BOSTON—Harvard Business School's (HBS) Arthur Rock Center for Entrepreneurship has announced eight winners in the first round of the Minimum Viable Product (MVP) Award for the 2012-2013 academic year, giving $5,000 to each team of student entrepreneurs.
The MVP fund, which supports the Award, was proposed in 2010 by MBA students Dan Rumennik, Jess Bloomgarden, and Andrew Rosenthal, all members of the Class of 2012. The Rock Center provides the funding. MVP is based on the Lean Startup methodology, which focuses on rapid prototyping, a process that brings products to market as quickly as possible. This methodology has been advanced and popularized by Eric Ries (currently an Entrepreneur-in-Residence at HBS), who advises students and collaborates with faculty members on research and course development.
The Rock Center offers two rounds of MVP Awards during the academic year. Forty-five teams submitted entries for the first round, which was open to second-year MBA students only (at least one member of each team must be a Harvard MBA student). The winners were selected by a panel of three faculty members and three students. The deadline for the second round, which will be open to both first and second-year MBA students, will be January 25, 2013.
The winning teams are required to meet with a mentor from the program on a monthly basis, attend a monthly gathering of all MVP teams, present lessons learned from the MVP program at the end of the semester, and participate at some point in a session that is open to the community.
"We continue to be impressed by the high level of creativity our students have shown in planning and developing these business ventures, which span a wide variety of industries," said Meredith McPherron (MBA 1993), Director of the Rock Center for Entrepreneurship. "Our students' dedication to making their business ideas a reality demonstrates how passionate they are about entrepreneurship. The MVP Award, which will be called the Rock Accelerator Award going forward, is one of several ways we support their dedication and enthusiasm."
The eight winning entries (with their founders) are:
About The Arthur Rock Center:
The Arthur Rock Center for Entrepreneurship was created through the generosity of prominent venture capitalist Arthur Rock (MBA 1951), who donated $25 million to Harvard Business School to support the entrepreneurship faculty and their research, fellowships for MBA and doctoral students, symposia and conferences, and outreach efforts to extend the impact of the School's extensive work in this field. HBS offered the country's first business school course in entrepreneurship in 1947 and, today, entrepreneurship is one of the largest faculty units at the School, with over 30 faculty members conducting entrepreneurship research and teaching. The Rock Center works closely with the HBS California Research Center in Silicon Valley on entrepreneurship-related research and course development efforts.
Founded in 1908 as part of Harvard University, Harvard Business School is located on a 40-acre campus in Boston. Its faculty of more than 200 offers full-time programs leading to the MBA and doctoral degrees, as well as more than 80 open enrollment Executive Education programs and more than 60 custom programs. For more than a century, HBS faculty have drawn on their research, their experience in working with organizations worldwide, and their passion for teaching to educate leaders who have shaped the practice of business and entrepreneurship around the globe.