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A critical<br />
Need for<br />
Entrepreneurship<br />
Of All Kinds
Every Day<br />
the challenges facing our world<br />
grow more complex,<br />
Affecting citizens, communities,<br />
and the environment itself.<br />
The world needs new ideas, innovative solutions, and the<br />
visionary leaders who can make them happen. These leaders<br />
are entrepreneurs, and today’s most successful entrepreneurs<br />
are those who pursue both economic and social value —who<br />
create not only wealth, but also a wealth of opportunities<br />
for others. They can be found in all organizations: startups,<br />
innovative and growing companies, nonprofits, academia,<br />
government, and in society at large.<br />
makes all the difference in the world; in fact, <strong>Babson</strong>’s<br />
graduates are driven to make a difference in the world.<br />
Their story is our story, and together—under the twin banners<br />
of Entrepreneurial Thought and Action ® (how we make a<br />
difference) and Entrepreneurship of All Kinds (the difference<br />
we make)—we are writing an exciting new chapter in global<br />
business and social responsibility.<br />
<strong>Babson</strong> <strong>College</strong> was the first to understand that thinking and<br />
acting entrepreneurially is more than just an inclination.<br />
Rather, entrepreneurship can be taught and how it is taught<br />
We invite you to learn more about how we prepare leaders<br />
to reshape our world.
IN OUR rapidly<br />
Changing<br />
World,<br />
It takes all Kinds of skills<br />
and all Kinds Of people to make<br />
Entrepreneurship of All Kinds Real.<br />
In the last 10 to 15 years, a seismic shift has occurred in the<br />
knowledge not only among the scholars and students who<br />
business world. A company’s strength no longer correlates to<br />
study business, but also among the business professionals<br />
size; speed to market trumps market stability; and innovative<br />
who put their knowledge and experience into practice every<br />
change happens at every level of an organization.<br />
day, and the policymakers who create environments for their<br />
20%<br />
80%<br />
<strong>College</strong> faculty are<br />
twice as likely as other<br />
workers to be using<br />
social media as part<br />
of their job, and more<br />
than 80 percent of<br />
faculty are using some<br />
form of social media<br />
in their teaching.<br />
babson survey research<br />
group, 2011<br />
57%<br />
If current trends<br />
continue, transportrelated<br />
CO 2<br />
emissions<br />
are expected to<br />
increase by 57 percent<br />
worldwide between<br />
2005 and 2030, mainly<br />
as a result of rapid<br />
motorization in<br />
developing countries.<br />
u.n. report, 2010<br />
Leaders who can inspire others are always needed, and<br />
entrepreneurialism is no longer the exclusive domain of the<br />
lone visionary and risk-taker. Today, teams, divisions, even<br />
whole enterprises are striving to be more entrepreneurial.<br />
To understand what this means, <strong>Babson</strong> seeks to continuously<br />
extend the concept of entrepreneurship in the face of<br />
changing global economic realities. We work to build and share<br />
efforts to flourish.<br />
To that end, <strong>Babson</strong> cultivates leaders with a broader worldview.<br />
Our students understand that pursuing a career for profit<br />
or for social purpose need not be mutually exclusive. There<br />
are many ways to make an impact on people’s lives, and<br />
entrepreneurship—as <strong>Babson</strong> teaches it—is the wellspring<br />
of innovation that makes it all possible.
