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Why is it Important to Understand Innovation?

Joseph Schumpeter, one of the most important economists of last century, related growth with the capacity to innovate. He coined the term “creative destruction” to describe the process of disrupting old habits (products, services, practices, etc.) for new ones. He saw capitalism as the most useful system to incentivize the impactful power of entrepreneurs to create and deliver value for improving quality of life for people.

In the last decades we have witnessed new technologies maturing in parallel, and due to the pandemic, many trends have accelerated. A lot of capital has moved from traditional industries to nontraditional, and new technologies and startups are disrupting old and long-lasting industries. This is supported by based technologies like cloud, IoT, 5G, blockchain, among others, that have been granting more innovation.

So why is it important to understand this? Innovation is uncertain and nobody can predict the future, but it does have patterns. Understanding how disruption has behaved in the past can allow us to understand in what part of its development each technology is located. Sometimes, technologies are received with a lot of echoes by the market, and we may think that they won’t stop until they have been generalized and used in many fields. Many times, this is only hype, fueled by a trend that won’t last. In order to improve, they may need more time, more capital, or perhaps the technology is not disruptive or useful enough.

Innovation normally coexists between three edges: technology, business, and regulation. Therefore, a Tech MBA is incredibly relevant. The program uses technology as a toolkit for facing business challenges in a way that creates and delivers value. There are cases in which is the problem involves more than simple business, like health tech, and understanding these concepts helps us drive impactful change.

We are living in a time in which most industries are trying to transform into tech. This transformation could be in how they reach their clients, in the experience that their customers have, in production, or in how they use data (among MANY others). Stern’s Tech MBA combines resources and knowledge to be able to connect the dots, lead teams, create capabilities to build a stronger vision for facing the future.

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Entrepreneurship at Stern

Stern offers a wide range of entrepreneurship opportunities. Whether you are looking to start your own company or join an existing startup as an early employee or cofounder, Stern has resources to help you achieve your goals. This post will explore some of the amazing centers, programs, and classes that Stern entrepreneurs can take advantage of during their time in business school.

Leslie E Lab
The Leslie Entrepreneurs Lab is a physical building in the heart of the Washington Square campus where aspiring NYU entrepreneurs from across all of NYU’s schools and colleges can meet to connect, collaborate, and tap into a vast array of resources to help develop their ideas and inventions into startup companies. Anyone currently at NYU can take advantage of the resources offered by the Leslie eLab, so it serves as a great place to meet current NYU students, faculty, researchers, and staff. In response to COVID-19, the eLab held virtual programming, workshops, and social events to help the NYU entrepreneurship community thrive during challenging times.

Berkley Center for Entrepreneurship
The Berkley Center for Entrepreneurship is a venture design studio within NYU Stern School of Business. The Berkley Center for Entrepreneurship exists to help foster entrepreneurship at Stern and provide support as entrepreneurs navigate the many challenges their new ventures encounter. The Center provides startup accelerator programs, mentoring, workshops and technical assistance, all designed to provide NYU students, alumni, faculty and staff with the skills and resources needed to discover and execute bold new ideas. The team members at the Berkley Center provide general advising services in addition to helping founders connect with subject matter experts in various functional areas such as branding, customer strategy, legal, prototyping, etc. The Berkley Center also hosts the Entrepreneurship Challenge and Stern Venture Fellows program.

Entrepreneurship and Startup Association (ESA)
ESA is a student-run organization with the mission to empower its members through unparalleled access to NYC’s vibrant entrepreneurial community. ESA provides education and information on the entrepreneurial resources available to Stern MBAs. By empowering and educating its members, ESA aims to position Stern as the broader NYU community’s hub for entrepreneurial activity.

Classes
Foundations of Entrepreneurship: This class is designed to increase the chances of entrepreneurial success by helping aspiring founders or startup employees identify and thus avoid a range of dilemmas all startups face. To do so, this class provides a broad introduction and overview of entrepreneurship based on a range of teaching methods including: academic research, cases, empirical data, videos, and guest speakers.

