Career Focus

Global Tech Entrepreneurship (GTE) is designed for diverse interests and career choices and for those who will:

• start a technology venture outside the US – mostly in emerging markets;
• start a technology venture in the US and have the vision to expand globally;
• join a startup based outside the US;
• invest in startups outside of the US;
• launch venture capital funds outside the US;
• work in venture capital outside the US; and,
• are interested in learning more about startup ecosystems outside the US, either as consultants, bankers or as competitors to startups.

We will study a wide range of industries such as fintech, cleantech, healthtec, ecommerce, digital transformation, and proptech, among others. And both in the for-profit and non-for-profit sectors. We will also analyze the venture capital industry outside of the US. We will have the high-quality case protagonist in class for most sessions and will study cases in Asia, Africa, the MENA region, Latin America and Southern Europe.

Educational Objectives

Context is a key foundation when you analyze technology ventures in developing ecosystems. In GTE we define context as the existing infrastructure that a startup can leverage to build its business. Many times, in developing ecosystems, the reality is the lack of existing infrastructure on top of which founders can build their venture. Such lack of infrastructure has immense implications in the business model design and funding needs for startups in developing ecosystems.

When we analyze context, we also include the ecosystem under which startups develop. The ecosystem includes the available funding for startups, the legal system, regulations, services such as lawyers and accountants, mentors, etc.

In the US main metropolitan areas, the context is mostly a given; but in less developed ecosystems it is not. In GTE we analyze the implications for your startup when you want to build it in a different context, including challenges and opportunities for a technology venture. We also go into questions such as: what this context is; how it is built; and who should build it.

In addition, the uncertainties faced by global startups and investors are different from the ones faced in the US. In addition, the opportunities abroad are contrasting because the pain points and the needs are quite divergent from the US. The course will look to generate a better understanding for entrepreneurs and venture capitalists when operating abroad.

The course will consider how the business model design, and especially the founders, team, investors and partners involved, need to be adjusted for developing and emerging markets. Entrepreneurs in these markets often need to build the missing infrastructure (for example, payments and logistics) needed for their ventures to thrive. The nature of competition and government interaction also differs dramatically. These challenges, which also include regulations and laws and consumer habits, are often faced by US startups when expanding globally.

When operating outside the US, financial capital needs and strategies require to be adjusted for markets where venture capital and funding sources is less developed. This lack of funding in those markets present important choices. One of those choices is the path for exit.

GTE helps students learn important lessons to be a successful entrepreneur and startup investor outside the US.

Course Content

Through a series of case studies and intimate conversations with startup founders, GTE students examine the challenges and opportunities faced by startups that operate in less developed ecosystems. We will explore four modules:

1. Context: We will examine what an entrepreneur or startup investor should take into consideration in terms of context when operating in a less developed ecosystem. We will study how a startup needs to create the infrastructure when it does not exist. Also, how the same business model needs to adapt when going to a different context. In terms of digital infrastructure, when it does not exist, we will tackle the questions of who should build it and who should pay for it and the business implications if the founders decide to build such infrastructure. We will also study how an entrepreneurial ecosystem is built when it does not exist and the importance of a network of entrepreneurs and mentors for it to thrive.
2. Business model. Business models designed on a desk change significantly in emerging markets when confronted with the reality in the streets. How to adapt to those local realities? Also, how a business model that is attacking the same pain point can be completely different in two different contexts. Also, when operating in less developed entrepreneurial ecosystems, we will explore the importance of leveraging partnerships with larger companies. We’ll analyze business models that are viable in emerging markets, but not necessarily in the US or vice versa and how to develop a platform business when many of the components do not exist. Also, some of the choices a tech entrepreneur needs to make when looking to grow, such as concentrate in one line of business or diversify product offering or grow geographically or not. We will also study tech ventures that need to develop the infrastructure and the challenges it faces when doing that, but once they have built it, the opportunities that they have
3. Funding. Tech entrepreneurs in less developed ecosystems face a much more challenging environment to fundraise. This has implications on their business model design and choice of geography. We will look into tech startups that have to make tough choices when looking to fundraise; for example, expand geographically because it is an investor requirement or how much to raise and therefore what kind of startup can you build. Also discuss how should entrepreneurs build their startup for a successful fundraise when you have local less developed investors or international investors that are not familiar with the local context. We will also look into the venture capital perspective when investing in less developing ecosystems.
4. Exits. The path to exit is different in less develop ecosystems – many times with less choices for an exit. We will explore the tough choices entrepreneurs need to make when thinking about an exit.

The course has 14 cases. In nearly all of the cases, the protagonist will be a class guest. Case protagonists are female, male, and racially diverse.

Grading

Grading is based on class participation (50%) and the final exam (50%).

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