innovate arkansas

The 12-hour certificate is designed to help non-MBA students - for example, those studying fine arts, law, engineering and other sciences - to learn the ropes of entrepreneurship, said Carol Reeves, a professor of management at the UA's Walton College of Business who teaches three of the four courses necessary to earn the certificate.

The first course covers foundations of business for entrepreneurs.

"It's a broad overview of all the different functional areas of business, and the purpose is to give the students the ability to communicate effectively with MBA students," Reeves said of the first course.

In addition to becoming familiar with the MBA lexicon, students learn some of the ins and outs of marketing, why it's important to hire an accountant and why they need a solid business plan, among other topics.

Business plans figure prominently in the second and third courses. In the second course, guest speakers such as angel investors, lawyers and accountants give lectures, and the students create the first draft of their plans.

 In the third course, the students put the finishing touches on their business plans. It's possible though that a student might determine his or her plan isn't viable for one reason or another. If that's the case, it's back to the drawing board.

Obviously both students and professors will work to minimize these instances to the extent possible. But that can be tough because sometimes there are unforeseen obstacles.

"It's hard until you really get into doing a lot of the research, because there could be obscure patents that you didn't know about, so you'd have to get permission to use them," Reeves said.

The fourth course is either one on innovation and creativity, taught by management professor Vikas Anand, or an approved course that has to do with some aspect of business or entrepreneurship in another degree program.

The certificate is available for students enrolled in graduate or Ph.D. programs, and most students who earn the entrepreneurship certificate will receive crossover credit toward their degrees for taking the additional courses.

After the third course, students can enter their business plans in the Donald W. Reynolds Governor's Cup for Entrepreneurial Development.

Ideally, the plans students create will be presented to angel investors, such as the Fund For Arkansas' Future. Some of the judges and mentors for the Governor's Cup include members of the FFAF's investment committee.

Most of the students who compete in the Governor's Cup will be seeking $500,000 to $1 million when it comes time to look for investors.

The return on investment for angel investors usually comes when a company they've invested in has an exit event such as a leverage buyout by management team.

Prior to becoming a separate certification, the entrepreneurship courses comprised a minor.

The certificate was initiated by Ashok Saxena, dean for the college of engineering, and Ajay Malshe, a professor of mechanical engineering.

"They were the ones who said our engineering students need business training," Reeves said.

She anticipates the certificate will help better prepare many students to commercialize their ideas.

Though there is only one student currently pursuing the entrepreneurship certificate, Reeves is expecting about a dozen students to begin the courses in the spring semester.

"It's been a really nice example of collaboration at the university," she said of the certificate.