THE NEED FOR<br />
INNOVATION IS<br />
CONSTANT.<br />
Entrepreneurial thought and action®<br />
MAKES IT POSSIBLE.<br />
It also defines the mindset that our students take with them<br />
Thought and Action informs our curriculum, our cocurricular<br />
as they go out to make their impact on the world. By its<br />
offerings, and the real-world experiences we make available<br />
very name, Entrepreneurial Thought and Action describes<br />
to our students. They have seen it work and they put it to work<br />
the two critical abilities of any successful entrepreneur or<br />
alongside their strong business skill set to improve the world.<br />
entrepreneurial organization: conceiving and identifying new<br />
opportunities to make a difference, and taking advantage of<br />
But as we have seen, change also is constant. Just as time<br />
80%<br />
80 percent of global<br />
chief strategy officers<br />
are significantly concerned<br />
about business<br />
model viability in the<br />
next 3–5 years.<br />
mckinsey & company,<br />
2010<br />
Publicly traded entrepreneurial<br />
companies grew<br />
by 0.25 percent, even<br />
during 2008–2009 when<br />
the overall market<br />
declined by 3.25 percent.<br />
entrepreneurshares, llc,<br />
2011<br />
them by motivating teams in a common purpose to develop<br />
and deploy the appropriate solution.<br />
<strong>Babson</strong> understands that Entrepreneurial Thought and Action<br />
is possible—essential—in businesses large or small, including<br />
family businesses, nonprofits, and public and private sector<br />
doesn’t stand still, business can’t stand still, and neither<br />
can business education. That’s why our faculty, students,<br />
and staff work together to continuously experiment,<br />
innovate, and evolve our programs to reflect the real-world<br />
environment in which we operate. It’s because we ourselves<br />
are entrepreneurial that we are able to train our students<br />
entities. The need for innovation is constant. Our graduates<br />
to be entrepreneurial.<br />
are able to jump right in and lead because Entrepreneurial
WE PREPARE<br />
TOMORROW’s<br />
4.6<br />
LEADERS<br />
BILLION<br />
By the end of 2009, global<br />
subscriptions to mobile<br />
cellular services had<br />
ballooned to an estimated<br />
4.6 billion—equivalent to<br />
one mobile cellular<br />
subscription for 67 out<br />
of every 100 people.<br />
u.n. millennium development<br />
goals report, 2010<br />
In the aftermath of<br />
the global financial<br />
crisis, the economies<br />
of North America and<br />
Europe remain fragile,<br />
while those of Asia<br />
continue to grow.<br />
foreign affairs,<br />
sept/oct 2010<br />
to create economic and social value<br />
in the real WORLD.<br />
A <strong>Babson</strong> education begins in a classroom with exceptional<br />
instruction in the functional knowledge and management<br />
theories that every serious business student must master.<br />
But there is nothing theoretical about the needs and realities<br />
of the world they also must learn. Social, economic, and<br />
environmental issues require real-world solutions—the<br />
type that entrepreneurship, broadly defined, is uniquely<br />
capable of delivering.<br />
That is why <strong>Babson</strong> developed its culture and curriculum to<br />
form a living/learning laboratory focused on applying and<br />
advancing Entrepreneurial Thought and Action globally. In<br />
our collaborative community, through a blend of innovative<br />
business and liberal arts curricular and cocurricular programs,<br />
our students experience the world as it is; in the process, they<br />
are shaped into leaders who will reshape the world.<br />
<strong>Babson</strong>-educated leaders have a holistic sense of the world and<br />
a keen understanding of the skills they possess that can be<br />
applied in any situation. They are comfortable with ambiguity,<br />
embrace accountability, and adapt to a range of contexts. They<br />
are quick to identify and capitalize on opportunities, and are<br />
committed to creating economic, social, and personal value,<br />
benefiting themselves, their organizations, their communities,<br />
and beyond. We call them entrepreneurs of all kinds.
WE are<br />
ENTREPRENEURS<br />
OF ALL KINDS.<br />
Entrepreneurship of All Kinds is a way of looking at and leading change<br />
in the world. As the world changes, the definition of entrepreneurship<br />
also must evolve to meet the needs of consumers, communities, and<br />
economies. <strong>Babson</strong> believes that entrepreneurs can be found at every<br />
level of any kind of organization. The key is having the ability to<br />
identify opportunities, create solutions, and motivate others in making<br />
the vision a reality.<br />
The entrepreneurs on the following pages are examples of people who<br />
apply Entrepreneurial Thought and Action to achieve their goals.
