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Why The GMU MEC Step Up Program Was Created
GMU MEC currently offers a comprehensive range of programs and services supporting early stage start up ventures. Other GMU initiatives, such as the Business Alliance, also play an important role in supporting early stage business ventures.
We identified a need to more effectively serve the growing base of high potential emerging companies positioned for future growth. To meet this identified market need, the new GMU MEC Entrepreneurial Step Up Program™ offers a highly structured, integrated educational and advisory services program to help high potential, emerging growth companies achieve increased scale and value creation for shareholders.
Studies have helped GMU MEC target the ideal candidate companies (“Tier 2”) for Step-Up Program support services:
- Annual Projected Revenues: $2 to $3 million
- Number of Employees: More than 10
- Minimum 3 years in business
- Located in Washington, D.C. metro area
- Typically positioned for high growth
- Scalable products/services
To succeed, the target companies and their senior executives typically need:
- Financing
- Management Education and Training
- Improved Management Systems and Controls
- Human Resources Skills
- Expanded Business Network (Partners, Alliances, Government, Others)
Similar programs addressing the needs of emerging growth companies have been launched in the past. Our analysis of past programs shows the following eight factors were the key issues impacting the success of these initiatives:
- Minimal screening of companies and executives entering the program
- Programs not sufficiently customized to meet participant’s needs
- Insufficient motivation provided to entrepreneurs
- Insufficient management skills training
- Programs were not adequately monitored and revised to meet changing participant needs
- Programs not adequately staffed or funded
- Programs did not provide measurable benchmarks and progress reporting
- Programs typically focused on one key person in organizations rather than addressing overall company needs
Our analysis and experience shows early stage high potential companies (“Tier 2”) typically need two levels of support to grow and achieve a sustainable, defensible competitive position in the global marketplace:
- Entrepreneurial Executive Education providing executives with new entrepreneurial management skills to address the challenges of growing an early stage business and creating value for all stakeholders
- Company-Specific Advisory Services helping executives understand how to more effectively manage and control business growth and address the most critical company challenges and issues.
The GMU MEC Entrepreneurial Step Up Program™ is a structured program that uniquely addresses this need. The GMU MEC Entrepreneurial Step Up Program™ has been carefully positioned to provide both the required new entrepreneurial management skills for executives and targeted advisory services which address the most critical company challenges and issues. To the best of our knowledge, no college, university or organization today is comprehensively addressing the two level needs of Tier 2 companies in the Washington, D.C. area.
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