MAD Incubator is announcing the launch of its latest program, the MAD Ideas Acceleration Program, which will commence in Q2, 2012. The Ideas Acceleration Program is a 3 months program consisting a combination of field work, classroom workshops, mentors, industry mixers and guest talks. It is a hands-on intensive program to bring entrepreneurs closer from ideation to creating a new venture.
“This has never been done in Malaysia before,” said MAD CEO, Andrew Wong; “and MAD Incubator is always creating new frontier in Entrepreneur Development,” he added. MAD’s goal is to develop 100 new ventures through the Ideas Acceleration Program over the next 9 months in which batches of 35 entrepreneurs will be accepted in the each 3-months program. “We have lined up a list of exciting mentors, workshops and industry mixers to make sure that our entrepreneurs will be able to expand their network and subsequently move the venture forward,” said Wong.
The Ideas Acceleration Program is structured using the “Effectual Entrepreneurs” method in which MAD is championing as the reason why entrepreneurs are entrepreneurial. The Effectual Thinking methodology was first expounded in 2005 as part of a research by two professors in University of Virginia, Prof Saras Saravathy and Prof Stuart Read. Their research of more than 60 founding entrepreneurs with highly successful business led them to conclude that expert entrepreneurs uses the effectual method of logical thinking instead of causal method. Effectual method is based on who am I, what I know and whom I know to the initial value of the business. Each means that is gathered through the expansion of the entrepreneur’s network can create new venture possibilities and subsequently evolve into new ventures. Unlike the effectual method, causal method impinge on goal settings, situation analysis and stratey to getting to the goals. It is much more management science compared to effectual method.
MAD Incubator is collaborating with the University of Virginia professors and a global movement of Effectuation Instructors and Practitioners to apply the Effectual theory into practice. This is the first in the world that is being used on entrepreneurs.
MAD will officially launch the Ideas Acceleration Program (IAP) in March. In its soft launch, more than 15 entrepreneurs have signed up. MAD Inc hopes that the IAP will springboard more entrepreneurs into business, moving Wong’s dream closer to achieving the 1000 entrepreneurs that he intends to develop by 2015.