This week on the podcast, Matt sits down with Jason Ridge, Taryn Mead, and Matthew Myers with the Sam M. Walton College of Business. Jason is the Chair of the Department of Strategy, Entrepreneurship, and Venture Innovation (SEVI), Taryn is an Assistant Professor of Product Design, Innovation, and Management, and Matthew is the program manager for Outdoor Industries. Matt and Jason begin by discussing why the SEVI Department was developed, the various degree options, and the Micro Certificates available through the department. The conversation continues with Taryn detailing the Masters of Science in Product Innovation and its launch along with the product innovation practicum. The conversation concluded with Matthew walking through the advantages of the Masters of Science in Product Innovation as it applies to working professionals.
Episode Transcript:
Matthew Myers 0:00
Entrepreneurial education, that doesn't just mean you want to go and start your own
business. It means you're creative, you want to be innovative, you want to be disruptive.
So I'd say you know, those kinds of characteristics are going to be ideal for our
students.
Matt Waller 0:13
Excellence, professionalism, innovation, and collegiality. These are the values. The
Sam M. Walton College of Business explores in education, business, and the lives of
people we meet every day, I'm Matt Waller, Dean of the Walton College, and welcome
to the Be Epic Podcast. I have with me today, Jason Ridge, who is Chair of the Department
of Strategy, Entrepreneurship, and Venture Innovation. He's also a Professor of Strategy
here in the Sam M. Walton College of Business. I have Taryn Mead, who is a an Assistant
Professor of Product Design, Innovation, and Management. And she has extensive experience
in the outdoor industry. And we'll talk about that as well. And I also have Matthew
Myers, who has been with the university, especially in recruitment and graduate recruitment
and now he's the program manager for Outdoor Recreation, Products, and Services. So
thank you all for joining me today.
Taryn Mead 1:19
Thank you.
Matt Waller 1:21
Jason, I want to start with you. You know, we started this new department, the Department
of Strategy, Entrepreneurship and Venture Innovation a couple of years ago. And it's
it's an outgrowth of the Department of Management. And, you know, we did that because
we wanted to emphasize entrepreneurship and strategy. And sometimes it's good to separate
departments out so that you get that kind of a thing. Many years ago, back in 2011.
We did that with the department of supply chain management, which used to be a part
of the department of marketing. And it really made a big difference. In terms of the
flexibility and strategic direction of the department. Of course, that department
now was ranked number one in North America by Gartner. So sometimes having a little
autonomy to focus gives you a lot of options. And I know that your department partners
closely with our Office of Entrepreneurship and Innovation on campus, but would you
tell tell us just a little bit about the department and what kind of offerings you
have?
Jason Ridge 2:34
Sure, yes. So the Strategy Entrepreneurship and Venture Innovation Department, we
refer to it as SEVI, S E V I just because that's all a lot of words strung together
in the name, and we offer a an undergraduate degree in Entrepreneurship and and or
Innovation that has four thematic tracks is what the way we focus on it. It's a very
open and flexible type of program because we want to provide students with the most
opportunity to focus on what they're most interested in, whether it's a specific business
idea that they have, or a specific industry that we can help those students really
focus on the type of thing that they're they're most interested in. So we have a lot
built a lot of flexibility into our undergraduate degree. Our four thematic tracks
are Corporate Innovation, which focuses on product management to some degree, which
also will will speak to what Taryn and Matthew we're gonna speak about in a little
bit. The Social Innovation track as well, if students are more interested in kind
of maybe maybe not nonprofit, but at least creating and starting an enterprise that
is focused on creating social good in the in creating some type of social good rather
than just economic development or value. Then we also have a typical Entrepreneurship
approach or New Venture Development type of theme. This is for students that just
want to start a typical business. And then the last is Small Enterprise Management
for those students that are interested in focusing on small business or maybe even
a family run business rather than trying to get into a larger organization or corporate
structure. And then, just really quickly, I'd say that we also have recently been
approved to start offering three micro certificates, four technically with the outdoor
products. But again, that's a Taryn and Matthew's domain. But we have an Entrepreneurship
Micro Certificate that's focused specifically on its three courses, focused on students
and or those that are not necessarily students yet, but in people that have business
ideas and the goal of this certificate is for individuals that come in with an idea.
