Wake Forest University Entrepreneurial Internship Program

Entrepreneurship and Social Enterprise Minor Wake Forest University Winston-Salem, NC 27109 336-758-3153

ESE350 - Entrepreneurial Internships

http://entrepreneurship.wfu.edu

OVERVIEW The Program for Entrepreneurship in the Liberal Arts at WFU is committed to providing our students with the opportunity to investigate the value of entrepreneurial thinking within liberal arts pursuits. Research on principles of learning reveals that students learn most effectively when learning through personal actions and experiences (experience-based learning). One of the key activities for entrepreneurial experience-based learning is to place student interns in new and emerging organizations, in mature organizations initiating entrepreneurial activities with excellent leaders/mentors, or in organizations in an industry in which the student would like to establish an entrepreneurial career. Examples of host organizations might include a new art or theatre organization, a new biotech company, or an existing non-profit that is contemplating adding a new set of services. These organizations can have a for-profit or not-for-profit mission.

The Entrepreneurial Internship Program is coordinated through the Office of Innovation, Creativity and Entrepreneurship. Academic credit for completing an entrepreneurial internship can be applied toward the minor in Entrepreneurship and Social Enterprise.

BENEFITS TO STUDENTS

By participating in the Entrepreneurial Internship Program, students will gain a greater understanding of entrepreneurial management, explore the inner workings of for-profit or not-for- profit organizations, and complement classroom learning with real-world experience.

Entrepreneurial Internships are selected to ensure that students have  value-added, meaningful projects for their host organizations;  access to founders and top management; and  the opportunity to further explore entrepreneurial concepts.

Student interns will select faculty advisors who will help them, in conjunction with their host organizations, to develop an internship project description, determine goals and objectives for the project, act as a source of information during the duration of the internship, and provide monitoring during the internship and academic assignment to ensure satisfactory completion.

ESE350 - Entrepreneurial Internships - Approval and Enrollment Process

1. Spend some time thinking about your academic and career goals. What entrepreneurial topics are of interest to you? What are your career goals – both short-term and long-term? Do you have an interest in exploring an entrepreneurial opportunity while still a student? Are there particular industries that interest you, that you would like to work in, or that you would like to learn more about? Your plans for an internship should incorporate all of these factors.

2. Determine if you would like to complete an internship. Internships will give you the opportunity to work with a host organization and to identify a mentor in a field that may be of interest to you. (An independent study will give you the opportunity to work independently on a venture idea or a research topic of interest.)

3. If completing an internship, identify a host organization that will agree to sponsor you. Academic advisors in the Office of Innovation, Creativity and Entrepreneurship can help you

2 identify potential host organizations, but students are generally responsible for selecting, negotiating, and managing the internship relationship with the host organization.

4. You should identify a faculty advisor who is willing to advise you throughout the internship and who will be responsible for grading all academic deliverables. Students who have an interest in Science-based internships should notify the director. Science-based internships will be grouped in a separate section.

5. Submit all the appropriate forms (including the attached Request for Internship Approval Form, the Potential Host Description Form, and the Scope of Work Form) to the Office of Innovation, Creativity and Entrepreneurship (230 Reynolda Hall). These forms will outline your plans for an internship. The Director of the Minor approves all requests for entrepreneurial internships and independent studies.

6. Once your paperwork has been approved, you may enroll in ESE 350. Questions regarding course enrollment should be directed to the Office (230 Reynolda Hall).

7. All appropriate forms should be turned in no later than five days following the first day of class or the student will be dropped from the course.

8. Work with your faculty advisor and host organization to finalize the timeline for your projects and academic deliverables.

9. A course syllabus will be provided that includes expectations, grading policy, attendance policy, calendar of deliverables, etc.

10. Large group sessions will be held at the beginning, mid-term and end of semester. Students will be required to make presentations at the mid-term and end of the semester on their internship/independent study projects.

OBJECTIVES AND REQUIREMENTS

Interns will:

 Identify a host organization;  Complete all required approval paperwork;  Work with the host organization and faculty advisor to develop a project statement, project goals, and internship objectives;  Follow the internship reporting requirements and submit periodic reports to the faculty advisor during the internship period;  Receive credit for ESE 350 (3hr) upon the satisfactory completion of the academic assignment(s); and  Have a serious interest in learning more about entrepreneurial ventures.

Host organizations will:

3  Provide the faculty advisor with an internship project description;  Work with the student and the faculty advisor to develop a project statement, goals and internship objectives; and  Provide the intern with a mentor and access to key decision makers in the organization.

Not-For-Profit Host Organizations should have the following criteria:

 The entrepreneurial mentor must work on-site at the organization and be willing to spend a few hours each week in direct contact with the intern. The mentor should demonstrate a track record of seeking and developing opportunities for their organization where there have been no resources and should exhibit strong leadership skills.  The organization will have been in existence no more than five years, be in a rapid growth phase, be in the process of initiating an entrepreneurial project, or in the area of career interest to the student.  The organization should have no more than 50 employees and less than $25 million in revenues.  The intern will have access to key decision makers and be afforded the opportunity to effect change within the organization.

For-Profit Host Organizations should have the following criteria:

 The entrepreneurial mentor must work on-site at the organization and be willing to spend a few hours each week in direct contact with the intern. The mentor should demonstrate a track record of seeking and developing opportunities for their organization where there have been no resources and should exhibit strong leadership skills.  The organization will have been in existence no more than five years, be in a rapid growth phase, be initiating an entrepreneurial project, or be in an industry of career interest to the student.  The organization or program should have no more than 100 employees and must have less than $50 million in annual revenues.  The intern will have access to key decision makers and be afforded the opportunity to effect change within the organization.

