NEWSROOM
Entrepreneurial skills key to uplifting Aotearoa New Zealand
12 January 2023
Entrepreneurial thinking will be crucial to improve future outcomes for New Zealanders, says Professor Rod McNaughton.
Growing innovation and entrepreneurship capabilities on a wider scale will help unlock greater prosperity for all New Zealanders – and educational institutions like Waipapa Taumata Rau, the University of Auckland, have an important role to play in this journey.
Those are the findings from a recent PwC report entitled Building prosperity: A pathway to wellbeing for all of Aotearoa, which sketches out a series of strategic recommendations to improve our nation’s social and economic outcomes. The report states that “innovation and entrepreneurship are accepted unlockers of prosperity”, alongside other factors.
It’s a conclusion echoed by the University’s own Rod McNaughton, Professor of Entrepreneurship and Director of Innovation and Professional Development at the Business School’s Centre for Innovation and Entrepreneurship (CIE), who was interviewed for the report.
“The most important thing we can do is broaden the base of entrepreneurial knowledge and competencies, leading to more people responding to challenges and solving problems in creative and purposeful ways,” he says.
To do that, the University will need to work closely with other institutions, government and industry to ensure innovation and entrepreneurship can thrive.
“University, government and industry activities and policies must be aligned to drive economic and social development,” says Rod.
“In too many cases, policies and funding structures incentivise competition when, especially in a small country, collaboration is the key.”
Rod’s work with the Global University Entrepreneurial Spirit Students’ Survey (GUESSS), which looks at student entrepreneurship around the world, helped inform the PwC report. The GUESSS 2021 survey found that University of Auckland students scored lower than their global peers on several measures – for example, 79.1 percent of students in the University sample had not taken an entrepreneurship course, compared to 53.2 percent globally. Only seven percent of respondents preferred to start their career as an entrepreneur at the time of graduation, compared to the global average of 21.2 percent.*
However, those who had done at least one entrepreneurship course rated their learning outcomes higher compared to the global average – showing the value of the University’s offerings in this area.
It’s important, however, to ensure everyone can access this entrepreneurial education. The GUESSS data points to a clear gender gap when it comes to entrepreneurial career intentions, with just 5.7 percent of female students at the University showing interest in entrepreneurship right after graduation, compared to 8.8 percent of male students. Five years on from graduation, the gap becomes even more pronounced (20.4 percent compared to 30.4 percent).
“While some progress has been made in developing a more supportive entrepreneurial ecosystem, women still face significant challenges in starting and growing businesses,” says Professor Christine Woods, Director of the Aotearoa Centre for Enterprising Women.
“Increased access to funding and relatable and accessible mentors and networks are still needed to help female entrepreneurs achieve their potential and fully engage and contribute to the prosperity of Aotearoa.”
Through degrees such as the University’s INNOVENT major (part of the Bachelor of Commerce) and the wide range of free co-curricular programmes offered to students of all faculties through CIE, students are empowered to learn crucial entrepreneurial skills. In Rod’s view, integrating these learnings into tertiary education is key.
“Entrepreneurial mindset and competencies are vital in our uncertain environment and can underpin success in any career path,” Rod says.
“While every student will not become an entrepreneur, everyone will need to think like one to thrive in the future.”
Sources:
*GUESSS: Student entrepreneurship at the University of Auckland 2021
Professor Rod McNaughton
Professor Rod McNaughton
12 January 2023
Entrepreneurial thinking will be crucial to improve future outcomes for New Zealanders, says Professor Rod McNaughton.
Growing innovation and entrepreneurship capabilities on a wider scale will help unlock greater prosperity for all New Zealanders – and educational institutions like Waipapa Taumata Rau, the University of Auckland, have an important role to play in this journey.
Those are the findings from a recent PwC report entitled Building prosperity: A pathway to wellbeing for all of Aotearoa, which sketches out a series of strategic recommendations to improve our nation’s social and economic outcomes. The report states that “innovation and entrepreneurship are accepted unlockers of prosperity”, alongside other factors.
It’s a conclusion echoed by the University’s own Rod McNaughton, Professor of Entrepreneurship and Director of Innovation and Professional Development at the Business School’s Centre for Innovation and Entrepreneurship (CIE), who was interviewed for the report.
“The most important thing we can do is broaden the base of entrepreneurial knowledge and competencies, leading to more people responding to challenges and solving problems in creative and purposeful ways,” he says.
To do that, the University will need to work closely with other institutions, government and industry to ensure innovation and entrepreneurship can thrive.
“University, government and industry activities and policies must be aligned to drive economic and social development,” says Rod.
“In too many cases, policies and funding structures incentivise competition when, especially in a small country, collaboration is the key.”
Rod’s work with the Global University Entrepreneurial Spirit Students’ Survey (GUESSS), which looks at student entrepreneurship around the world, helped inform the PwC report. The GUESSS 2021 survey found that University of Auckland students scored lower than their global peers on several measures – for example, 79.1 percent of students in the University sample had not taken an entrepreneurship course, compared to 53.2 percent globally. Only seven percent of respondents preferred to start their career as an entrepreneur at the time of graduation, compared to the global average of 21.2 percent.*
However, those who had done at least one entrepreneurship course rated their learning outcomes higher compared to the global average – showing the value of the University’s offerings in this area.
It’s important, however, to ensure everyone can access this entrepreneurial education. The GUESSS data points to a clear gender gap when it comes to entrepreneurial career intentions, with just 5.7 percent of female students at the University showing interest in entrepreneurship right after graduation, compared to 8.8 percent of male students. Five years on from graduation, the gap becomes even more pronounced (20.4 percent compared to 30.4 percent).
“While some progress has been made in developing a more supportive entrepreneurial ecosystem, women still face significant challenges in starting and growing businesses,” says Professor Christine Woods, Director of the Aotearoa Centre for Enterprising Women.
“Increased access to funding and relatable and accessible mentors and networks are still needed to help female entrepreneurs achieve their potential and fully engage and contribute to the prosperity of Aotearoa.”
Through degrees such as the University’s INNOVENT major (part of the Bachelor of Commerce) and the wide range of free co-curricular programmes offered to students of all faculties through CIE, students are empowered to learn crucial entrepreneurial skills. In Rod’s view, integrating these learnings into tertiary education is key.
“Entrepreneurial mindset and competencies are vital in our uncertain environment and can underpin success in any career path,” Rod says.
“While every student will not become an entrepreneur, everyone will need to think like one to thrive in the future.”
Sources:
*GUESSS: Student entrepreneurship at the University of Auckland 2021
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