The Times Australia
The Times Australia

.

Universities need to prioritise the entrepreneurial mindset, not just new ideas

  • Written by Rod McNaughton, Professor of Entrepreneurship, University of Auckland, Waipapa Taumata Rau



As universities consider their future in the 21st century, many are embracing the concept of “innovation” in their strategic plans.

According to Harvard Business School, innovation is[1] “a product, service, business model or strategy that’s both novel and useful”.

By focusing on innovation, universities are attempting to position themselves as drivers of progress – as institutions that generate knowledge and apply it to solve the world’s most pressing problems.

But here’s the catch: fewer universities embrace “entrepreneurship” similarly, despite it being the critical bridge between innovation and real-world impact.

Innovation vs entrepreneurship

It’s easy to see why universities are more comfortable with innovation.

Labs, research centres and academic programs encourage pushing the envelope in a relatively risk-free setting.

Original research is one of the requirements of completing a doctorate. This means universities feel like hubs of cutting-edge thinking, even if the innovations never leave the confines of the campus.

However, entrepreneurship requires something different. Those with an idea also have to understand how to navigate the messy realities of bringing it to fruition.

Entrepreneurship demands the skills to manage people and resources, assess viability, identify pathways to adoption, and understand the environment while being comfortable with uncertainty and resilient in the face of failure and change.

Engineers work on a bionics exoskeleton prototype
Universities have been embracing innovation but need to also teach researchers how to be entrepreneurs. gorodenkoff/Getty Images[2]

Fostering an entrepreneur mindset in academics

Understanding the distinction between innovation and entrepreneurship is critical. Innovation often begins by assuming no constraints and imagining a world of possibility.

But entrepreneurship assumes resources are scarce and that success depends on overcoming obstacles and working with what’s available. While innovation can happen in isolation, entrepreneurship needs community, collaboration, feedback and constant adaptation.

Entrepreneurial skills are valuable for students at all levels and any discipline. But the entrepreneurial process can be especially helpful for researchers and PhD students who have spent years developing an idea but not a way to get it into the real world.

Bridging the gap

Globally, there is a growing gap[3] between the number of doctoral graduates and academic jobs.

Programs such as the ones run by the University of Auckland Business School’s Centre for Innovation and Entrepreneurship (CIE[4]) (which I am involved in), are teaching how to identify opportunities and navigate resource constraints through mentoring, workshops and hands-on projects.

While some find opportunities to commercialise their research, others pursue policy changes or social ventures.

One good illustration of this is Kate Riegle van West’s doctoral research[5]. Riegle van West examined the benefits of poi[6] for the health of older adults. Supported by CIE’s programs, she launched SpinPoi[7], a social venture dedicated to working with poi to improve health and well being.

Since its founding, CIE has helped start more than 279 ventures and provides entrepreneurial experiences to more than 7,500 students and staff across the university each year.

Similar programs exist at other universities, but much more needs to be done to scale up the development of entrepreneurial skills within universities.

Overcoming resistance

Universities have been slow to prioritise developing an entrepreneurial mindset among students and staff.

Innovation without entrepreneurship is like building a bridge halfway. You may have a brilliant idea, but it is unlikely to make a meaningful impact without the skills to bring it to reality. Entrepreneurship transforms creative ideas into valuable, tangible outcomes.

But there are challenges. “Innovation” is more palatable to some academics, especially those who equate entrepreneurship with commercialism. To overcome this, it’s crucial to recognise that entrepreneurial skills are valuable across most endeavours.

Skills like opportunity recognition, resource allocation, and risk management are critical for starting businesses. But they are also highly valued within existing organisations and for leading teams and driving change in any sector.

Staff and students may not immediately see the relevance of entrepreneurship to their discipline or career aspirations, thinking entrepreneurship is only for those in business or the sciences.

Yet there is a growing need for entrepreneurial skills to bridge the gap between academic expertise and application from students in all disciplines.

At the doctoral level, developing these skills can help ensure research has wider impact, and create opportunities for these researchers once they graduate.

It’s not that innovation isn’t useful – it’s essential.

Many industries and organisations rely on innovation to improve efficiency, create new products, and solve complex problems. In some professional contexts, an innovation mindset may be more relevant than an entrepreneurial one.

But to truly contribute to solving societal problems and prepare their students to make a difference, universities must do more than foster innovation. They must prioritise and develop an entrepreneurial mindset and competencies among students and staff, enabling them to execute, adapt and create lasting impact.

References

  1. ^ innovation is (online.hbs.edu)
  2. ^ gorodenkoff/Getty Images (www.gettyimages.com.au)
  3. ^ there is a growing gap (theconversation.com)
  4. ^ CIE (www.cie.auckland.ac.nz)
  5. ^ doctoral research (www.researchgate.net)
  6. ^ poi (spinpoi.com)
  7. ^ SpinPoi (spinpoi.com)

Read more https://theconversation.com/beyond-the-ivory-tower-universities-need-to-prioritise-the-entrepreneurial-mindset-not-just-new-ideas-239377

Wild swings in the oil price make the Reserve Bank’s job harder

It looks, at least for now, as though tensions in the Middle East are easing somewhat[1]. It appears much less...

Times Magazine

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Times Features

Tricia Paoluccio designer to the stars

The Case for Nuturing Creativity in the Classroom, and in our Lives I am an actress and an artist who has had the privilege of sharing my work across many countries, touring my ...

Duke of Dural to Get Rooftop Bar as New Owners Invest in Venue Upgrade

The Duke of Dural, in Sydney’s north-west, is set for a major uplift under new ownership, following its acquisition by hospitality group Good Beer Company this week. Led by resp...

Prefab’s Second Life: Why Australia’s Backyard Boom Needs a Circular Makeover

The humble granny flat is being reimagined not just as a fix for housing shortages, but as a cornerstone of circular, factory-built architecture. But are our systems ready to s...

Melbourne’s Burglary Boom: Break-Ins Surge Nearly 25%

Victorian homeowners are being warned to act now, as rising break-ins and falling arrest rates paint a worrying picture for suburban safety. Melbourne residents are facing an ...

Exploring the Curriculum at a Modern Junior School in Melbourne

Key Highlights The curriculum at junior schools emphasises whole-person development, catering to children’s physical, emotional, and intellectual needs. It ensures early year...

Distressed by all the bad news? Here’s how to stay informed but still look after yourself

If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with news can help us make ...