“Ideas are a dime a dozen.<br />
Being able to differentiate your<br />
product and your company<br />
requires a knowledge of the<br />
marketplace and a creative<br />
vision as complete and distinct<br />
as your business vision.”<br />
ruthie davis m’93<br />
President, Founder, and Designer,<br />
RADesign Inc. and RUTHIE DAVIS ®<br />
Ruthie Davis ® is a collection of ultra-modern<br />
footwear that has garnered worldwide<br />
recognition for its technical innovation,<br />
architectural precision, and sleek aesthetic<br />
sensibility. The Ruthie Davis collection<br />
is a favorite in the fashion press, among<br />
celebrities, and on runways around the world.<br />
“The only constant is change.<br />
If <strong>Babson</strong> only taught what<br />
business was like in the ’90s,<br />
I would never be able to adapt<br />
to the world economy today, 15<br />
years after graduating. Only by<br />
looking ahead can you anticipate<br />
and find new opportunities.”<br />
jeffrey j. mclane ’96<br />
President, Bank of America<br />
Business Capital<br />
Bank of America Business Capital (BABC)<br />
is the leading U.S. asset-based lender, with<br />
nearly 400 employees in more than 20 offices<br />
responsible for asset-based loan origination,<br />
underwriting, and portfolio management.<br />
Serving clients in the U.S., Canada, Asia, and<br />
Europe, BABC ranked first in both number of<br />
deals (149) and loan volume ($20.5 billion) in<br />
2010, according to Thomson Reuters.
“Entrepreneurship is the<br />
solution to many of the world’s<br />
problems. Our products stem<br />
from our commitment to find<br />
innovative solutions that help<br />
entrepreneurs in their efforts<br />
to change the world.”<br />
siamak taghaddos ’03<br />
david hauser ’04<br />
Co-founders,<br />
Grasshopper Group<br />
Grasshopper Group has been making it easier<br />
to start and grow companies since 2003.<br />
The Grasshopper Virtual Phone System was<br />
launched at <strong>Babson</strong> and has served more<br />
than 100,000 entrepreneurs throughout<br />
North America.<br />
“Corporate entrepreneurship is<br />
driven by passion and a desire<br />
to change the world. I feel very<br />
fortunate to work for a company<br />
that makes a profound difference<br />
in people’s lives. I never lose<br />
site of the fact that every one<br />
of our monitors, defibrillators,<br />
and images is attached to a<br />
patient, and that patient and<br />
their families are counting on<br />
us. There’s no greater motivation<br />
than this to succeed.”<br />
deborah disanzo m’89<br />
Executive Vice President,<br />
Philips Healthcare<br />
Philips Healthcare is a sector of Royal Philips Electronics of the Netherlands,<br />
a health and well-being company, focused on improving people’s lives<br />
through timely innovations in health care, lifestyle, and lighting. Deborah<br />
DiSanzo leads Philips Patient Care and Clinical Informatics group.<br />
DiSanzo was inducted into the <strong>Babson</strong> <strong>College</strong> Alumni Entrepreneur<br />
Hall of Fame in 2008.
“I started my present company<br />
in 1999, but I started my first<br />
company while at <strong>Babson</strong><br />
almost 30 years earlier. Learning<br />
to run a student laundry<br />
business prepared me for<br />
the challenges of operating<br />
a much larger business.”<br />
fred s.c. kiang ’70, m’75<br />
Co-founder and Chairman,<br />
Sunrise Duty Free (Shanghai) Co. Ltd.<br />
“For a long time, nonprofits<br />
have addressed market failures<br />
whether it’s housing, hunger, or<br />
poverty, but have often struggled<br />
with measuring their impact.<br />
Today, successful nonprofits<br />
are those that find a balance in<br />
operating as social entrepreneurs<br />
while using the disciplines of the<br />
corporate world to demonstrate<br />
their impact and remain<br />
financially strong.”<br />
deborah de santis ’85<br />
President and CEO,<br />
Corporation for Supportive Housing<br />
Sunrise Duty Free is a specialized travel retail duty-free operator with shops<br />
in Beijing Capital International Airport, Shanghai Pudong International<br />
Airport, and Shanghai Hongqiao Airport. The company is the only private<br />
airport duty-free business in mainland China.<br />
For 20 years, the Corporation for Supportive Housing (CSH) has been the<br />
leader in the national supportive housing movement. It is a catalyst for<br />
housing connected with services to prevent and end homelessness. CSH<br />
develops innovative program models, provides research-backed tools<br />
and training, offers development expertise, makes loans and grants, and<br />
collaborates on public policy and systems reform to make it easier to<br />
create and operate high-quality supportive housing. CSH’s goal is to help<br />
communities create 150,000 units of supportive housing nationwide by 2012.<br />
De Santis was inducted into the <strong>Babson</strong> <strong>College</strong> Alumni Entrepreneur<br />
Hall of Fame in 2010.
