Exclusive Interview with INSEAD’s Steve Haslett

Andrew Scharf (WCW)
Considering current trends at business school, what do you see happening as MBAs look to step up their careers in today's intensively competitive and rapidly changing environment?

Steve Haslett (INSEAD)
MBA's career goals are changing. Interest in General Management, Management Consulting and Investment Banking remains, but a growing percentage of MBA students are determined to make an immediate impact and they view entrepreneurship as a viable career option.

WCW
INSEAD in Singapore puts you in an excellent position to access trends in globalization and how to exploit new opportunities. How many INSEAD alumni really seek to launch entrepreneurial ventures?

SH
More than 40% of INSEAD alumni eventually start their own businesses. What has changed recently is the number of MBAs daring to start their business immediately after graduation. This shift, I find quite remarkable and noteworthy.

Complementing this surge in start-up activity, we see a growing trend towards the investment side of entrepreneurship, with many graduates opting for Venture Capital firms or Private Equity buy-out funds. One of my current students, Alain Cochenet, is currently doing research in this field, and is making some ground breaking discoveries.

WCW
Why the investment side of entrepreneurship? Is it because employment in this field is tight?

SH
Yes, finding jobs in Private Equity (PE) or Venture Capital (VC) is notoriously difficult. PE/VC firms principally hire based on referrals and a close-knit web of relationships. MBA graduates with a stellar history of corporate management, consulting, banking or law have great difficulty in engaging PE/VC firms.

WCW
What do you counsel potential entrepreneurs?

SH
Many MBA graduates have great ideas for a new venture, but have problems attracting investors because they don't have any start-up experience. Experience is seen as fundamental in order to secure some form of investor backing.

This chicken-and-egg problem has, in the past, deterred many capable, passionate MBA graduates.

WCW
How can INSEAD help give potential entrepreneurs the confidence to make the leap and take the risk?

SH
In Singapore at the INSEAD Asia campus, we have developed a cutting edge programme, which aims to bridge this challenging transition.

We provide an ideal launchpad for MBA candidates and graduates interested in starting a venture or assisting PE/VC companies investing in Asian ventures. INSEAD's global alumni network facilitates contacts between Asia, Silicon Valley, Cambridge UK and other global start-up hotspots.

Everyone knows that Asia is the fastest-growing entrepreneurship region in the world. China and India alone will create more new businesses than the rest of the world combined over the next few years. Add Korea, Japan, South-East Asia and Australia to the mix and you see why all the major Global PE/VC firms are setting-up shop in Asia.

Opportunities in Asia are abundant, from the early-stage China and India ventures to the mature Korea, Japan and Australia buy-out candidates. Add to this the financial support from Governments such as Singapore and you have a heady cocktail of career possibilities.

WCW
Many of WCWs clients query us on which entrepreneurship programme is best suited to their development. What therefore, makes the INSEAD programme so unique?

SH
First, I would stipulate access to experts, the market, key players, and know-how. The infrastructure at the Singapore campus is first rate.

Secondly, to accelerate MBA access to the Asian entrepreneurship phenomenon, INSEAD recently launched the "Advanced Entrepreneurship Programme."

Designed by MBAs, faculty, PE/VC firms and start-up CEOs, the programme selects the best and brightest INSEAD MBA graduates for an MBA extension programme tailored to the needs of PE/VC firms and Asian start-ups.

MBA Participants in the programme declare their interest in Private Equity buy-outs, early-stage Venture Capital or operational start-ups. Potential hosts from PE, VC and IP-rich start-ups profile their needs and INSEAD provides the matchmaking mechanism to ensure hosts and interns derive valuable benefits from the programme.

WCW
How does the INSEAD differ from approaches utilized at other academic institutions?

SH
Traditional Business School internship programmes lack a tailor-made matching mechanism. At INSEAD we look for cultural, functional and aspirational matches to generate the greatest satisfaction. However, one aspect of the programme has exceeded our expectations. Individual internships can produce great results.

For example, an INSEAD intern who spent eight weeks with an IP-rich start-up re-wrote the business plan, re-prioritised the target segments, engaged anchor customers and attracted lead investors. Such remarkable results were possible from the INSEAD "collaborative internship".

WCW
Could you explain, what a 'Collaborative Intership' entails?

SH
Collaborative Internship brings all the interns together once or twice each week to share issues, ideas and solutions to resolve individual problems. Imagine a gathering of interns, who regard each other as trusted advisors, sharing their concerns.

In a trusted, business-like setting, the "investor" interns will advise the "start-up" interns and deals will be initiated, with INSEAD faculty facilitation. This "collaborative internship" is of great value as it exposes all our interns to start-ups, Venture Capital and Private Equity. Many participants find even greater value in the collaborative internship than in their individual internships.

Most interns will be asked to extend their time with their host when the matchmaking is effective. Our experience is that more than 50% of interns are asked to extend their contribution. It seems that the "try-before-you-buy" internship is a powerful stepping-stone towards a career in PE/VC or in a start-up.

Note that the INSEAD programme goes beyond the practical, to provide participants the opportunity to demonstrate their intellectual calibre. A "Reflection Paper" based on a pre-defined intellectual challenge facing the host company is required for successful completion. These Reflection Papers provide solid proof of the MBA's ability to analyse and solve a significant intellectual entrepreneurial challenge.

WCW
When should interested parties apply to the Advanced Entrepreneurship programme?

INSEAD runs the Advanced Entrepreneurship Programme twice per year, in summer and in winter. For more details, please contact or myself: Professor Steve Haslett at

Interview Notes:

Andrew Scharf,
Managing Director
Whitefield Consulting Worldwide

Steve Haslett
Affiliate Professor of Entrepreneurship at INSEAD
He is also in charge of the innovative MBA extension 'Advanced Entrepreneurship Programme. In addition to his role at INSEAD, he started and now runs Silver Fox, a consulting company in Singapore, actively engaged in hi-tech startups.


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