The University of Wisconsin–Madison is embarking on a mission to enhance entrepreneurial pathways, experiences, and outcomes, based on the insights and recommendations of a study commissioned by Chancellor Jennifer Mnookin. The comprehensive plan outlined in the study aims to cultivate a vibrant entrepreneurial ecosystem, leveraging the university’s existing strengths and commitment to fostering entrepreneurship across campus.
Chancellor Mnookin has identified entrepreneurship as a key priority for the university. In 2023, she tasked a working group, composed of entrepreneurial and innovation leaders from campus and industry, with reviewing current practices and proposing recommendations. The group’s findings and suggestions are geared towards unifying existing programs and charting a new direction to empower the entrepreneurial community to lead on a national and global scale.
Titled ‘Empowering the Wisconsin Idea: The Future of Entrepreneurship at the University of Wisconsin–Madison,’ the report outlines recommendations in four key areas: committing to excellence in entrepreneurship, establishing campus leadership and structure to bolster entrepreneurship, creating a culture that promotes and celebrates entrepreneurship, and expanding access to capital.
The committee behind the report was co-chaired by Jon Eckhardt, Pyle Bascom Professor of Business Leadership, and Chris Kozina, former assistant vice chancellor for industry engagement. The committee included members from industry, campus administration, and UW–Madison’s faculty, bringing a diverse range of perspectives to the table.
Chancellor Mnookin recently appointed Jon Eckhardt as a special advisor for the entrepreneurial initiative, signaling her dedication to advancing the effort. Eckhardt emphasized the potential impact of the new approach to entrepreneurship on campus, highlighting the importance of putting faculty, students, staff, and alumni at the center of entrepreneurial endeavors.
The recommendations put forth by the working group call for establishing a signature on-campus entrepreneurship unit to coordinate efforts and foster collaboration among various stakeholders. Additionally, the recommendations include streamlining policies to reduce barriers for entrepreneurs and exploring investments in new physical spaces to support entrepreneurship and engagement with external expertise.
Looking ahead, the university has outlined a series of next steps to implement the report recommendations. Eckhardt, in his new role as a special advisor, will lead efforts to align key stakeholders and explore structures to support the design of a formal campus entrepreneurship platform.
The university will collaborate with key partners such as the Wisconsin Alumni Research Foundation, the Wisconsin Foundation and Alumni Association, and University Research Park to consider and implement the report’s findings and recommendations. With a rich history of entrepreneurial excellence and support, UW–Madison is well-positioned to build on its existing programs and services to further empower its entrepreneurial community.
In conclusion, the university’s strategic vision to boost entrepreneurship underscores its commitment to fostering innovation, driving economic growth, and making a lasting impact on the local and global entrepreneurial landscape. Through collaboration, leadership, and a founder-first approach, UW–Madison is poised to elevate its entrepreneurial ecosystem and empower its community to lead in groundbreaking ways.