And we literally walked them through the process. And by the end, hopefully they would
be at a point where they could start the business if they so desired. Then we also
have a Social Innovation Micro Certificate and an Organizational Innovation Micro
Certificate. Each of these are focusing on either internal, from the organization
perspective, internal innovation or social, again, is businesses creating some societal
good.
Matt Waller 5:31
Excellent. And I know the the minor that you all created, is open to any student on
campus. Is that right?
Jason Ridge 5:42
Yes, that's, that's a great point, I missed that the we have a minor for Walton College
students. First is one option for those that are already in Walton. But we also have
a unique one that is specifically tailored to reducing the amount of core programming
in Walton College for students that are in other colleges in the university. So it
allows for a lower cost of entry for the minor. In fact, we took the 18 hours that
used to be prerequisites, and it's collapsed down into a three hour course, I believe
it's only 18 hours total, to get the minor now rather than what what used to be much
more than that.
Matt Waller 6:26
I'm so glad your department did that because, you know, entrepreneurs come from all
areas of the university that come from engineering, agriculture, philosophy, any any
area. But to your point, the barrier to entry to our minors was substantial, because
of the amount of prerequisites as you pointed out. And now, it's quite easy for students
across campus that maybe they don't have much of a business background to take these
classes. And hopefully, that will increase the probability of success of these companies
that are starting in Northwest Arkansas as a result of students that are here. So
that was a great innovation you all had in your own department. And it wasn't innovation,
and it wasn't easy to to get through the system. But you all persevered and made it
happen. So well done. Well, thank you. Yeah,
Jason Ridge 7:30
It is a we are we're happy with the with the program, we feel that it can be really
successful.
Matt Waller 7:30
Taryn, I know you're very involved with the Masters of Science in Product Innovation
of this new program. Would you speak to that a little bit?
Taryn Mead 7:46
Sure. So I came in last fall to really help launch this program that is largely grant
funded at the moment. There was generally though a broad demand before the grant came
into the picture, there's been a broad demand for the development of product managers
and product innovation in Northwest Arkansas, recognizing that we have this large
retail entity in our midst that is creating a lot of product or driving the creation
of a lot of product, both digital and physical product. So the MSPI, the Masters of
Science and Product Innovation came about as a way to meet this demand for local employers.
You know, local employers are saying we really need folks who understand product to
to meet the needs of our organization. And so we saw a real opportunity here, Sarah
Goforth. And in OEI, the Office of Entrepreneurship and Innovation. She and Jon Johnson
saw a real need to meet this request from employers. So in order to meet this demand
that we're hearing from local employers, we're offering coursework and user research
really looks at, which really looks at how to understand the relationship and engagement
with users. We have Business Foundation for Entrepreneurs, which covers just a very
wide array of basic business skills. For folks that might not come from a business
background. We're also looking at product design and prototyping in the coursework,
as well as product management. And one part of the program that I'm well two parts
that I'm very excited about. One is the interdisciplinary, interdisciplinary nature
of the electives that we're offering. So we have six credits of electives, and we're
creating pathways across the university for participants in our program to be able
to take courses from other departments to meet that elective requirement. Another
thing that I'm very excited about is the product innovation practicum which will enable
students to engage with sponsor organizations to help solve their business problems
in a 250 our practicum project. So those are both components that I think one can
deliver a really highly customized high touch experience with students to engage in
their interests, and also really create a lot of value for the companies in our region.
Matt Waller 10:15
Wonderful. Matthew, I know one innovation in the Masters of Science in Product Innovation
is really making it accessible for working professionals. Would you mind talking a
little about your role, as well as the importance of having working professionals
in this program?
