Immersive Field Courses: IFCs require a firm commitment and carry a financial obligation. Financial aid is available in the form of a student loan, a need-based HBS scholarship, or a combination of both depending on your individual circumstances. The Add/Drop process at the start of the term is the mechanism for any IFC enrollment changes, and, after that point, the course fee is non-refundable. Refer to the GEO website for full details on IFCs and be sure you understand the Course Policies and Course Fee & Financial Aid. Visit IFC Financial Aid for a quick assessment to determine your eligibility and process or contact finaid@hbs.edu for more information.

Enrollment Capacity: Limited to 40 MBA students (due to the nature of IFCs , auditing is not permitted)

As the rise in remote work unwinds the advantages of clusters like Silicon Valley, the US can no longer take for granted a claim to primacy as the venue for launching and scaling technology ventures. Other regions – in particular Asia and Europe – have been growing relative share in recent years, and this is likely to accelerate in the aftermath of Covid-19. However, these other venues present quite different kinds of complexity for entrepreneurs and investors. The UK has always had a complex political relationship with Europe, but its liminal status is part of its appeal, as a bridge between the US and the Continent. Today, London remains the pre-eminent regional hub for capital and entrepreneurship.

This immersion course is designed to provide “a view from the bridge” between the HBS campus and Europe for those who are interested in understanding the region’s extraordinary recent explosion of entrepreneurial activity and capital deployment, who want to meet some of the people and companies making that happen, and who are seriously considering heading across the Atlantic after they graduate in search of new ventures.

Students will gain exposure to a large and rapidly growing business community during a crucial period of transition. The landscape of UK and European entrepreneurship has evolved significantly in the last decade. Several European ventures now exceed USD$50 billion in market value, and it is only a matter of time before one exceeds USD$100B. Meanwhile, the pace of venture capital deployment in the region is at historic highs, with more than USD$80B invested over the last 12 months. Accounting for 40% of all regional investment activity, London has clearly emerged as the pre-eminent focal point for UK and European entrepreneurial activity.

Students will develop an intuitive understanding of the challenges and opportunities of starting, scaling, and investing across a culturally heterogeneous and politically complex region. Unlike US start-ups, which can typically take for granted a large and homogenous home market to build scale economies and/or capture the benefits of network effects, few UK/European start-ups have the potential to deliver “venture scale” returns by selling only to domestic markets. For this reason, they must think international from the outset, which presents acute scaling challenges that demand culturally nuanced insight as well as practical intelligence.

Students will get hands-on exposure to start-up organizations and cultures in London. While many behavioral norms (e.g., open plan workspaces) cross national boundaries, others do not (working hours, attitudes to overtime). Immersion is a particularly effective way to gain appreciation of the differences and similarities between US-style entrepreneurship and what’s taking hold in the UK. In addition, this course will provide a valuable career bridge for students focused on relocating to London after graduating – particularly if they aspire to work in technology, an entrepreneurial context, or venture investing.

Course Format: Like other IFCs, the course will have a classroom component in the Fall Term (three to four sessions) and faculty office hours, followed by the January immersion experience in London.

During the fall, students will be asked to form teams of three or four, and, based on team preferences, they will be matched with London-based startup or growth-stage tech ventures. Each venture will have identified a specific project to assign each team, providing access to members of its leadership team, broader organization, and corporate materials and data. Each team will get grounded in its venture and complete foundational work prior to arrival in London for full-time, in-person engagement during the January immersion. Assignments may include product development, go-to-market strategy, market tests, analysis of unit and customer economics, organizational plans, and capitalization strategies, among other topics.

In London, the IFC will host a variety of events to maximize students’ exposure to the city’s tech scene. There will be opening, mid-course, and closing dinners with speakers from leading tech ventures and VC firms based in London. There will be opportunities to visit both VCs and ventures, as well as breakfast speakers at the hotel, on selected days. In addition, faculty will be available for office hours on a scheduled and, as necessary, ad hoc basis on the ground in London for the duration of the visit. The faculty will also host a debrief session in London at the conclusion of the immersion to capture learnings and insights from the experience of working with startup ventures in the UK.

Deliverables: At the conclusion of the immersion experience, each team will be tasked with developing and presenting a slide deck summarizing its work, results, and recommendations to project partners and to share with other students in the IFC. A final paper presenting each team’s work will be due in mid-February. The recommended limit for these papers is 3,000 to 4,000 words.

Grading: The final grade for this IFC will be composed of three components – classroom (at HBS) and immersion (in London) participation (50%); summary slide presentation (25%); and final paper (25%).

Prerequisites: This IFC will complement EC courses such as Launching Technology Ventures, Scaling Technology Ventures, and Founders Journeys, though these courses are not pre-requisites.

Course Credit and Fees

Students will receive 3 credits upon successful completion of this course.

HBS will provide logistical support for the immersion (including accommodations, select meals, and local travel arrangements). Students will be charged a course fee towards defraying a portion of these costs. Students are responsible for booking and paying for their own round-trip air travel and any costs associated with required visa documentation and immunizations. Students should ensure adequate processing time for all visas if necessary, as travel fees are not refundable if a student does not secure visas on time.

For detailed information about what the course program fee includes and excludes, as well as information about student accommodations, please visit the GEO website or email geo@hbs.edu.

Financial aid is available in the form of a student loan, a need-based HBS Scholarship, or a combination of both depending on the student’s individual circumstances. Please review the quick self-Assessment tips to determine your eligibility. Contact finaid@hbs.edu for more information.

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