Managing the Growing Company: This course exposes students to the unique challenges of managing the growth of small businesses. It concentrates on building the company issues rather than start-up issues, although some cases and lectures explore start-ups as well. Included are studies of family businesses that have acute growth issues because of succession and family dynamics. It is designed for students interested in understanding the opportunities and problems involved in the management or operation of their own business, and it is also aimed at students considering employment in a small or midsized firm.

Endless Frontier Labs: Students will learn about the process of successfully taking new ventures to markets, including aspects related to development, management, and financing of ventures. The course will be centered on student observations of the interactions of startup founders & their potential investors. After familiarizing themselves with the startups’ ideas, students will apply basic analytical tools, drawn from management, econ, and finance to evaluate the size of markets, attractiveness of industries, financing options of early-stage ventures, sustainable competitive advantage of proposed strategies, and the risks and potential of ideas. Along with the experiential component, the course will introduce students to a framework for developing an entrepreneurial strategy.

If you are interested in a dynamic startup ecosystem with the resources, faculty, and alumni to help guide your experience, NYU Stern is a great place to begin or continue your entrepreneurship journey.

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My favorite course this semester: Emerging Technologies and Business Innovation

I started a Tech MBA so I could “speak and understand” technology, but mainly to use it as a tool to face business challenges and scale solutions. I am enjoying the program as the mix of courses is accurate for this goal. There are incredible courses related to business and others to technology. There are many special courses, but my favorite one has been “Emerging Technologies and Business Innovation,” dictated by the professor Alex Tuzhilin.

This course wraps up what every person who wants to develop a career around innovation would need to know. It starts explaining innovation as the interaction between business, technology, and regulation. With this in mind, we discussed a framework that was present all over the course: the can-do/ should-do. This is a useful perspective to understand how and when to use certain technologies considering their feasibility, context, ethics, and business sense.

We reviewed the history of innovation and technology, watching how certain technologies faced a phase of hype due to an excitement of the market (many times overreaction), but then they lose its attention (and its capital) because they are not useful. Sometimes they just die, or sometimes they come more solid and disrupt markets. Getting to see this in a conceptual analysis, with a big picture perspective, is useful to be able to understand the nature of innovation and use it.

After this framework, we analyzed technologies that passed through the phase of gloom and now are succeeding. These technologies have the potential to shape many fields in business and human activities. We saw virtual reality, big data, knowledge management, and artificial intelligence. In each case we reviewed what industries are impacted and the challenges around them for the present and the future. We saw industries like healthcare, education, work, among others.

During the course we not only studied these conceptual topics, but also reviewed cases around each topic and received guest speakers to put what has been learned in perspective. I really enjoyed the course because it was totally conceptual – now I feel more prepared to analyze our fast-moving world. I feel I have the tools to feed my curiosity looking to the future with a more structured framework.

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Why I Chose Stern’s Tech MBA Program

I always hoped I might go to business school, but five years into working, that goal felt more and more overwhelming. I didn’t see a world in which I would be willing to take two years away from my career trajectory and feel like the ends justifies the means. Working in the tech industry where new programs, technologies, and companies are launched daily, taking two years away from the hustle felt impossible.

Once I started to look into different programs, knowing I wanted to stay in New York City, I was pleasantly surprised to discover the Tech MBA program at Stern. At first I thought this must be too good to be true – how could one complete a full MBA program in just one year? Upon speaking to current students in the program, I grew more and more excited about the opportunity to complete an MBA in a year, within my specialized industry, and to join a cohort of students who share the same passion and commitment to the tech industry. 

I’d like to tell you about a few components of the program that make it special, and that have benefited me throughout the experience. First, spending one consolidated year in school felt like the right choice, because I would need to be very intentional about the classes I took and how I spent my time with clubs and social activities. I have really learned in to the experience – it flies by so quickly! 

