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Creating Another Stanford

We have explored what makes Stanford University a premier institution for entrepreneurship through both a survey of current undergraduate students and interviews with student entrepreneurs and faculty. Our findings have brought us to conclude that in order to attempt to replicate the unique, successful entrepreneurial environment like Stanford's a few things need to fall into place. The ingredients necessary to create another Stanford are, but not limited to:

A flexible leave-of-absence policy

• As per Stanford policy: "Leaves of absence for undergraduates may not exceed a cumulative total of two years (eight quarters including Summer Quarters). Students who have exceeded their eight quarters of approved leave, or who fail to submit a Leave of Absence petition by the published deadline and otherwise do not submit a study list, must apply for reinstatement. The University is not obliged to approve reinstatements of students. Applications for reinstatement are reviewed by the Vice Provost for Undergraduate Education and are subject to the approval of the Faculty Senate Committee on Undergraduate Standards and Policy or its designees. The Committee or its designees may determine whether the application for reinstatement will be approved or not, and/or the conditions a student must meet in order to be reinstated. Reinstatement decisions may be based on the applicant's status when last enrolled, activities while away from campus, the length of the absence, the perceived potential for successful completion of the program, as well as any other factors or considerations regarded as relevant to the Vice Provost for Undergraduate Education or the Committee."
• The policy for graduate students is similar.
• Having a flexible leave-of-absence policy encourages entrepreneurs to take some time off and work on their ideas with little to no risk. If their venture fails, returning to Stanford is a relatively simple back-up plan.

Project-based learning

• Learning by doing is a great model for entrepreneurs. It can be the quickest and most rewarding ways to learn.
• Project-based courses are also great mediums by which students meet future co-founders of great companies. Many student entrepreneurs cite classes and working on group projects with other people as the main methods they used to go about finding their partners because it is a good way to gauge how well they would work together.

Specific entrepreneurship resources

• Helpful resources need to be put in place that are easily accessible by entrepreneurs like access to current, successful entrepreneurs and venture capitalists. Stanford's unique seminar, Entrepreneurial Thought Leaders, has been pivotal to many of the student entrepreneurs we spoke to. Stanford's groups also provide ways to talk and pitch ideas to VCs, who reside less than an hour away from campus.
• Networking to meet like-minded people is extremely important and if it's not done through courses, student groups are a great way to do it. Stanford does a good job of this with its numerous student entrepreneurial groups like BASES, ASES, and Think Outside.

Forgiving attitude towards failure

• Entrepreneurs must not be scared of failure. Any place that wants to cultivate an entrepreneurial environment needs to be supportive and accepting of failures because the reality is, most start-ups don't make it. Upon failure, however, entrepreneurs will move onto the next venture and will need to have the continuous support of those that surround them.

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