The times change, and so do economies. According to the professional services firm EY, approximately 7,000 jobs within the U.K. financial services sector are moving to Europe because Britain has left the E.U. However, in the “real economy,” the British Office for Budget Responsibility says trade volumes are 15 per cent lower than they would be the case were Brexit never occurred.
In addition, as per data from Dealroom. Co, the U.K. startup ecosystem is worth $1 trillion as investment cash is poured into the innovation and tech economy.
Therefore, it’s probably not unexpected that MBA students–some at the very least — are shifting their career plans away from their usual career goals in the upper areas of finance and industry and instead focusing on the entrepreneurial economy.
This trend has been noticed and acknowledged and acknowledged by London Business School. In recognizing the growing interest in entrepreneurship, LBS has been actively encouraging business partnerships and collaborations between founders and researchers on the one hand and MBA students on the other.
The goal, according to LBS Associate Professor of Management Practice, Luisa Alemany, isn’t just to allow MBA pupils to choose career opportunities in the fields of technology and innovation but also to help the entrepreneurial ecosystem. “The concept was that LBS would be an incubator for entrepreneurs. Much like Stanford,” she says.
As Alemany is quick to clarify that the allusion towards Stanford is more of the aspiration of actively supporting the tech industry rather than any straight comparison. “We are an MBA school and not a college,” she says.
Building Bridges
In real life, that means the research driving the technology ecosystem is happening elsewhere, usually at universities with strong research departments. “So among the activities, I’ve been doing is building connections with institutions like University College London, Imperial College, Oxford and Cambridge,” says Alemany. “We’ve established connections with those who are using the technology.”
Regardless of how revolutionary their inventions turn out to be, it is logical that researchers might not possess vast amounts of business expertise or knowledge. To complete the circularity, London Business School is offering its students to collaborate with researchers and help researchers to find areas of investment and potential sources.
The school is also engaging with the tech community to find founders who do not have a strong experience in the business. In addition, they’re given a chance to collaborate with MBA students as part of an initiative called”The Entrepreneurship Lab. Alemany views this as an opportunity to assist the tech community to grow into a more professional.
A Route To Entrepreneurship
It also offers a path to entrepreneurial opportunities for MBA students. The relationships students develop with researchers, and founders can be considered an aspect of their education in business, but there is a chance to go on into entrepreneurship. “Students could be part of the founder team,” says Alemany.
Fourteen companies were born through the Entrepreneurship Lab, including Umwuga, an online social network designed for tradespeople and service industry workers and those who employ them; a program for emotional well-being, Paradym and WeWalk, which is a smart cane for people who are visually impaired.
It’s not difficult to see the benefits of these courses to MBA students: the opportunity to be involved in real-world projects and possibly even be founders or team members. But what is the alternative? What do founders or potential founders have to gain?
Alemany admits that many entrepreneurs have clear thoughts about how they would like to run their companies. However, she says that they may also be lacking in their understanding.
“Some might think they know everything, but they’ll encounter difficulties in areas like financing entrepreneur’s ventures and forecasting cashflow and expenditure. There is a myriad of HR-related issues as they scale to the next level,” she says. These are areas in which MBA students’ technical abilities can greatly impact.
Furthermore, the startups participating in the program are allowed to pitch their idea to investors from various. They include Seedcamp Carlos Eduardo Espinal of Seedcamp and the founder of Notion’s Itxaso Del Palacio, LocalGlobe co-founder Saul Klein and Oxford Computer Science professor Blanca Rodriguez.
Anyone interested in cooperating with LBS students is encouraged to contact us. However, much filtering goes to. The first cohort of students was invited to review 70 applicants. The number was then reduced to 14 applicants.
In their way, many MBA students take advantage of the course but decide to work in consultancy or corporate finance following their studies. But Alemany says that the learning will not be worth the effort. Whether you’re participating in “intrapreneurship,” innovation outreach programs, or just driving the organizational change, The entrepreneurial mindset is highly sought-after.