Next, I wanted the option to take very technical courses and strengthen my product management acumen. I had always told myself I would learn how to code in my free time, but having the access to a blended business and technology core has helped me realize this goal. Taking classes like Dealing with Data, Data Science for Business, and Foundations of Mobile Networks have allowed me to learn how to code in Python, run data models in Weka, and understand the basics of network connectivity. We even had a session about UX design and a workshop on Figma, which I had always been too intimidated to learn in the past!

Finally, I was also attracted to the small class size of the cohort for the Tech MBA. While a typical MBA class might have up to one thousand students, I am really pleased that my Tech MBA cohort has fifty diverse, smart, and emotionally intelligent students. Over the summer, we were one of the only student groups on campus, and took all of our core classes together. This helped foster an amazing bond between the small cohort, and created strong, genuine friendships. We have taken East River boat cruises, planned Friendsgiving dinners, attended concerts, and hosted holiday dinner parties. I felt like I already had a community after living in New York for many years, but can say definitively that the cohort students from across the country and the world have become lifelong friends and future business partners. 

I can’t recommend the Tech MBA program enough – please get in touch if you’d like to hear about my experience further!

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My Favorite Class This Semester

One of the best parts about Stern is getting to learn from incredible professors who are experts in their fields. While many of my classes are engaging, there is one class that stands out above the rest: “Strategic Foresight and Predicting the Future of Technology” with professor Amy Webb. The objective of the class is to introduce students to the methods, concepts, frameworks, tools and techniques of strategic foresight, a multidisciplinary approach to deriving new insights about the future. To deliver on this promise, the class is organized into three sections each week 1. Introduction to methodology and a foresight tool 2. A deep dive into an emerging area of technology and 3. Practicing what we learned and applying concepts and tools to our final group project. Not only is the topic of strategic foresight extremely interesting, but the structure of the class also ensures that discussions are relevant and concepts can be applied to any business sector. We learn to identify signals in the world and make connections to form potential trends. We are challenged to imagine what the future of meat consumption will look like in 10 years, what the future of work will be in 15 years, and what the future of media will look like in 20 years. We learn to address assumptions and state uncertainties and back up our scenarios with quantitative and qualitative evidence. To give you a sense of the breadth of what I’ve learned so far, here are some of my favorite things we’ve discussed in class…

1. Why is Nintendo the most innovative company? When we think about Nintendo, we might think about Mario Party or Pokemon, but Nintendo was founded in the 1880s. Nintendo originally sold hand-painted playing cards. As the world evolved and technologies developed, Nintendo paid attention to the signals on the “fringe” and made bets to ensure they could stay in business. Nintendo transitioned from selling playing cards to developing games for malls, handheld gameboys, commercially available video game consoles, the motion sensor Wii, and many more innovations. This example clearly highlighted how companies can use strategic foresight to prepare for the future and remain ahead of their competition.

2. How will a refrigerator be used in 2031? At the start of class we are asked to do a re-perception exercise in which we imagine how everyday objects might be used in the future. Recently we discussed how refrigerators might be used to grow our own food at home, store essential pharmaceuticals, or in new areas of the supply chain as the world becomes warmer. This led to a discussion about when an object is still considered the original object…

3. What are the implications of synthetic influencers? We’ve learned about synthetic influencers like Lil Miquela and K-pop group “Eternity” in class. Prior to this class, I was not familiar with synthetic influencers and their potential impact on not only the entertainment and media industries, but also on society at large.

Throughout the semester, we work on a final group project. This is a great opportunity to apply the theoretical concepts and frameworks we learned step by step.

If you are interested in technology, want to challenge yourself to think differently about companies, societies, and governments, like to imagine what our futures look like, or just love learning new things, then this class is for you. Every week I look forward to rich discussions that develop because this class is a safe space for learning and taking risks. Each week the class time flies by as I absorb information from the professor and her guests lecturers/ class coaches. If you have the chance, definitely take this class!

