"Global Entrepreneurship Lab, part of the Action Learning curriculum, connects students with entrepreneurs in places all over the world - in far away places, such as Senegal, Dubai and Vietnam."
How does it work in practice?
To truly reinforce their developing knowledge, students at MIT Sloan are afforded exceptional opportunities to actively exercise their leadership skills and apply classroom learning by tackling real-world challenges. Our long tradition of merging theory with practice is the competitive advantage upon which MIT was built, and it’s the very foundation upon which it continues to grow. We are the leader among top-tier business schools in Action Learning. In the class of 2012, 75 percent of the students in the MBA program elected to participate in at least one Action Learning Lab courses as part of their customized curriculum.
Mens et Manus
MIT’s guiding principle is its motto, "Mens et Manus," or "Mind and Hand." In addition to fulfilling the MIT philosophy of translating innovation to purpose in the world, hands-on learning synthesizes what you know with what you will need to know to make a more powerful impact in your chosen career.
Action Learning is an integral component of every student’s experience at MIT Sloan. While Action Learning is offered in other business programs, Action Learning at MIT Sloan is a unique process in which students constantly refine their learning through an ongoing, iterative sequence of theory, practice, and reflection. The integration of learning through classroom theory and real-world practice — whether by starting their own business, working with major companies on their latest financial issues, helping entrepreneurs from developing economies structure sustainable businesses, or solving problems that keep even the top executives awake at night — is a part of MIT Sloan’s DNA. “Learning by doing” is how we think about management education.
We offer a broad array of hands-on, experiential learning courses, such as Leading Sustainable Systems Lab (L-Lab), where students tackle the critical issues of global business sustainability, and India Lab (I-Lab), during which students get intensive real-world experience working on a three-month engagement to address organizational challenges within small to midsize businesses in collaboration with Indian executives. Students choose from a variety of projects with companies, NGOs, not-for-profits, and/or government agencies. Lab projects selected by MIT faculty and staff cover a wide spectrum of interests and challenges.
Students further collaborate by working on projects in teams, again mirroring real-world settings. Teams may include members from other disciplines across campus, from other universities, or even from other countries. Problems and opportunities cross borders, as do the customized paths of study at MIT Sloan.
Develop and Implement the Plan
All experiential learning courses begin with traditional classroom work: learning strategy, doing casework, and hearing lectures from faculty and other prominent organization leaders invited from outside MIT Sloan. Some Action Learning courses are simulation-based activities where faculty use technology to replicate business challenges, allowing students to test their knowledge and then assess the assumptions underlying their decisions. Other courses allow students to apply their knowledge in developing a strategic plan with and for an external host company. The project-based courses culminate with on-site time at the host organization to present that plan. MIT Sloan's academic schedule is set up to facilitate the time necessary for off-campus experiences.
Different labs are organized by the types of projects involved and by the locations of the host organizations. For example, one of the most popular labs, Global Entrepreneurship Lab (G-Lab), concentrates on entrepreneurs in developing economies. By contrast, students in Entrepreneurship Lab (E-Lab) usually work with New England- area entrepreneurs, bringing new technology-based products to market. Leading Sustainable Systems Lab (L-Lab) works with organizations to integrate sustainability as organizational change, whereas Sustainable Business Lab (S-Lab) tackles specific sustainability projects. The following pages describe more characteristics of existing Lab courses.
MIT Sloan Trading Lab
For finance students, MIT Sloan’s state-of-the-art Trading Lab is identical in every detail to the best trading rooms in financial capitals around the world. It provides MIT Sloan students with hands-on experience in the complex realm of trading and finance. While accurately reflecting today’s financial markets, the MIT Sloan Trading Lab also plays a central role in shaping innovations in the practice of finance, often in collaboration with other disciplines.
Student Initiative: Clubs, Conferences, Competitions, Treks, Networks
MIT Sloan offers an array of extracurricular activities that can play a pivotal role in hands-on learning and leadership opportunities.
