The University of Wisconsin is set to bolster its entrepreneurial landscape, drawing on a comprehensive study commissioned by Chancellor Jennifer Mnookin, according to a university press release.
Mnookin created an entrepreneurial working group to review current practices and make suggestions, according to the press release.
Earlier this year, Mnookin convened a working group of industry and campus leaders to assess current practices and recommend strategies for improvement, according to this press release.
The resulting report aims to enhance entrepreneurial pathways, experiences and outcomes, positioning the university as a leader in innovation and entrepreneurship, according to the press release.
“UW already is a thriving hub of innovation and entrepreneurial excellence, and we have an opportunity to make it even stronger,” Mnookin said in the press release.
The working group’s resulting report, titled “Empowering the Wisconsin Idea: The Future of Entrepreneurship at the University of Wisconsin–Madison,” outlines actionable recommendations across four main areas — commit to excellence in entrepreneurship, establish campus leadership and structure, create a culture to promote entrepreneurship and expand access to capital, according to the report.
The committee behind the report is co-chaired by UW professor Jon Eckhardt and former Assistant Vice Chancellor of Industry Engagement Chris Kozina, according to the press release.
Eckhardt, recently appointed as special advisor for the new entrepreneurial working group, emphasizes a structure that facilitates and accelerates entrepreneurship instead of organizing it all into one column, according to the press release.
Eckhardt said the report aims to make it easier for people who want to go down the entrepreneurship path to come to UW and have even greater success.
“This report embraces the fact that entrepreneurship is very much an interdisciplinary activity,” Eckhardt said. “It happens everywhere, across the campus, every major, every school and college. The document is a framework that has yet to be shaped and molded and defined by the community.”
The report recommends UW focus on a founder-centered approach, committing to excellence in entrepreneurship by recruiting and developing entrepreneurial talent while aligning with its mission of teaching, research and service. The report also mentions having dedicated leadership that will cultivate a supportive culture for entrepreneurship by streamlining policies, promoting risk-taking and launching marketing campaigns to elevate the visibility of entrepreneurship.
Another goal of the working group is to underscore UW’s longstanding commitment to entrepreneurship.
UW offers over 60 courses focused on entrepreneurship education, as well as resources like the Innovate Network and the Technology Entrepreneurship Office, according to the press release.
Eckhardt said the Wisconsin Alumni Research Foundation, founded in 1925, has played a significant role in helping to create and define academic entrepreneurship for the benefit of the world.
WARF uses its investment portfolio to invest in Wisconsin startups and research ventures, according to their website.
“We’re at a moment where such tremendous value and impact has come from them funding research across all aspects of the university,” Eckhardt said. “This report is fully embracing that and working to help us all on an even greater scale.”