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Why I Chose the Andre Koo Tech MBA at NYU Stern

As a Graduate Ambassador at Stern, I speak to a ton of prospective students. Multiple times per week, I’m asked about my experience and why I chose to pursue NYU Stern’s Andre Koo Tech MBA program. Although there are many reasons someone might pursue an MBA at Stern, here is why I chose the Andre Koo Tech MBA program:

One year program: The Andre Koo Tech MBA program at Stern is a one year accelerated MBA program. Students begin their MBA journey in May, take classes for one full year and graduate the following May. While students do not participate in a summer internship like a traditional two-year MBA student, the Tech MBA curriculum is designed to give students ample experiential learning opportunities to apply the skills they learn in the classroom in a business setting.

The one year program attracts students who are focused on learning the material so that they can directly apply learnings to their work. I wanted to pursue an MBA degree, but was worried about being out of the workforce for two years because in the tech industry everything is constantly evolving. The Tech MBA program provided a path to earning an MBA degree in a timeframe that met my needs.

Opportunity to learn technical skills: Prior to Stern I worked as a product manager at New York Road Runners. While I had experience working with technical teams and engineers, I did not have a background in computer science or engineering. Technology is changing the way business gets done and having a basic understanding of technological concepts and tools will be key in any business role in the future. I was eager to come to Stern to learn technical skills so that I can work more effectively as a product manager. The Tech MBA curriculum does not require prior coding knowledge, rather it is designed for students who are open to learning technical skills in a meaningful way. I’ve thoroughly enjoyed my Python and data science classes. While I do not intend to pivot into software engineering, I feel confident in my ability to understand technical complexities and communicate effectively with technical teammates.

Access to the Stern network and community: When evaluating business schools, I was looking for a strong network. I was drawn to the Tech MBA program at Stern because of the resources, alumni, and community that the school offers. As a focused MBA student, I have access to the same career center coaching, club resources, and alumni network as the two-year students. Part of business school is investing in relationships, and I felt confident that at Stern I would be able to thrive and meet intelligent, hard-working, passionate students and alumni.

Live in the greatest city in the world: I’ve lived in New York City for over five years and I’m still excited by the hustle and bustle and all New York has to offer. Each neighborhood is unique and there is always something new to explore. New York is a business powerhouse and as a student at NYU Stern you have so many opportunities to explore everything from the startup scene to the financial services industry.

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My Favorite Course This Semester: Brand Strategy

There are so many wonderful courses at Stern that it can feel overwhelming to select elective classes each semester. Because the Tech MBA has put together a robust curriculum that focuses on both business and technical core classes, my hope for elective courses has been that they will be fun, interesting, and help sharpen on specific skill or knowledge area that I have not previously had experience with. For example, I am interested in sustainability and “foodtech,” so I am taking Social Entrepreneurship in Sustainable Food Business with Professor Hans Taparia.

When I was thinking about my prior role as a Product Manager, and some of the skills that I wanted to develop, I realized that I have not had much exposure to marketing. Specifically, I was interested in branding, and the way in which graphic design, strategy and positioning can come together to change the way a brand is perceived in the market, and the emotional impact it has on consumers. I decided to take Brand Strategy with Professor Gormley, and it has turned out to be my favorite course this semester. When I read the first line of her syllabus, I knew I had made the right choice. “Who says you can’t get real world experience in the classroom? Fran Gormley has worked in the Branding business for three decades and can teach you how to create Branding ideas that can propel a business forward.”

Before beginning at Stern, I was advised to take evening electives whenever possible because it would mean that the course was taught by a “practitioner,” or a professor who is currently working for another organization in the field, as opposed to professors who are lifelong academics. I think this is so important when looking to a subject like branding, because learning from a professor who is currently running her own branding agency ensures you are learning the latest and greatest standards from the industry.

Professor Gormley is a great lecturer, and she structures the class so that she delivers course content for half of the session, and then a guest speaker comes in to talk with the class for the latter half of the class. We have heard from executives across many different industries and branding agencies, specifically at PayPal, Fekkai, Edelman, Wolff Olins, and Interbrand. My favorite speaker so far was Frédéric Fekkai, a legendary hair stylist turned businessman, who spoke about his company Fekkai, and the various transitions it has made over the years. Frédéric spoke about the opportunity he had to sell his company, and eventually buy it back, and it was crazy to hear the story of the shampoo I had in my very own shower at home in Brooklyn! Professor Gormley also gives various case study lectures about the projects she has worked on across her career, making it very applicable to see the before and after of the branding work she has done. This class takes place on Tuesday evenings, but the time flies by, and I look forward to hearing from Professor Gormley and whoever she has in store for us each week. We even are working on a semester long project to rebrand a company of our choosing. I can’t recommend this class enough!

