MGT 497/597 - Using ENTREPRENEURSHIP TO SOLVE GRAND CHALLENGES - Summer Interim 2025

Course syllabus (05/04/25)

This course uses a GroupMe account for sending and responding to questions and issues related to the class. I absolutely recommend that you sign up for it because you can communicate with me in real time during the winter session instead of waiting for me to read an email. This GroupMe account is intended ONLY for students enrolled in this course. You'll receive a link to join by email before winter session begins. 

This course focuses on applying entrepreneurship to solve grand challenges. In the specific case, students identify, unpack, and attempt to solve through entrepreneurship big challenges in dealing with an aging population. We all know that the globe's population is rising and that people are living longer than ever before. We need to find new solutions for lingering or "wicked" problems that an aging population poses, and we need to think about how aging people can continue to participate in the economy if they want. 

I was recognized by the International Small Business Council in Berlin last July as a finalist for Global Entrepreneurship Educator of the Year in part for this course. I teach this course because I believe young people who learn the proper skills and who are sufficiently motivated are the people who will solve our world's biggest challenges. I hope you gain confidence in thinking about solving global problems and learn some important skills that will help you be a competent entrepreneur. 

I will use this site for all content and assignments for this course. You can find occasional updates to your grades on the Blackboard site for this course. You will use my email account created espressly for this course - Ent4GrandChallenges@gmail.com - for all course communications. 

If you joined this course AFTER May 5, you must notify me of your doing so by emailing me at Ent4GrandChallenges@gmail.com so I can add you to the course emailing list. 

This course officially begins on May 5 and ends exactly at midnight, May 23 (see UA academic calendar note). I will not accept any assignments turned in after this date. 

A quick word on google form quizzes and other form-based submissions

Module 0: Context - Aging in the US for entrepreneurship (5 points)

All entrepreneurial opportunities are situations in which an entrepreneur perceives a problem for which s/he can develop a solution that is valuable to a constituency of customers. The CONTEXT for this course’s activities focuses on aging in the US. This “context” section provides you with readings and activities that are intended to help you think about situations involving an aging population where you could make an improvement - and that improvement could serve as the basis for a new venture.

Ideas? What are some unique problems that are starting to unfold - or have already manifested themselves fully - in the domain of aging? Becoming an entrepreneur after the age of 50 is one; what training, support, and institutions do these entrepreneurs need? But I think the bigger opportunities await for entrepreneurs like you who are watching and anticipating “age wave” changes to our economy, housing, healthcare, family care, travel, and education. Maybe even design of cities. 

Reading Assignments

There is a quiz that follows these readings. You might want to check the quiz first. You can open it and see what the questions are before you start your reading and still come back to it later. That's called preparation. What I really want you to come away with for this section is a great deal of empathy for older people and insights for ideas to help them. 

Required Readings

JOURNAL REPORTS: RETIREMENT

Pdf: 10 innovations from around the world to help deal with an aging population. 

pdf: What old age might look like for today’s 30-year-olds

What about adult children of retired Boomers? Read MSN.com, Baby Boomers are Aging: Their Kids Aren't Ready 

and consider this list of 10 topics I created for you to help you start thinking about a few good ideas to develop in this course:

10 Business Opportunities for Serving the Aging Population:

1. Technology-enabled home care: Develop user-friendly mobile apps or voice-activated systems for seniors to manage medications, connect with family/care providers, schedule appointments, or access entertainment/information. Focus on intuitive interfaces and security.

2. Age-friendly home remodeling: Offer specialized renovation services to adapt homes for increased accessibility and safety. This could include installing grab bars, ramps, wider doorways, slip-resistant flooring, and smart home technology for managing lights and temperatures.

3. Personalized health and wellness services: Provide customized fitness programs, nutrition consultations, chronic disease management support, or mental health therapy specifically tailored to the needs and preferences of older adults. Consider telehealth options for accessibility.