I. ENTREPRENEURIAL INTERNSHIP OBJECTIVES

For Students:  Hands-on experience working in o new and emerging for-profit or not-for-profit organizations o more mature for-profit or not-for-profit organizations initiating entrepreneurial activities (for example, adding new services, new customer bases, new technologies, etc.); or o for-profit or not-for-profit organizations in an industry in which the student would like to establish an entrepreneurial career.

 Access to mentors and top-level decision makers of the organization.  The opportunity to effect change within the organization.

4 For Organizations:  The opportunity to use the knowledge and energy of students (under faculty guidance) to achieve a tangible result for the organization.

II. ACADEMIC EVALUATION

Evaluation of the internship is based on  Satisfactory completion of academic and other assignments required by the program and outlined in the scope of work established with your faculty advisor.  A memo from the host on-site supervisor to the faculty advisor and the Director of The Office noting successful completion of the internship by the intern.

III. ACADEMIC RESPONSIBILITIES

A. Student  Students are expected to prepare a final comprehensive report that showcases specific achievements and analyzes the quality of their experience.  Students are expected to meet other academic responsibilities as specified by their faculty advisors. *Academic assignments are graded based on the workload and expectations of a 3 credit hour course.

B. Faculty Advisor  Work with the student and host on-site supervisor to develop project statement, goals and objectives.  Determine the academic responsibilities for the internship.  Engage in periodic follow-up with the student during the internship period.  Contact host on-site internship supervisor at least twice during internship period.  Assess the success of the internship. Faculty advisor will review, critique, and grade the academic assignments related to the internship and submit a grade. *Academic assignments are graded based on the workload and expectations of a 3 credit hour course.

C. Host On-Site Supervisor  Work with student and faculty advisor to develop a project statement, goals and objectives.  Oversee the duties of the intern and be available for counsel and advice.  Contact the director regarding concerns that cannot be negotiated with the intern.  Submit a memo to the director verifying intern’s successful completion of the internship.

5 Required Forms for Internship Approval:  Request for Internship Approval Form  Potential Host Organization Description Form  Scope of Work and Learning Agreement Form

All forms can be found in this packet and should be submitted to the Office for processing and approval preferably before the beginning of the semester but no later than five days after the beginning of the course.

Questions regarding the Entrepreneurial Internship Program should be directed to:

The Office of Innovation, Creativity and Entrepreneurship 230 Reynolda Hall (336) 758-3153

6 Entrepreneurial Internship Program Request for Internship Approval Form

Date:______

Student Name: ______Student ID No: ______

2012-13 Student Status (year) ______

Major: ______Minor: ______

Mailing address during internship period:______

Email Address: ______Phone Number: ______

Name of Host Organization:______

Internship Faculty Advisor: ______Department______Email______

Semester of Internship: Spring Fall Summer (circle one)

If internship is during summer semester, do you plan on paying summer school tuition to receive academic credit during the summer? Yes______No ______

Will you be receiving compensation or payment as part of internship?: Yes______No______

Beginning Date of Internship:______Ending Date:______

Approximate number of hours:______Planned projects or assignments:______

Submit with this application: 1. A Potential Host Organization Description Form 2. An Entrepreneurial Internship Agreement Form 3. A Scope of Work and Learning Agreement Form

The Office of Innovation, Creativity and Entrepreneurship 230 Reynolda Hall (336) 758-3153 Date Application Received: ______Internship Approved by:______

7 Enrollment in ESE350? Yes No Date Approved: ______

Potential Host Organization Description Form

Students who have identified a potential host organization for their Entrepreneurial Internship will complete this form and submit with Request for Internship Approval Form.

Date: ______

Host Organization Name: ______Host Organization Website Address: ______Host Organization Phone #:______Fax #:______Host Internship Supervisor Name: ______Host Supervisor Email:______Phone #______

Organization Address: Address of Internship (if different): ______

Organization Profile:

Profit or Not-For-Profit?:______

Year Founded: ______

2011 # of Employees: 2011 Annual Revenues: $1 million or less ______0 – 5 ______51 – 100 $1 - $4.9 million ______6 – 10 ______101 - 200 $5 - $9.9 million ______11 – 20 ______200+ $10 - $24.9 million ______21 – 50 $25 - $50 million _____

Organization Description:

Nature of Internship:

Amount of Compensation?______8 9 Scope of Work and Sample Learning Agreement

Scope of Work with Host Learning Goals Strategies/Resources/Tasks Assessment and Academic Organization (or Student/Faculty (What skills and competencies do you How do you plan to achieve your learning Component/Deliverables Start-up) hope to improve? What goals: (activities, supervisors, consultants, (What academic assignments will you (What do you hope to develop for the entrepreneurial /personal/ professional books, etc.)? complete for a grade? – e.g. journal, , organization? What projects are insights do you seek?) interviews, case study, business plan, planned? What are the deliverables?) marketing plan, financial analysis, Attach separate pages if needed. portfolio of work, report, etc.)

1. 1. 1. 1.

2. 2. 2. 2.

3. 3. 3. 3.

4. 4. 4. 4.

5. 5. 5. 5.

6. 6. 6. 6.

I have read and understand the above outlined responsibilities. I am also aware of the internship description (responsibilities, activities, deliverables). I agree to participate fully in the Entrepreneurial Internship Program. Failure to comply with any of these responsibilities will result in return of any stipends awarded by the Office of Innovation, Creativity and Entrepreneurship and/or a reduction in my grade. Signatures: Student______Faculty Advisor ______Host Supervisor______