In response to a need recognized among the owners of small businesses and entrepreneurs seeking to establish viable companies, the UTC College of Business, The Riverbend Technology Institute, and the Center for Entrepreneurial Growth established the Entrepreneurship & Technology Certificate Program in the spring of 2004. While many small business owners and entrepreneurs possess the skills and business acumen to develop an outstanding product or idea, totally effective business function may be enhanced by greater understanding of additional concepts.
“Many individuals with technical or engineering backgrounds have not been exposed to the business concepts necessary to form an organization and to bring a product to market,” explains Dr. Larry Ettkin, Marvin E. White Professor of Management and Marketing/Entrepreneurship at UTC. “We feel the program has been very successful and should contribute to the economic development of our region.“
According to Dr. Ettkin, the UTC College of Business faculty members who taught the classes also have made themselves available to participants outside the classroom and have provided considerable reference material to them. “To date, a total of 110 participants have benefited in eight programs,” he says. “These consisted of nine sessions and covered topics such as Writing a Business Plan, Marketing High-Tech Products, Legal Issues and Entry Strategies, Financing the Business, and Launching the Business. The faculty who taught the classes have brought practical and academic experience to the classroom for establishing successful technology-related businesses.”
Originally designed to enable technology-based entrepreneurs to accelerate their business skills and increase their probability of success in the marketplace, the Entrepreneurship & Technology Certificate Program was initiated by Dr. John Schaerer, special assistant to the UTC chancellor, and funded by a federal grant. During an intense five-week term, participants typically have met twice per week during evening hours. Measuring the program’s success has been a gratifying process.
“The good news about that is that I don’t have to assess the program. The participants assess it themselves,” relates John Riddell, Vice President of the Chattanooga Area Chamber of Commerce and Director of the Riverbend Technology Institute. “At the end of each session, we have conducted a survey with the students, and they have given us valuable input. When you look at the surveys, the conclusion you come away with is that the students receive a tremendous educational asset and have appreciated the quality and the benefits of the program.”
Most of the program participants have been adults pursuing careers, some working full-time while learning what is necessary to launch their new companies. The concepts learned during the program have proven to be practical and useful immediately.
“That is where the real value is for these folks,” adds Riddell. “They don’t have the luxury of just believing these ideas are nice to know. They have got to get moving today. It is difficult to say what entrepreneurs need most, so this has been a compressed kind of basic business curriculum for start-up companies and others in various stages.”