4. Social engagement and entertainment platforms: Create online communities or physical activity groups catered to seniors looking for connection, socialization, and leisure activities. This could involve book clubs, travel groups, virtual tours, or skill-sharing workshops.

5. Senior transportation solutions: Offer on-demand or scheduled transportation services for seniors who no longer drive or need assistance with errands, appointments, or social outings. Consider utilizing electric vehicles or partnerships with existing ride-sharing platforms.

6. Financial planning and eldercare consulting: Provide specialized financial advice for seniors managing retirement income, navigating long-term care options, and estate planning. Partner with legal and healthcare professionals for holistic guidance.

7. Intergenerational living communities: Develop co-housing models or shared living spaces where different generations live together, providing companionship and support for seniors while offering younger generations affordable housing options.

8. Upskilling and reskilling programs: Design learning experiences for seniors looking to stay mentally active, acquire new skills, or re-enter the workforce. Offer online courses, workshops, or mentorship programs on topics like technology, entrepreneurship, or creative pursuits.

9. Pet care and pet therapy services: Provide in-home pet care, walking, or pet therapy services for seniors who want to maintain companionship with their pets but need assistance with their care. Consider offering pet adoption/fostering options for social interaction.

10. Mental health and cognitive stimulation services: Develop games, apps, or activities that promote cognitive health, memory improvement, and mental well-being for seniors facing the risk of dementia or cognitive decline. Consider gamification and engaging interfaces.

An aging population like ours in the U.S. has an enormous variety of problems. Instead of viewing them as problems, entrepreneurs look at them as entrepreneurial opportunities - situations where an entrepreneur can create an improvement to help a group of people. 

Remember, these are just ideas, and the most successful ventures will be those that deeply understand the specific needs and preferences of the target demographics within the aging population. Research, empathy, and user-centric design are key to making a positive impact and building a sustainable business.

Graded assignment: Quiz on the context of Aging in Entrepreneurship (<-- click on the link to google form for quiz)(5 points)

Supplemental readings (all short reads for more insights into the aging phenomenon; take notes for later modules; you should think of this list of readings as a "sampler" where you decide what looks interesting to you and start exploring there; move on to related articles or others that looking interesting. also I am looking for more articles to supplement or replace these article, so pass some good ones my way)

Ausubel, J. 2020. Older people are more likely to live alone in the U.S. than elsewhere in the world. Pew Research Center, https://www.pewresearch.org/fact-tank/2020/03/10/older-people-are-more-likely-to-live-alone-in-the-u-s-than-elsewhere-in-the-world/. 

Cohn D., Horowitz, J.M., Minkin, R., Fry, R. & Hurst, K. 2022. Financial Issues Top the List of Reasons U.S. Adults Live in Multigenerational Homes: Nearly four-in-ten men ages 25 to 29 now live with older relatives. Pew Research Center, https://www.pewresearch.org/social-trends/2022/03/24/financial-issues-top-the-list-of-reasons-u-s-adults-live-in-multigenerational-homes/. 

Faverio, M. 2022. Share of those 65 and older who are tech users has grown in the past decade. Pew Research Center, https://www.pewresearch.org/fact-tank/2022/01/13/share-of-those-65-and-older-who-are-tech-users-has-grown-in-the-past-decade/.

Fry, R. 2020. The pace of Boomer retirements has accelerated in the past year. Pew Research Center, https://www.pewresearch.org/fact-tank/2020/11/09/the-pace-of-boomer-retirements-has-accelerated-in-the-past-year/. 

Fry, R. 2021. Amid the pandemic, a rising share of older U.S. adults are now retired. Pew Research Center, https://www.pewresearch.org/fact-tank/2021/11/04/amid-the-pandemic-a-rising-share-of-older-u-s-adults-are-now-retired/.   

Fry, R. 2022. Young adults in U.S. are much more likely than 50 years ago to be living in a multigenerational household. Pew Research Center., https://www.pewresearch.org/fact-tank/2022/07/20/young-adults-in-u-s-are-much-more-likely-than-50-years-ago-to-be-living-in-a-multigenerational-household/

Fuscaldo, D. 2022. 7 Purchases Retirees Often Regret. AARP. https://www.aarp.org/retirement/planning-for-retirement/info-2022/purchases-retirees-often-regret.html.

