MIT Regional Entrepreneurship Acceleration Program
Dates: Feb 26, 2014-Feb 25, 2016
Certificate Track: Management and Leadership
Tuition: $250,000 (covers tuition for two years for entire team of 5-7 participants)
Program Days (for certificate credit): 10
We are currently accepting applications for the 2014-2016 cohort. Applications are processed on a rolling basis, and the application process will close once all eight regions have been accepted.
What is REAP?
The MIT Regional Entrepreneurship Acceleration Program (REAP) is a two-year program designed to help regions accelerate economic development and job creation.
MIT REAP serves to educate, engage, and enable teams from key regions around the globe in the development and execution of a well-designed acceleration strategy, focused on entrepreneurial activity that can enhance innovation-driven economic development and job creation.
The REAP program enables regional team members to learn and collaborate with MIT experts, catalyze regional action, and leverage global best practice through cross-regional collaboration. Participants will attend highly interactive two-and-half day educational workshop twice each year. Between workshops, they will engage in significant action-oriented activities in their regions, leveraging faculty coaching and an online community of practice to enable regions to more effectively share analysis, execute action plans, and sustain impact.
Who Should Participate?
Through an application process, the selection committee will choose eight regions as members of each REAP cohort. Each region participating in REAP will assemble an initial cross-functional team of five to seven members.
Participants from these sectors will be executives and decision-makers with:
1) An intimate understanding of their regional entrepreneurial ecosystem and their sector.
2) The ability to influence the creation and implementation of policy and programs in their own sector.
3) A demonstrated deep commitment to working with this diverse core team to impact strategic change in their regions.
Each REAP regional team will have at least one member represented from the following backgrounds:
-Government/ Economic Development
The Champion: One member of the team (often in the Government/Economic development role) will also play the role of the Champion and will lead the team assembly, secure funding, and ensure team applications are complete. The Champion will serve as the team leader throughout the two-year program and as the main point of contact with MIT staff.
Application Process and Key Dates:
1 - Submit Application to nominate Champion (rolling until limited slots are filled)
2 - Receive Admissions decision by MIT REAP committee
3 - Champion Submits Signed Letter of Agreement to reserve a spot in the 2014 Cohort (upon acceptance)
4 - Submit Final Team Application (before October 1, 2013)
5 - Submit First Tuition Payment (before October 1, 2013)
REAP Participants will:
-Understand key drivers of successful innovation-driven entrepreneurial (IDE) ecosystems.
-Deploy MIT rigor and use frameworks to assess your region’s capacities and to evaluate the current entrepreneurial ecosystem as a foundation for further analysis, strategy, and implementation.
-Build an interdisciplinary team to create and validate a vision of your region’s ecosystem at its full potential.
-Compare and learn from other regions globally through case studies and cross-regional dialogue. Connect to an active community of practice and collaborate with other regions.
-Design a REAP Acceleration Strategy to harness the power of innovation and entrepreneurship and accelerate growth in your region’s ecosystem.
All team members should be at a decision-maker level, and have the ability to influence the creation of policy and programs in their own sector. Additionally, they must have an intimate understanding of the current ecosystem.
Each regional REAP team consists of 5-7 team members, and will be composed of the following:
- Current or former founder of an innovation and technology-based company
- Currently part of an economic or development team promoting entrepreneurship
- Able to make or significantly influence policy and programs
- Employed by a large, influential corporation in your region
- Responsible for helping entrepreneurs through mentorship, partnerships, or investment
- A decision maker responsible for investments in early-stage technology companies
- Understands the regional landscape of access to capital
- A professor, lecturer, or administrator who is responsible for interacting with research and/or entrepreneurship in a region's university or similar education institution
- Interacts with the process of taking ideas/technology to market