MIT Sloan students organize conferences on diverse topics, from venture capital to bio-innovations, and from sports analytics to sales. Students at the School also participate in more than 60 student-run clubs.
Student-run contests include the International MBA Sales Competition, the Elevator Pitch Contest, and the MIT Clean Energy Prize Competition. One of the best-known student contests is the MIT $100K Entrepreneurship Competition, where the student with the top business plan wins $100,000 in capital to start up his or her proposed enterprise. Competition participants are also eligible for up to $350,000 in seed money, and up to $600,000 is available for the most outstanding business plans in the energy industry.
With the help of the Career Development Office, students organize treks to areas highly concentrated with organizations of career interest. Recent treks included trips to China, France, Japan, Brazil, Kenya, Silicon Valley, and New York City.
Networking events are hosted by a variety of student groups, and can further expand students’ opportunities for collaboration. TechLink hosts events that span the MIT-Harvard community from freshmen to alumni to industry leaders. Bio Bash brings in scientists and entrepreneurs from around the world each year. The annual MIT Venture Capital Conference, run by the Venture Capital and Private Equity Club, is the largest student-run venture capital conference in the world. This much-anticipated event draws 100 venture capitalists, 100 entrepreneurs, and 100 students together in an unparalleled global “mixer.”
“The conditions in the neighborhoods we were visiting were different than what we realized before getting there. Beyond that, what was surprising was that there weren’t surprises!”
“I knew about American business, but not enough about what’s really become a global economy. … You can read about it all you want, but there’s no substitute for being there and seeing the context and seeing how completely different these [other countries] are.”
“One of the reasons I came to Sloan was because I wanted to be at a top MBA institution worldwide. But I also wanted access to working with the latest innovations and the highest technology that was coming out of the MIT labs.”
“I love being in a place that is such a nexus of people and ideas — people coming to learn something new and to define themselves. Being a part of that process is a real honor and a real gift.”
“Because of the diversity of our backgrounds, when we hit the ground in Tanzania it almost was a natural play where different people assume different roles.”
“The assistant to the CEO was like our host mom while we were there. She arranged our housing for us, she took us out to her friend’s game farm, and we got driven around in 4x4s. She was just wonderful to meet, and we developed a personal as well as professional relationship with her.”
“At MIT Sloan you have a lot of opportunities to explore entrepreneurship. Especially in a place like Kampala where you have a lot of development, entrepreneurship can be very exciting.”
“You could talk about watershed management and conservation of energy all you want. But until you put numbers to it and financial analysis to it, you’re not going to get much done. I came to business school to speak that language, speak with people in terms of numbers, financial numbers so that I can get projects done.”
“We are very much an action-learning environment. The way to learn leadership is not only through reading cases, not only through learning theory — in fact we don’t want people to regurgitate the theory. We want people to take theory and to live it, use it.”
"The relationships that we forged helped us to turn out a better project. We were able to test our hypotheses with the people that we spoke with every single day. And really, I think the friendships that you develop really propel the work that you’re doing."
“We’re very interdisciplinary. Among the faculty in the group are an economist, a political scientist, a sociologist, and an industrial relations specialist. We’ve always made a big effort to be open to a variety of perspectives, but also to go beyond being open to them, to want to bring them in, because it makes for a richer environment.”
“For 35 years, we’ve been studying how companies get value from information. … We try to help organizations take a more holistic view of what they are trying to do.”
“[The India Lab] program is one of the reasons I came to Sloan. ... The hands-on learning that MIT offers was a huge differentiator.”
“It was really rewarding that they wanted to know what we thought. We left there being fairly certain that they will do some of the things that we suggested.”
“To overcome the economic challenges we face, we need a new generation of financial industry leaders, policymakers, and regulators who have a deep understanding of how technology drives the financial system. At MIT Sloan, I'm surrounded by an exceptionally smart group of colleagues committed to training this new generation, and by talented, passionate students eager to make a difference.”