The Fastest Growing Program in the College of Business Builds ‘Dreamers’ and ‘Doers’
Data from the Association of Business Schools suggest that more college-aged entrepreneurs are starting companies. In 2011, approximately 16 percent of college graduates went on to start companies, compared with five percent in the early 1990s. As a result, more and more institutions of higher education are increasing their focus on entrepreneurship and innovation. The University of Central Arkansas is one such institution. In the fall of 2012, UCA’s College of Business officially launched the Innovation and Entrepreneurship (I&E) major and in the fall of 2014 launched the I&E minor.
Dr. Michael Hargis, dean of the College of Business said, “Our I&E program is focused on building creativity, the ultimate business weapon. Creativity is the fuel for a country’s and a company’s growth engine. It is one of the most valuable and marketable business skills today. Creativity in business, however, doesn’t just involve dreaming, it involves doing. Thus, the intent of our program is to create ‘dreamers’ and ‘doers.'”
The I&E program was launched to meet the economic development and job growth needs for our region. A high percentage of future jobs created in Arkansas, and ultimately economic growth, will come as a result of new business ventures. Moreover, it is becoming increasingly important for students to be able to think and act like innovative entrepreneurs within existing business ventures. The program is designed to hone an aspiring entrepreneur’s ability to identify problems and opportunities, develop innovative solutions that have a significant positive impact on products, services or processes and launch those solutions.
“I have learned how to view even the small things in life from a more creative perspective.”
Keiondre Johnson
Students in this program take courses such as Innovation and Creative Thinking, New Product Development, Small Business Management, Human Resource Management, New Venture Creation, Finance and Taxation for Entrepreneurs.
Recently, the College of Business and Cadron Creek Capital, a Conway venture fund, have begun exploring opportunities to work closely together.
“A major goal of our program is to give our students a firm theoretical foundation balanced with real-world experience,” said Hargis. “And experience can be no more real than actually collaborating with a venture fund as they assess, evaluate and invest real money in a real start-up company.”
While faculty from multiple disciplines within the College of Business support the program, it is anchored by two faculty members who have significant real-world experience: Dr. Dan Fisher and Dr. Ron Duggins.
Duggins, assistant professor of Management and Entrepreneurship, joined UCA from the Meridian Technology Center in Stillwater, Oklahoma, where he served as director. He also taught in the Master of Business Administration program from Oklahoma Christian University. Duggins is very active as a professional business coach and has trained and consulted entrepreneurs from Pakistan to Vietnam and Brazil. He described the I&E program at UCA as “a program that creates builders – builders of companies, products, processes and economies.”
“Innovation means bringing new ideas to the table and changing the world around us. Push the boundaries.”
Graham Brown
Fisher is an associate professor in Marketing and Entrepreneurship. He is an expert in using human-centered approaches to discover consumer insights and design compelling user experiences. In addition, he is the co-founder of a design, innovation and branding agency that helps clients develop and market products and services. This agency has also developed and launched several new ventures.
While the chances of hitting it big on ABC’s hit show “Shark Tank” are limited, the chances of getting a start-up off the ground and funded in Central Arkansas have never been better. The Innovation and Entrepreneurship program at UCA is improving those chances.
The I&E program prepares students for the real world by:
- teaching students creativity and innovation skills, the most important skills for adding value and driving growth for all businesses
- providing a comprehensive program in which students will learn and practice conceiving, developing, launching and operating a business
- developing students’ abilities to think in a creative, innovative and entrepreneurial manner and to assess and manage risk
- providing experiential learning opportunities through real-world business projects, as students help businesses solve problems and develop innovative solutions to grow client businesses
- preparing students to write effective and persuasive business plans to compete in regional and national business plan competitions and to secure venture capital through a number of sources
- teaching students to collaborate and work effectively in project teams to maximize performance
About Jeff Standridge
Dr. Jeff Standridge ’90 served as a professor at University of Arkansas for Medical Sciences for a number of years prior to joining Acxiom Corporation, where he has served as vice president for the past 18 years. During his tenure, Standridge held various senior leadership posts around the world – from Europe, to China, Saudi Arabia and Brazil. He is a co-founder of Cadron Creek Capital and can be reached at Jeff.Standridge@acxiom.com.