Matthew Myers 10:36
Yeah, absolutely. And, you know, working professionals for this program kind of came
out of the demand that we found for it. So talking about customer discovery, we were
getting calls from folks at Walmart and folks down in Fort Smith and the supply chain
industry and kind of all over the place, but they are working professionals that were
in the industry, that either were had the awareness of product management, or maybe
they had their own product idea that they were hoping to sort of on the side develop
and potentially start their own company with. And so that demand really drove us to
make some changes to the program, because previously, we were thinking we would start
with a full time program. And so what we've done is make the program a specific pathway
for working professionals that will follow the format that our Executive MBA has had,
that our Information Systems Professional Programs have, that our Masters of Supply
Chain Program has, where it's a one Saturday a month, they'll come to class and have
that face to face experience. And then the rest of the coursework, they'll complete
over the week, virtually. And so it's a format that we've seen success with through
these other programs for several years now. And so we know it works with our local
business community. And so it's one that we wanted to adopt, just to make the program
available to these folks, they're they're the ones that they're aware of what's going
on with product and how that's changed so much. In the industry, Walmart is one of
the biggest hirers of folks in the product space. And so it's it's really just something
that, you know, is really, in demand. It's something that's new. And so it's something
that even a lot of our undergraduate students may not be aware of yet. But but the
working professionals are aware of it. So what that'll look like for them is basically
a two year process, although take it part time, taking two classes a semester. So
very digestible. One of the parts that we're excited about as well as we're going
to utilize the collaborative space that we have up in Bentonville. And so it's very
close to a lot of our working professionals, we are also working with them in the
development of a new prototyping space that our students will have access to up there,
if you know where Airship Coffee is, it's kind of grab your coffee and go behind that
it's in the same warehouse building there. And so they'll have opportunities to very
much hands on work in the prototyping phases of the program. And then also being connected
to a lot of the funding sources for our students that are interested more in the entrepreneurial
space of this as well. So we're really excited to see what our professional students
come in the program and do. I think it's something that our GORP program that Phil's
doing, has seen a lot of success with, almost all of his folks that have come through
that program have been working professionals that are doing this on the side to develop
a product. And so we anticipate that as well. Both, again, from the entrepreneurial
side, as well as folks that are that are maybe in the Walmart universe that wants
to transition or to grow within the product space there.
Matt Waller 13:45
If, if someone's interested in this program, what would be the best way for them to
find out more about the program?
Matthew Myers 13:55
So our website, pretty easy to remember, MSPI.uark.edu. All the courses are listed
there. So you can get a really good idea of what you'll be studying. We also have
a breakdown of the course layout and the schedule of when those face to face classes
are. And then there's also a form on there if you want to get more personal and have
a conversation with me put your information there, I'd be happy to reach out and chat.
One of the things that's you know, exciting about a new program is that they're always
small, because not as many people know about them. And so we anticipate, you know,
anywhere from 10 to 15 folks in this original cohort, so it's going to be very intimate,
personal. We're going to know all of our students very well you're going to know us
you're going to know your faculty. We're going to have lots of opportunities for job
placement for you know, individual mentoring and counseling throughout the program.
And so it's gonna be it's gonna be a pretty cozy program in that regard. So yeah,
I'd say definitely don't hesitate to reach out and chat with us if if you're at all
interested.
Matt Waller 14:58
Great. Great. Jason, getting back to the major in entrepreneurship, for example, or
even the minor. What if a student is entrepreneurial? You know, they seem to be drawn
to entrepreneurial activity and ideas. But what if a student is in that category,
but they want to start their career with a bigger company? Is studying entrepreneurship
beneficial for them?