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What To Expect of the Stern Tech MBA

As a Graduate Ambassador of the Tech MBA at Stern, some of the most common questions I receive are related to who should apply to the program. Potential MBA candidates want to know what characteristics are the best fit for a focused MBA. They want to understand if it is too technical, if it requires a deep understanding of coding and data science, or the expected job for a graduate of the program. I will try to answer these questions throughout this short article.

The program is an MBA (Master in Business Administration), so it goes without saying that the focus is business and value creation. Nevertheless, it has another core: technology. The Tech MBA seeks to prepare its students to be set up for a rapidly changing world by using technology as a tool to innovate and solve big problems. The mandatory courses mix business fundamentals such as Finance, Marketing or Founding a Startup, with tech courses, such as Dealing with Data or Foundations of Mobile Networks. Additionally, the Experiential Learning approach is a group of activities and courses focused in finding solutions for real-world business problems. As a student, you can be part of the EFL (Endless Frontier Labs), which is an acceleration program for massively scalable startups; or the West Coast Immersion, in which we travel to visit and analyze several companies.

One of the things I value is how diverse the program is. Students come from varied careers such as consulting, software development, product management, entrepreneurship, or even banking. To be ready for the program, it is ideal to take a fast introductory course in coding, and another in financial math. Both are just a recommendation; all things you will need will be taught during the MBA.

Nowadays, most companies want to transform into tech firms and this trend will change the way of doing business in the following years. This makes the Tech MBA a powerful program for being ready to work in big companies, growing startups or developing new ventures. There are no restrictions to where a Tech MBA graduate can work, but the main focus is around Product Manager roles, Strategic roles or Consulting roles.

This is a very current program that is constantly updating to the technological changes that the world is facing. It is a dynamic and fun program to pursue big goals and grow professionally and personally.

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Navigating Stern’s Sites & Acronyms

You received your acceptance letter to Stern. Your heart is racing with excitement, you have butterflies in your stomach, and you are grinning from ear to ear. The next thing you know, you’ve received a handful of emails with directions to use different sites and mentions of different departments with different acronyms. Feeling overwhelmed? I sure was! Here’s a little study guide to help you navigate all of the amazing sites and resources that Stern has to offer. This list isn’t intended to be exhaustive, rather a helpful place to get started.

Stern Sites

NYU Stern Life
Stern Life is the best place to start after accepting your Stern offer. Leverage this site for all important announcements, events, action items, and access to resources before starting school. From Stern Life, you can keep up to date with forms to fill out, payments, technical setup and more.

NYU Albert
Albert isn’t a site that you’ll be visiting everyday per say, yet when you use it, it is important! Some of the most common reasons why you’ll go to Albert:

  • Managing your school finances / financial aid
  • To check and manage your course schedule (e.g. add/drop classes)
  • View final grades and submit course evaluations
  • Access to other Stern sites and resources

NYU Brightspace
Brightspace is the NYU Learning Management System (LMS), where all of your classes will be hosted. This is where your professors will upload their syllabi, add assignments, share resources and more. Familiarize yourself with how this site works as you’ll be using it a lot!

Stern Acronyms

OCD: Office of Career Development
OCD will be your best friend as you navigate recruiting while at Stern. This department specializes in career development and support, covering a range of offerings such as resume reviews, mock interviews, recruitment strategy and more.

AA: Academic Advising and Affairs
Academic Advising and Affairs at Stern is the go-to department for support with your degree. This includes navigating specializations, credits, exploring electives and more. You can schedule 1-1 appointments with the AA team. Keep an eye out for scheduled events hosted by this department as well!

