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Almost 39% of Americans now report having a second job, including 43% of full-time workers. According to recent information, forbes The article states that due to changes in the economy and work environment, more than half of America’s part-time workers will become full-time business owners in 2024. As more young professionals consider starting their own businesses full-time, understanding the challenges ahead is essential.
Stony Brook has long been a champion of entrepreneurship. Princeton Review/Entrepreneur The magazine recently recognized Stony Brook in its ranking of the Top 50 Best Graduate Programs for Entrepreneurs in 2024.
“This ranking is emblematic of the quality and resources that exist in Stony Brook’s entrepreneurial ecosystem,” said Richard Chan, associate professor of business administration in the College of Business. “This underlines our firm commitment to fostering entrepreneurship and skills and underlines the university’s important role in developing the next generation of entrepreneurs.”
For more than 20 years, the College of Business has offered graduate courses in entrepreneurship that are unique due to their interdisciplinary nature and experiential learning approach, mentorship experiences, competitions, and more. MBA and other graduate students find support and opportunities in the Small Business Development Center, Entrepreneurial Finance Center, and Innovation Center. Students have also heard directly from successful entrepreneurs such as Rob Basso, Dawn Zia, and Richard Gelfond.
Mr Chan said the Strategy and Entrepreneurship program focuses on research, education and service. “In terms of research, we have an area of expertise in entrepreneurial finance,” Chan said. “In fact, that’s our focus.”
It is Entrepreneurial Finance, a joint venture with Professor of Finance Danlin Jiang, Professor Emeritus Gerrit Wolff, and other faculty members that focuses on how entrepreneurs acquire, transfer, and manage capital. This is also the main reason why we decided to launch the center.
“Our faculty mentor students in research or industry-related projects,” Chan said. “Students bring in topics that interest them and we match them with appropriate faculty. [who work] Work with students to present papers, collect data, and conduct research activities. We also work with students who help external stakeholders solve business problems. ”
Mr Chan said the research focuses on how to approach innovation, development and commercialization.
“For example, last year we collaborated with the Genesis Center at Stony Brook, which focuses on discovering functional materials,” he said. “They were interested in strengthening the ecosystem, so we worked together to develop a workshop for researchers and graduate students.”
The program, called Tech Originator Practicum, is a three-day workshop for graduate students and postdoctoral fellows who want to learn about entrepreneurship. In his 2024, Mr. Chan plans to expand his business through his collaboration with SoMAS, which focuses on sustainability entrepreneurship.
“Scientists in the renewable energy field will be able to better understand how the commercialization process of innovations unfolds,” he said. “Additionally, he also has an MBA Consulting Project, a program related to our core classes. He then organizes teams of MBA students to help executives and other innovators best approach the innovation and commercialization process. We will help you find a way to do it.”
Edward Fabian ’08, an adjunct instructor in the College of Business, is a graduate of the program’s first MBA graduating class.
“I first became involved with Stony Brook and its Entrepreneurship and Innovation Program as a student in 2007, and it has been more than 15 years for me, watching the curriculum and department grow,” he said. . “Being selected as a Top 50 program reflects the dedication and excellence of all the faculty and staff involved.”
Mr. Fabian is also president of American Eagle Systems, a Long Island-based audit compliance and data security firm. He said his goal is to encourage students to become innovative thinkers.
“We live in an era where anyone can become an entrepreneur, as evidenced by the millions of people finding success through technology and social media every day,” he said. “This generation spends many hours a day marketing themselves, and it’s important to think about how to innovate and leverage that.”
Chan said the program has helped 28 companies address market challenges in the past two years.
“This program not only allows students to gain hands-on industry experience on how they can apply their knowledge to solve real-world problems, but also helps companies leverage the expertise of up-and-coming entrepreneurs. You can also leverage it to help find solutions to your own business challenges,” he said.
Jawad Khalfan, ’18, ’21 alumnus, is co-founder and CEO of SecureTech Systems, which designs and implements electronic security systems for commercial buildings. “I gained a lot of inspiration and confidence from teaching and listening to my professors,” he said. “They brought in speakers to share their own experiences when starting a business was very difficult and the odds were against them. These are people who question the status quo and try to do something different. It’s not an easy path.”
Mr. Calfan founded the company after being laid off from his job at the beginning of the pandemic. “My partner also started to feel like his job was not secure and we didn’t want to be in a place where we felt like our jobs and livelihoods were constantly in jeopardy,” he said. “When I realized how easily someone could eliminate my job, it became a reality check. So I started thinking seriously about what path I wanted to take.”
Chan also noted the program’s importance to the future of Stony Brook’s groundbreaking Governors Island Climate Change Initiative.
“If you don’t build the foundation, you’re missing out on a huge business opportunity,” he said. “Currently, we are making significant efforts towards establishing technology entrepreneurship and sustainable entrepreneurship.”
Fabian agreed, pointing out the importance of harnessing the growing power of AI.
“When it comes to the modern workplace, it’s time to ride the wave of artificial intelligence and technological innovation,” he said. “Technology has made the speed at which products and ideas are developed so much faster that we all have to learn how to be more productive and make better use of our tools. Anyone can start a company in minutes, but today’s entrepreneurs can fail many times with very limited cost, time, and effort. You can learn from those experiences with less risk.”
– Robert Emplot
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