Jason Ridge 15:27
Absolutely. In fact, we talk to students frequently that, that have interest in or
a creative mindset or creative decision making, that they're interested in that but,
you know, aren't ready to take the leap into a into their own business. And I think
that that's one of the misconceptions about entrepreneurship, particularly from an
educational perspective is that while while entrepreneurship can be starting your
own business, that's one of the reasons why we have alternative tracks as well is
for students that want to learn design thinking or different creative problem solving
and approaches to decision making, that really create those innovative thought processes
within organizations, large corporations are always looking for, and would like students
that have a different perspective, rather than, than the simple typical disciplinary
perspective, and that that's what this does program provides. So it allows for a lot
of opportunity in that space beyond just starting your own business. In fact, if you
look at the data, most entrepreneurs on average entrepreneurs usually are in their
30s, or close to, and that's because they've begun in the corporate world, they've
learned a skill they've learned a trade and then they from that they've had time to,
you know, save some funds and be able to invest in their new business. And so that's
we're focused on those types of students as well of allowing them through a corporate
innovation, thematic track, or core, or the social innovation, or even the small enterprise
perspective is, can help those students fit into that corporate world. And then if
they want to, in the future branch out into creating their own business.
Matt Waller 17:17
Matthew, for the Masters of Science in product innovation, would you characterize
the ideal student?
Matthew Myers 17:25
I'd say it's pretty broad. So you know, Jason talked about earlier, you know, how
entrepreneur education, that doesn't just mean you want to go and start your own business,
it means you're creative, you want to be innovative, you want to be disruptive. So
I'd say, you know, those kinds of characteristics are going to be ideal for our students,
they could come from any major. The technical skills, obviously are helpful if you're
trying to develop products. So if you're computer science or engineering, but you
could be, you know, an English major that has an idea or you want to get into the
space, you're very likely a business student we'll have a lot of those. So it's not
specific to any any major, I would say, some experience is certainly ideal for us,
you know, if you're coming, especially into the part time program, we're looking at,
you know, upper 20s 30s 40s are kind of the range there. But we also have students
coming directly out of undergraduate, that are interested in the program, and for
certain students, they can be successful as well. I would also say that, you know,
product can be a lot of different things. It could be, you know, internal digital
products at a large corporation. It could be a company that's creating product, it
could be against starting your own business. And so it's pretty broad. But but it
should be somebody who's interested in creating something new and enjoys working on
interdisciplinary teams. And, again, is ready to to create and disrupt and be innovative.
Matt Waller 18:55
Taryn, would you mind speaking a little bit, you know, we've been talking a little
bit about this idea of outdoor recreation. And what does that have to do with all
of this and and what are we trying to accomplish with that?
Taryn Mead 19:11
In terms of the outdoor industry, Arkansas is now joining the ranks of a national
movement of states that are creating offices of outdoor recreation, and really focusing
on the economic impact that outdoor recreation and tourism has on their economy. So
join states like Colorado and Oregon in the creation of these offices to really sort
of create strategies around development of both services and products in the outdoor
industry. So the program that we're creating product innovation has a large focus
on outdoor industry as a as a product category that we really want to help develop
here. And Matthew touched on the prototyping lab that we're building up in Bentonville,
and part of the focus of that space will be on the cycling industry. We're going to
focus on prototyping in metals in that space and how we can work with an entrepreneur
and engineering residents there to support the cycling industry through the projects
that we work on in our program. So it's an exciting time to look across the various
opportunities in this region and really lean in to the assets that you have here in
terms of natural resources.
Matt Waller 20:31
On behalf of the Sam M. Walton College of Business, I want to thank everyone for spending
time with us for another engaging conversation. You can subscribe by going to your
favorite podcast service and searching Be Epic. B E E P I C
Matthew A. Waller is dean emeritus of the Sam M. Walton College of Business and professor of supply
chain management. His work as a professor, researcher, and consultant is synergistic,
blending academic research with practical insights from industry experience. This
continuous cycle of learning and application makes his work more effective, relevant,
and impactful.His goals include contributing to academia through high-quality research and publications,
cultivating the next generation of professionals through excellent teaching, and creating
value for the organizations he consults by optimizing their strategy and investments.