“Family businesses have unique<br />
challenges and interpersonal<br />
dynamics. My <strong>Babson</strong> education<br />
taught me how to work more<br />
effectively in my family business<br />
and to keep the entrepreneurial<br />
spirit alive within myself.”<br />
lauren ratner m’08<br />
Stylist and New Business<br />
Development, Ratner Companies<br />
Ratner Companies is the largest familyowned<br />
and operated chain of hair salons in<br />
the U.S., operating more than 800 salons in<br />
16 states and employing more than 12,000<br />
stylists. Its diverse brands include Hair<br />
Cuttery, BUBBLES, Salon Cielo and Spa,<br />
ColorWorks, Salon Plaza, and Cibu.<br />
“As communication technologies<br />
and interactive media have<br />
grown, access to information<br />
and the ability to communicate<br />
globally has never been easier.<br />
Many of these advancements<br />
were developed by entrepreneurs<br />
and by corporations with a<br />
strong desire to innovate and<br />
foster an entrepreneurial culture.<br />
Embracing the entrepreneurial<br />
spirit is critical to creating new<br />
businesses or being effective<br />
in a large enterprise.”<br />
michael angelakis ’86<br />
CFO, Comcast Corporation<br />
Comcast Corporation is one of the world’s leading media, entertainment,<br />
and communications companies. Comcast is principally involved in the<br />
operation of cable systems through Comcast Cable and in the development,<br />
production, and distribution of entertainment, news, sports, and other<br />
content for global audiences through NBCUniversal.
abson is<br />
continuously<br />
advancing<br />
entrepreneurial thought and action®<br />
AS THE MOST POSITIVE FORCE ON THE PLANET.<br />
Nearly half a century ago, <strong>Babson</strong> <strong>College</strong> was the first to<br />
imagine the transformative impact of entrepreneurship<br />
education. Today, we collaborate with businesses, educational<br />
institutions, and policymakers on a global basis to advance<br />
our model and export our expertise. We do this for one reason:<br />
there is a critical need for Entrepreneurship of All Kinds.<br />
organizations, and foundations in 57 countries to teach<br />
entrepreneurship to tens of thousands of students each year.<br />
Through the <strong>Babson</strong> Entrepreneurship Ecosystems Project,<br />
we also partner with governments, private sector leaders,<br />
and other stakeholders to create meaningful, rapid, and<br />
measurable economic and social change in specific regions.<br />
250<br />
MILLION<br />
250 million people<br />
between the ages<br />
of 18 and 64 are<br />
actively engaged in<br />
starting or running<br />
new businesses in<br />
59 economies.<br />
global entrepreneurship<br />
monitor (gem), 2010<br />
For 35 years, our Executive Education program has been<br />
helping corporate leaders and other professionals to develop<br />
their leadership, influence change, understand and apply<br />
strategies, and think and act more entrepreneurially to better<br />
manage their businesses. In 2010, our custom programs were<br />
ranked No. 5 in the U.S. and No. 12 worldwide by Financial Times.<br />
We work with Goldman Sachs in executing its $500 million<br />
10,000 Small Businesses initiative, which supports community<br />
colleges in teaching entrepreneurship to small business owners.<br />
We also are infusing our philosophy and content into the<br />
curriculum of the Abu Dhabi School of Management; helping<br />
the Institute of Business Administration in Karachi, Pakistan,<br />
to establish its entrepreneurship program; and launching the<br />
Since 1984, <strong>Babson</strong>’s Symposia for Entrepreneurship<br />
<strong>Babson</strong>-Rwanda Entrepreneurship Center in Kigali.<br />
Educators (SEE) have trained more than 2,400 academics and<br />
