On June 12, we’ll open the doors to this summer’s delta v cohort, beginning an intensive 3-month entrepreneurial “boot camp” for MIT student entrepreneurs. This post looks at the culture of delta v and how this environment helps to grow entrepreneurs.
The saying “culture eats strategy for breakfast” is attributed to management guru Peter Drucker and was made famous by Mark Fields, president at Ford Motor Company. It speaks to how vital culture is in an organizational setting. At MIT, Professor Bill Aulet has written an article that explains why, as an organization, we believe culture is essential for entrepreneurs.
For delta v, MIT’s capstone student venture accelerator, we create a culture of entrepreneurship that is all about risk-taking and the freedom to make mistakes. Although delta v operates out of a cool space with a startup feel, it’s about more than the free coffee and ramen noodles or the walls you can write on. The vibe of delta v is different because of the people inside it and the meaningful work they do. If you’re one of the fortunate student teams accepted into the summer-long “entrepreneurship boot camp,” you’ll be surrounded by smart people all working on new companies with big goals. During the summer, the teams will be working in small cohorts in similar fields and will also participate in being part of a greater cohort, where a true sense of teamwork and collaboration is established.
The staff at delta v know they are assisting students who are making a positive impact in the world. In this experimental culture, failure is expected because students are encouraged to take risks and stretch to their full potential. This is a safe zone to try new ideas and the disciplined entrepreneurship framework provides a basis and common language for the staff to work with students. The framework isn’t a hard and fast set of rules, but it’s more like a common operating system that guides all of the teams.
As part of the culture of delta v, we also bring in the outside community to meet and assess the student teams from an educational perspective – not to look for deal flow but to participate in the students’ learning experience. A key milestone for MIT delta v teams is meeting with their board of directors and gaining valuable input from these advisors. This year we are also starting a delta v cohort in New York City to expose students to a network that is relevant for their company, for example, fintech, real estate, fashion, media, the arts – but, again, with a common operating system. As students gain experiences throughout the summer, they also build trust and respect within the greater Boston and New York communities that will be important as they launch their companies.
Six elements of the delta v culture are shaped by our principles at the Martin Trust Center for MIT Entrepreneurship:
- MIT Standard of Excellence and Rigor – The delta v teams receive not only the highest quality education, but also the highest quality advising, and practical experiences as well.
- Collaboration – By partnering with various departments and centers within MIT and the greater community these startups will be prepared to collaborate for the success of their businesses.
- Diversity – Encouraging a wide variety of perspectives, people, and ways of doing things mean that new ideas and concepts are examined from many angles and the diverse contributions make each company stronger.
- Experimentation – delta v is the place to “fail forward” and try everything in a supportive environment.
- Honest Broker – Since MIT does not take a financial stake in the delta v startups, our focus is solely on nurturing and assisting the education of the entrepreneur.
- Mens et Manus – MIT’s motto, “mind and hand,” fuses academic and practitioner perspectives for a well-rounded entrepreneur.
The way the Martin Trust Center shapes the culture within delta v will be reflected by each of the entrepreneurs and their ventures. Good or bad, all our past experiences come into play as we create something new. Sometimes we choose aspects of a culture we want to emulate. Other times, we actively realize that a certain way of doing things is something we want to avoid. Many of the delta v teams will go on to become successful entrepreneurs that help to solve some of the world’s toughest problems. (Read about some of them in the news here.)
We hope that each student and team carries forth the culture of delta v.