equity
capital, as well as the role and participation of women in the
Babson College Entrepreneurship
Research Conference (BCERC)
venture capital industry.
For three decades, Babson has showcased global thought
Global Consortium of Entrepreneurship Education (GCEE)
leadership in entrepreneurship research at BCERC. We publish
GCEE, founded by Babson, is a network of schools that share
the top 40 papers presented at the conference in Frontiers of
a vision of educational, economic, managerial, and societal
Entrepreneurship Research, the most comprehensive collection
change—centered on the power of Entrepreneurial Thought
of empirical research papers on the subject.
and Action, the consideration of human values with profit,
and the importance of co-creating cutting-edge pedagogy
Successful Transgenerational
Entrepreneurship Practices (STEP)
and curricula. GCEE’s partners share a belief that institutions
Launched in 2005, STEP explores the entrepreneurial process
alone toward its mission.
within family-owned businesses, identifying practices that
build legacies of social and economic wealth across generations.
acting together will achieve more than each would working
babson is
answering the
critical need
for Entrepreneurship of All Kinds
to reshape our world.
Now more than ever, the world needs entrepreneurs of
all kinds who think and act entrepreneurially—who can
transform opportunity into reality, and create social and
economic value for themselves and for others. Babson thrives
because of the participation of dedicated faculty, talented
students, innovative business partners, and generous donors—
all of whom share a commitment to making a difference.
1
NO.
1
NO.
in Entrepreneurship
in Entrepreneurship
Undergraduate School
F.W. Olin Graduate School of Business
for 14 straight times
u.s.news & world report, 2010
for 18 consecutive years
u.s.news & world report, 1994–2011
financial times, 2010–2011
™
What impact
Will you have
On the world?
take action.
Join us.
www.babson.edu
Entrepreneurial Thought and Action® is a registered service mark of Babson College. Entrepreneurship of All Kinds™ is a trademark of Babson College.
This brochure is printed on recycled paper made
with a minimum of 20% post-consumer waste
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Babson Park, MA 02457-0310
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05/11_11-015