The Entrepreneurship and Innovation Center (EIC)

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The Entrepreneurship and Innovation Center (EIC) is a key initiative created by IESE Business School to foster entrepreneurship and innovation across five continents.
What are the main aims and objectives?

The central mission of the EIC is to create a positive impact through thought leadership and networks supporting entrepreneurs, innovators, and investors. This includes fostering the development of new ventures, facilitating intrapreneurship within existing organizations, providing comprehensive educational programs and courses focused on entrepreneurial management, and offering resources such as funding, mentorship, and networking opportunities. The EIC is dedicated to creating a substantial and positive impact on society by nurturing entrepreneurial talent and driving innovation through its various initiatives and activities. The centre has set the goal of creating 50,000 new jobs by supporting 5,000 entrepreneurs in building their startups and raising €500 million in venture investment. 

How does the program work?

The Entrepreneurship and Innovation Center (EIC) at IESE Business School engages in a variety of activities aimed at fostering entrepreneurship and innovation. Key activities include:

Educational Programs and Courses

  • Courses: Offering specialized courses in entrepreneurial management, entrepreneurial strategies for social impact, entrepreneurial negotiations, and financing entrepreneurial opportunities.
  • Workshops and Seminars: Conducting workshops and seminars to provide practical knowledge and skills relevant to starting and managing new ventures.

Funding and Financial Support

  • Finaves Venture Capital Fund: Providing seed funding for promising alumni-led startups to help them grow and scale.
  • Business Angels and Family Office Network: Connecting entrepreneurs with potential investors to facilitate the creation of high-growth businesses.

Mentorship and Networking

  • Mentoring Programs: The Center offers various bootcamps and mentoring programs, including Start-up Bootcamp, WeStart/WeGrow Mentoring, Open Innovation Bootcamp, and Business Angels Academy.
  • Networking Events: It supports student entrepreneurship clubs and organizes events like the International Search Fund Conference and the Open Innovation Conference.

Competitions and Forums

  • Annual New Business Forum: An event where students present their business plans to a panel of experts and potential investors, gaining valuable feedback and exposure.
  • Investment Forums: Hosted by the IESE Business Angels to showcase investment opportunities and facilitate funding for startups.

Research and Thought Leadership

  • Research: Conducting and publishing research on various aspects of entrepreneurship and innovation to contribute to academic and practical knowledge in the field. The Center has 28 professors and collaborators from 13 nationalities, with 18 PhDs from top institutions. 
  • Publications: Faculty members have produced 1,683 publications in leading academic journals and applied outlets.
  • Conferences and Workshops: Participating in and organizing conferences and workshops to disseminate research findings and share best practices.

Global Engagement

  • International Collaborations: Partnering with global institutions and participating in international forums to promote entrepreneurship and innovation worldwide.
  • It collaborates with other institutions, such as the Digital Innovation Hub of Catalonia (DIH4CAT), to accelerate technology adoption in businesses.
What is the overall cost?

There is no available information about the overall cost of running the EIC.

How was it implemented?

The EIC was created by IESE Business School which is a graduate business school affiliated with the University of Navarra, located in Barcelona, Spain. It was founded in 1958 and is renowned for its emphasis on business ethics, international collaborations, and a highly diverse student body. IESE’s MBA program is consistently ranked among the top international MBA programs. IESE boasts an extensive alumni network of over 50,000 members, including prominent figures such as Steve Shiffman, former CEO of Calvin Klein, and Juvencio Maeztu, deputy CEO of IKEA. 

What impact has been measured?

The EIC has tracked the following impact of its work:

  • 30% of IESE students start a business within 5 years of graduation
  • 102,800 jobs have been created through IESE related startup founders in 5 continents
  • $14.5 billion fundraised by IESE alumni founders
  • $71 million invested by IESE ecosystem in startups
  • 1,400 students supported per year

However, there are currently no available impact studies of the activities the EIC that include control groups. Consequently, it is not possible to isolate the direct impact of the centre. 

What lessons can be learned?

The Entrepreneurship and Innovation Center (EIC) at IESE Business School offers several valuable lessons for fostering entrepreneurship and innovation:

1. Comprehensive Support Ecosystem

The EIC exemplifies the importance of creating a comprehensive support ecosystem that includes funding, mentorship, and networking opportunities. By establishing the Finaves Venture Capital Fund and the Business Angels and Family Office Network, the EIC ensures that entrepreneurs have access to the financial resources and investor connections necessary for growth.

2. Integration of Education and Practice

Integrating entrepreneurial education with practical experience is crucial. The EIC’s curriculum includes specialized courses that cover various aspects of entrepreneurship, such as entrepreneurial management, financing opportunities, and strategies for social impact. This approach ensures that students are not only theoretically knowledgeable but also practically equipped to handle real-world challenges.

3. Mentorship and Guidance

Providing mentorship through structured programs like WeGrow Mentoring allows startups to benefit from the experience and insights of seasoned entrepreneurs and executives. This mentorship can be pivotal in helping new ventures navigate early challenges and accelerate their growth.

4. Encouraging Innovation and Intrapreneurship

The EIC emphasizes the importance of innovation both within startups and established companies. By promoting intrapreneurship, the center encourages employees within large organizations to develop and execute innovative ideas, thereby driving continuous improvement and competitiveness.

5. Global Perspective and Collaboration

The EIC’s commitment to global engagement and collaboration with international leaders and institutions highlights the value of a global perspective. This approach not only broadens the scope of opportunities available to entrepreneurs but also fosters a diverse and inclusive innovation ecosystem.

6. Research and Thought Leadership

Conducting and disseminating research on entrepreneurship and innovation is essential. The EIC contributes to the academic and practical knowledge in the field through publications, conferences, and workshops, helping to shape best practices and inform policy and strategy.

7. Holistic Development

The EIC’s focus on developing both entrepreneurial and leadership capabilities underscores the importance of holistic development. By fostering competencies such as creativity, strategic thinking, and moral virtues, the center prepares individuals to face future challenges with agility and resilience

CURATED BY

Tom Hancock

Research Associate
Global Entrepreneurship Network
United Kingdom