entrepreneurs from 605 academic institutions, government
WE ARE MORE THAN<br />
A REPOSITORY OF<br />
KNOWLEDGE ABOUT<br />
ENTREPRENEURSHIP.<br />
WE ARE THE CREATORS AND CONVENERS<br />
OF NEW KNOWLEDGE ABOUT ENTREPRENEURSHIP.<br />
Global Entrepreneurship Monitor (Gem)<br />
<strong>Babson</strong> is the co-founder and catalyst for GEM, the world’s<br />
largest and longest-standing globally focused entrepreneurship<br />
research project. To date, hundreds of scholars and researchers<br />
from more than 70 countries have participated in the GEM project.<br />
<strong>Babson</strong> <strong>College</strong> Entrepreneurship<br />
Research Conference (BCERC)<br />
For three decades, <strong>Babson</strong> has showcased global thought<br />
leadership in entrepreneurship research at BCERC. We publish<br />
the top 40 papers presented at the conference in Frontiers of<br />
Entrepreneurship Research, the most comprehensive collection<br />
of empirical research papers on the subject.<br />
Successful Transgenerational<br />
Entrepreneurship Practices (STEP)<br />
Launched in 2005, STEP explores the entrepreneurial process<br />
within family-owned businesses, identifying practices that<br />
build legacies of social and economic wealth across generations.<br />
Diana Project<br />
<strong>Babson</strong> is a partner in the Diana Project, a multiyear and<br />
multiuniversity study of female business owners and their<br />
economic growth activities. The Diana Project examines<br />
high-growth, women-led ventures and their access to equity<br />
capital, as well as the role and participation of women in the<br />
venture capital industry.<br />
Global Consortium of Entrepreneurship Education (GCEE)<br />
GCEE, founded by <strong>Babson</strong>, is a network of schools that share<br />
a vision of educational, economic, managerial, and societal<br />
change—centered on the power of Entrepreneurial Thought<br />
and Action, the consideration of human values with profit,<br />
and the importance of co-creating cutting-edge pedagogy<br />
and curricula. GCEE’s partners share a belief that institutions<br />
acting together will achieve more than each would working<br />
alone toward its mission.
abson is<br />
answering the<br />
critical need<br />
for Entrepreneurship of All Kinds <br />
to reshape our world.<br />
Now more than ever, the world needs entrepreneurs of<br />
all kinds who think and act entrepreneurially—who can<br />
transform opportunity into reality, and create social and<br />
economic value for themselves and for others. <strong>Babson</strong> thrives<br />
because of the participation of dedicated faculty, talented<br />
students, innovative business partners, and generous donors—<br />
all of whom share a commitment to making a difference.<br />
NO.1<br />
in Entrepreneurship<br />
Undergraduate School<br />
for 14 straight times<br />
u.s.news & world report, 2010<br />
NO.1<br />
in Entrepreneurship<br />
F.W. Olin Graduate School of Business<br />
for 18 consecutive years<br />
u.s.news & world report, 1994–2011<br />
financial times, 2010–2011
What impact<br />
Will you have<br />
On the world?<br />
take action.<br />
Join us.<br />
www.babson.edu<br />
Entrepreneurial Thought and Action ® is a registered service mark of <strong>Babson</strong> <strong>College</strong>. Entrepreneurship of All Kinds is a trademark of <strong>Babson</strong> <strong>College</strong>.
This brochure is printed on recycled paper made<br />
with a minimum of 20% post-consumer waste<br />
fiber. The paper is FSC (Forest Stewardship<br />
Council) Certified, acid-free, and produced<br />
process elemental chlorine-free.<br />
<strong>Babson</strong> Park, MA 02457-0310 / 781-235-1200<br />
www.babson.edu<br />
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