ENTREPRENEURSHIP
The same concept applies in the case of technology – an element typically overlooked and underinvested in by older businesses. The importance of implementing technology within a business effectively is taught widely in business schools across the world. MBAs pursuing ETA have a great chance, therefore, to put this knowledge into practice by placing weight and resources behind the right technology to boost business outcomes. The Iese report highlights how MBA graduates are putting this foundational knowledge into practice perfectly. According to its study, 23 out of 38 organisations acquired outside the US between 2020-2021 were in the technology space. The ETA MBA landscape ETA’s growing appeal means it’s no surprise to see the subject increasingly encompassed in programmes at the likes of Yale and Michigan Ross School of Business, as well as at Chicago Booth. Alongside this, activities and conversations around the topic of ETA are growing exponentially in business school communities. Clubs and organisations, networking events and active student groups are emerging across campuses in both the US and Europe. For example, the annual Booth-Kellogg ETA Conference attracted more than 700 registrants, with 200 placed on a waiting list last year, in comparison to fewer than 500 registrants the year prior. In addition, Chicago Booth’s ETA Insider podcast recorded a 59 per cent rise in listeners in 2023, with more than 50,000 plays in the past 12 months. These numbers are testament to how rapidly ETA is growing in appeal and interest. The course at Chicago Booth is delivered by the university’s Polsky Centre for Entrepreneurship and Innovation. Its aim is to teach the foundations of ETA and walk participants through the lifecycle of a typical ETA journey, including the acquisition’s completion and the company management process that follows. In so doing, it is designed to provide graduates and alumni with access to education, capital, mentorship and the resources necessary to take on and grow an existing business. Spreading the word about the value of ETA for students, graduates and entrepreneurs, as well as shouting the economic benefits of this model from the rooftops is something we see as both an honour and a responsibility. For example, in addition to our classes in the US, we hosted an ETA masterclass at Chicago Booth’s London campus last year armed with the knowledge that the UK needs support to keep building a culture of ETA. Onwards and upwards With soaring rates of acquisitions, innovation, talent and collaboration at play already, it’s an exciting time for the ETA industry. But ETA is still in its early stages and we have a long way to go for it to be widely known, accepted and used by entrepreneurs and investors – and considered as a succession option for existing business owners. We also need to do more to educate people about the risks of acquiring a business and how these can be mitigated to ensure we see successful ventures in the future. For entrepreneurship through acquisition, this is just the beginning.
BIOGRAPHIES Brian O’Connor is an adjunct associate professor of entrepreneurship at the University of Chicago Booth School of Business. He is also founder and managing partner of NextGen Growth Partner, a private equity firm that partners with talented entrepreneurs to acquire and build companies in growing industries Mark Agnew is an adjunct associate professor of entrepreneurship at the University of Chicago Booth School of Business. He is also co-founder and chairman of Pickles Group, a non-profit providing children navigating a parent’s cancer with free resources and support Together, O’Connor and Agnew head up Chicago Booth’s course on entrepreneurship through acquisition
Ambition | MARCH/APRIL 2024 | 45
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