Livingston, G. 2019. On average, older adults spend over half their waking hours alone. Pew Research Center. Retrieved December 13, 2022, from https://www.pewresearch.org/fact-tank/2019/07/03/on-average-older-adults-spend-over-half-their-waking-hours-alone/. 

Livingston, G. 2019. Americans 60 and older are spending more time in front of their screens than a decade ago. Pew Research Center. https://www.pewresearch.org/fact-tank/2019/06/18/americans-60-and-older-are-spending-more-time-in-front-of-their-screens-than-a-decade-ago/.

McGowan, K. 2024, January 4. My Parents’ Dementia Felt Like the End of Joy. Then Came the Robots. Wired. https://www.wired.com/story/parents-dementia-robots-warm-technology/.

Poleg, D. 2022. The Middle Class Is Dead. Long Live the Long Tail Class. DrorPoleg.com, https://www.drorpoleg.com/the-middle-class-is-dead-long-live-the-long-tail-class/. 

Module 2: Opportunities and Entrepreneurs (30 points)

After reading the contextual materials on aging, you probably think we just have a bunch of problems to deal with…unless you’re an entrepreneur. THEN you will have the tendency to see problems as opportunities to sell your innovative and valuable solutions. In this section we cover some of these questions: What are opportunities? What is entrepreneurship?

Reading Assignments

Opportunities and Entrepreneurs (my google slides)

Graded Assignments

• Unpack your problem (5 points) Submit your completed assignment using this google form.

• Connect the dots activity - this is the step where you should combine your readings from above with new information related to or unrelated to problem situation to be as fluent in writing attributes as possible (5 points) Instructions for submitting this assignment are on the connect the dots activity page; you'll need to navigate back here when you're done.

• Persona (5 points), Instructions for submitting this assignment are on the customer persona activity page; you'll need to navigate back here when you're done.

• Map activity (10 points), Instructions for submitting this assignment are on the map activity page; you'll need to navigate back here when you're done.

• Solution sketch (5 points) Instructions for submitting this assignment are on the Solution Sketch page; you'll need to navigate back here when you're done.

Module 4: Getting resources - pitch it (15 points)

You’re not making a sales pitch because you’re not selling to customers. Long before you get to that stage - and only if you work smart and are maybe a bit lucky - you need to convince resource providers that your idea is a valuable solution to a big problem and that you are the right person to pursue it. The entrepreneurial pitch is a spoken act of educating, hypothesizing, and persuading the audience, whom you will ask for resources to back the venture you will create to pursue the opportunity you're pitching.

You’re always going to be pitching. Your audience could be the budget people whom you must convince in order to finance your project. Or the audience could be friends and family who already know you well but need to get a better understanding of the problem you’re trying to solve and how your solution is better than what people are currently using before they lend you money. Other audiences can include angel investors, groups of angels, venture capital investors, pitching and business plan competition judges, or even bankers. 

Reading Assignments

Armstrong, C.E. 2020. How to Pitch (google slides) Big pain, brilliant solution, differentiation, why you, call to action

Williams, L. 2016. Making a disruptive pitch: Underprepare the obvious, overprepare the unusual. In Disrupt: Think the unthinkable to spark transformation in your business. 2nd Edition, Pearson Education, pp. 143-170 (Google doc) a slightly different perspective on how to approach your pitching process

Graded Assignments

• Pitching coach: You will create an entrepreneurial pitch with the help of ChatGPT using my Pitching Coach prompts. Go to Pitching Coach for instructions and the prompt document (5 points) 

• Write out your pitch: The big pain you want to solve becomes a pitch with a simple template (10 points); I encourage you to use Google Bard or ChatGTP to see how they can help you write a great pitch. See this example on a pitch to help the elderly with dental hygiene. Submit your written pitch file through this google form.