entrepSim entrepreneurship simulation is an advanced business simulation of fast growing innovative ventures developed by academics and venture capitalists as a pedagogical tool to be used as a complement to entrepreneurship teaching and training
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AS AN INSTRUCTOR AS A PARTICIPANT
entrepSim entrepreneurship simulation is an advanced business simulation of fast growing innovative ventures developed by academics and venture capitalists as a pedagogical tool to be used as a complement to entrepreneurship teaching and training
Instructors use entrepSim to provide participants with a valuable learning tool that explores the challenges and difficulties of creating and managing a fast-growing entrepreneurial venture. It has been used in MBA, masters and advance undergraduate courses on entrepreneurship, entrepreneurial finance, technology ventures, venture capital, innovation, product development, go to market, among many others. It is also aimed at executive training on entrepreneurship and venture capital, acceleration programs and startup incubators.
With entrepSim participants have the opportunity to – in a very short period – experience the challenges of buiding and developing a fast growth technology venture. They play the role of the founder of the startup from the seed stage to the sale (or liquidation) of the company five years later.
According to one participant: “All together I enjoyed the simulation and I was quite surprised by the level of detail that was simulated there and by the “script” or “story” underlying the whole game, which was clearly catching ones interest and adding competition in the class. It also became much fun and a little addictive”.
Participants play the role of the founder of a technological venture from the early stages to the exit. It differs from other entrepreneurship simulations on its focus on the simulated entrepreneurial team, the building of a solid value proposition and the role played by venture capitalists. All decision rounds are different, since each represents a different evolution phase of the venture. Early rounds focus on acquiring resources (talent, money, equipment) and R&D. Later, it places emphasis on customers’ needs and product development. At each round students receive a “case-study” which provides them with the evolution of the background story and the difficulties and dilemmas faced by the founder.
These include, among others: the key role played by the entrepreneurial teams, the evolving nature of their required skills and the challenges associated with attracting and retaining talent; the critical role played by investors, their complex financial contracting (including VC “term sheets”), their different objectives and ability to add value; the importance of understanding client needs while focusing product development on the improvement of the value proposition offered to them; the importance of intellectual property protection; the challenges posed by manufacturing and commercialization of innovative products.
entrepSim was designed to be played by teams of human players who in turn “manage” teams of virtual players. The whole concept was conceived to stimulate the teamwork capabilities required from real world entrepreneurial teams. If you need a custom help visit our partners site. The simulation poses significant challenges at every round and in order to “survive” the human players must be able to quickly process the available information, understand the critical problems, prioritize the use of (very) scarce resources (especially money and people) and agree on a course of action, overcoming their differences and disagreements. It is a great team building experience.
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