OSE: Office of Student Engagement
Access support and resources with regards to life outside of Stern through the Office of Student Engagement. The OSE team supports orientation, student orgs, housing and more. This department is super helpful when navigating your Stern experience beyond the classroom.

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Building Community Through Student-Led Events

It’s popular knowledge that a big part of the MBA is networking. But that word sounds like work and isn’t well-suited to the reality of things. There is a more appropriate word: friendships! Over the next year or two of your MBA, you will share life with a group of amazing people coming from various backgrounds, yet all working towards similar goals. If you do things well, you’ll build deep, lasting friendships with a bunch of them because you spend time together. In this blog post, I want to share some ways that our cohort has bonded through student-led community events.

Bars and Restaurants
These are classics. Don’t be shy to book a table somewhere and send a message in your “general” slack channel asking people if they want to join. I bet you that you’ll have to call back to increase your reservation to 20 seats.

Parks
This is a go-to in NYC and a fun way to spend Saturday or Sunday afternoon. Our cohort always ends up in Central Park, but there are tons of other parks too. I recommend getting a Moolky, a wooden pin & skittles game, which you can play as a group. Last time, someone brought a portable cornhole game that was also fun to play 2 vs 2. Do not forget sunscreen, coolers, and hats! If you have a dog, there’s a specific patch of grass just north of the East 72nd Street entrance with lots of other dogs running around and playing together.

Workouts
One of the highlights for me so far in the MBA has been running workouts for my classmates. We meet outside twice a week and sweat together for an hour. Then we usually go to brunch afterwards! Wednesdays are at the Houston st playground, and Saturdays are at Pier 46. Only one rule: you have to come to a workout to be added to the group chat! Don’t forget to take a group selfie post-workout! Open to all at any level, reach out to me if you want to join!

Saturday GCNY crew, Pier 46, 5/15/2021

House/rooftop parties
Rooftops are a huge commodity in NYC summers. Make yourself known if you have a rooftop or a bigger apartment than others!

Poker
My classmates and I had a couple good games, both online and offline. I recommend keeping it inclusive to everyone and giving a chance to people who don’t know how to play to give it a try. If you want to play online you can use pokernow for free and have a simultaneous zoom session.

PPT night
Our cohort has been running a powerpoint night every two months that has proven popular and a lot of fun. The premise is simple: 3 people volunteer to present to the group on a topic of their choice. The topics are completely up to the presenters and tend to be fun (or even ludicrous) in nature. Examples include origami, Whiteclaw, Australia’s Great Emu War, travelling to Chile, 90 Day Fiance, etc. 

Escape the Zoom
In this event attendees are separated into teams of ~4 and attempt to “escape the Zoom” by answering a series of ~8 riddles posted by the organizing team. Each team is sent to their own breakout room and given the first riddle. Once a team solves a riddle, one of the team members goes back to the main room and calls an organizer into their breakout room to deliver the answer. If correct, the team unlocks the next riddle. Hints are offered to teams after 10 minutes without a solution. The winning team is the first team to correctly solve all riddles!

Here’s a riddle to get you started:

Complete this logical sequence:

1 – E – 2 – O – 3 – E –
4 – R – 5 – E – 6 – …

a) S
b) X
c) Z

To see the answer, highlight this full line with your cursor: ANSWER is b) (SI)X 

Trips
Spending several days away together is usually an excellent way to get to know your classmates on a deeper level. And some may have the added benefit of discovering new parts of America. With everyone vaccinated and the slow easing of safety guidelines, trips might soon be part of the MBA experience again. There are as many destinations as you can think of. I’m recommending a local spot below:

Hunter Mountain
In the winter, Hunter mountain is a must-do for skiing and snowboarding with slopes available for all level skiers. It’s just about 2.5 hours outside NYC. You’ll need to book your ski passes well in advance and book a chalet on Airbnb for the group. I recommend renting your gear on the way up to the station where the queue will be a lot smaller.

Thanks for the read, I hope this will be useful to brainstorm what to do after classes! Have fun and see you around the city!