MASTERS AT WORK

It's not everyday you bump into world class gurus who part with knowledge, expertise and passion for entrepreneurship. Maree Morrissey gives highlights of the'Visiting Professor Masterclasses' where five such guys unleashed powerful words of wisdom.

Ireland's future on the global economic stage is largely dependant on the country's ability to foster entrepreneurial thinking and behavior, according to leading US business expert, Professor Liam Fahey of Babson University who was the first to speak in a series of Visiting Professor Masterclasses at the DCU Ryan Academy this year. The masterclasses were the brainchild of top Irish legal firm, Mason Hayes+Curran and the DCU Ryan Academy for Entrepreneurship in Citywest.

Entrepreneurship And Competitive Advantage

Pictured are, from left to right: Ciaran o'Hogartaigh (DCU Business & Innovation Theme Leader); Professor Liam Fahey (Adjunct Professor of Strategic Management, Babson College and Founder of Leadership Forum Inc.); Brian Hayes (Trustee, DCU Education Trust); Ann Horan (Interim CEO of Ryan Academy); and Declan Moylan (Managing Partner, Mason Hayes+Curran

Professor Fahey presented his masterclass, titled, 'Entrepreneurship and Competitive Advantage,' to an audience of over 60 people. "Where are the big ideas for Ireland's future economic success," questions Fahey who comments that quite often the, "big idea is merely the product of insights within an organisation," saying that, "turning the, 'big idea' into a successful business is what is so illusive to many companies today."

Commenting on the masterclass, Mason Hayes+Curran Managing Partner, Declan Moylan says, "the series of masterclasses, by highly regarded international figures, was fascinating for business leaders in Ireland, inspiring new thinking and new approaches to entrepreneurship."

Other world-renowned business professors followed in his footsteps in the series including Professor Tom Esselman from Harvard and Altran technologies, Professor Ken Morse from MIT (familiar to the Irish business community from the Ernst and Young Entrepreneur of the Year Awards on RTE TV), Prof Joe Lassiter (Harvard) and - Prof Ralph Katz (Northeastern & Massachusetts Institute of Technology - MIT).

Innovation In Science & Engineering

Dr Thomas Esselman delivered an inspiring second masterclass titled, 'Innovation in Science & Engineering,' what does this have to do with business? Although the Esselman masterclass focused on science and engineering, the processes outlined were applicable to all business disciplines, such as product development, marketing, entrepreneurship, accounting, and other fields. "I think the most interesting thing, is how innovation in science and engineering is related to making money in business," said Dr Esselman.

Going Global - Staying Local

Pictured above are, from left to right: Joe Lassiter, (Professor of Management Practice at Harvard Business School); Terri Scott (CEO of Ryan Academy) and Declan Moylan (Managing Partner Mason Hayes+Curran)

The third masterclass titled, 'Going Global - Staying Local,' looked at how Irish businesses can survive the transition to overseas markets. Professor Joe Lassiter from the Harvard Business School, well known to Irish entrepreneurs and business people through his appearance on the Entrepreneur of the Year television series on RTE 1 TV., delivered a fascinating insight into global markets.

To demonstrate his point Professor Lassiter provided case studies focusing on three companies, OfficeTiger, Steinway & Sons and Icebreaker. Each of these companies are somewhat unique in their own right, however, Lassiter used the case studies to highlight a common ground for companies looking at overseas markets.

Lassiter explained that each of these companies faced the usual overseas problems of global competitors, barriers to entry, and the perils of using offshore suppliers. Prices may fall and loyal customers can leave, whilst at the same time costs may also rise. These competing pressures can often mean that every company just becomes another faceless commodity supplier. According to Lassiter, "we need to make sure we understand how important the global landscape is whenever there are too many competitors chasing every order in a market." Companies looking at overseas markets need to work out what their competitive advantage is and understand what makes them so different to the rest. Lassiter further remarks that, "if Irish companies are to be successful in diversifying into overseas markets they must retain their local ethos and values."

The Mouse That Roared

Pictured above are, from left to right: Tom Esselman, (Altran Technologies and Harvard University); Ann Horan (Interim CEO of Ryan Academy); Declan Moylan (Managing Partner Mason Hayes+Curran); and Patrick McDermott (CEO DCU Education Trust)

The fourth masterclass entitled, 'The Mouse that Roared: Innovation, Intrapreneurship and Acquisitions,' presented by Professor Dennis Shaughnessy (Northeastern), explored topics such as platform acquisitions, intellectual property, US corporate governance principles, and strategic entrepreneurship in the life sciences, in the context of Shaughnessy's former company, Charles River Laboratories. Intrapreneurship is a new spin on entrepreneurship where it involves innovation within an established organisation. He also discussed progress being made in relation to international manufacturing operations of life sciences' companies. Shaughnessy was a senior executive with Charles River Laboroatories, a Massachusetts based company that provides enabling products and services to the global pharmaceutical, biotech and medical device industries.

One of its earliest products was a high-tech form of laboratory rat. To demonstrate his points Professor Shaughnessy focused on a strategic acquisition programme consisting of 12 typical steps. The program contemplates acquisition targets that are small, privately held technology businesses.

Pictured centre is Declan Moylan (Managing Partner Mason Hayes+Curran) with Dan O'Neill, entrepreneur and consultant is Entrepreneurial Coach for Entrepreneurial Services of the Arizona State University (ASU) Office of Research and Economic Affairs as well as CEO of DJT Enterprises

Shaughnessy explained that growth through strategic acquisitions can be a powerful and effective way for an ambitious small to mid-sized technology company to reach its long-term goals of market and technology leadership. While not without risk, a thoughtful and disciplined acquisition program acts as a complement to organic growth and can produce long-term and sustainable value for shareholders, management, and employees.

Growing Ventures In The Global Market

Across the globe countries, regions and major metropolitan areas are turning towards innovation and entrepreneurship as the source of future economic growth and wealth creation. This trend recognises the growing importance of highpotential start-ups as the source of prosperity and global competitiveness. Such ventures must offer a unique customer value proposition based on a sustainable competitive advantage in a large global market. A venture must be able to tell this story to a wide audience and deliver on its promise.

Dan O'Neill, entrepreneur and consultant who is Entrepreneurial Coach for Entrepreneurial Services of the Arizona State University (ASU) Office of Research and Economic Affairs as well as CEO of DJT Enterprises, presented the final masterclass. Titled, 'Growing Ventures in the Global Market,' entrepreneurial stories from the wild, wild west' the guru ended the series on a high note.

Pictured are, from left to right: Dennis Shaughnessy (Executive Professor, Northeastern University) and Declan Black (Partner, Mason Hayes+Curran)

O'Neill, demonstrated the storytelling approach through a selection of exercises while describing the experiences of high-potential start-ups from Arizona and around the globe.

"Entrepreneurs continually tell their story to a wide variety of audiences including current and potential customers, partners, investors and employees. The ability to tell a compelling story can mean the difference in getting the order, signing the deal, closing the investment or recruiting the key employee," explains O'Neill.