CSVC and Dingman Host Halcyon Incubator for Conversation with MBAs

Annie Wolaver, a Smith MBA candidate and graduate assistant in the Center for Social Value Creation, writes about the MBA Lunch and Learn session on April 4, 2017, at the University of Maryland's Robert H. Smith School of Business.

The Center for Social Value Creation held its fourth MBA Lunch and Learn session on Tuesday, April 4, at the Robert H. Smith School of Business. The session provided students an opportunity to engage with Ryan Ross, program director at the Halcyon Incubator, in a discussion about the role of entrepreneurship in driving social value creation. The session was co-hosted by the Center for Social Value Creation and the Dingman Center for Entrepreneurship.

Ross manages the Halcyon fellowship program, which helps entrepreneurs with early-stage ventures prioritize social impact and transparently measure outcomes toward this goal. Dreamed up by co-founders Dr. Sachiko Kuno and Kate Goodall, Halcyon’s goal is to be the best program for early stage social entrepreneurs in the world by creating a transformational model consisting of residency, immersion, diversity, and impact - all without taking an equity stake in participating companies.

The incubator only accepts eight ventures out of a pool of over 250 applicants for each cohort. To be a successful candidate, a venture must have clear logic; there must be a distinct pain point and connection to how their innovation will create a unique solution. Prioritizing diversity, 64 percent of its fellows represent minorities in the entrepreneurial space.

Halcyon’s fellows take up a five-month residency in a historic mansion located in Georgetown where they are immersed in training and development activities ranging from pitch sessions to yoga classes to investor meetings. Ross explained, “Making good connections is one of the most important things that an entrepreneur will need.” Halcyon sees to that need through a networking process they call ‘facilitated serendipity.'

Halcyon is committed to not only building social entrepreneurs’ hard skills but also developing ‘soft’ skills to demonstrate that balance is a necessity. Ross explained, “This is not a sprint; it’s a long haul toward social change. You need systems that support that – including self-care.” After residency, fellows are supported for an additional 13 months and are allowed to work out of Halcyon free of charge. This holistic experience is designed to equip entrepreneurs with skills and support that will transform their entrepreneurial vision into reality.

Ross engaged in a rich dialogue with students ranging from the diversity of applicants to the idea of philanthropy risk capital. “People assume there is risk around things they don’t know,” Ross explained. “There is an increasing need for people who understand the philanthropic world, the business sector, and the government sector because the greatest opportunities for social change lie at their intersection.” This was welcomed news to Smith students who are honing their skills in these sectors.

Ross also discussed the importance of universities in making the social entrepreneurship ecosystem accessible to all. For Ross, universities serve as early-stage incubators to help students think big thoughts, refine their ideas and act as physical hubs for connections essential to getting good ideas off the ground. Several of Smith’s aspiring entrepreneurs received advice on moving their visions forward and passed on some helpful application tips for the Halcyon fellowship, “Never overlook the connection between the pain point and your solution. If people are slightly confused after your pitch, then you need to refine your model.” These words rang true for students, not only in building their own enterprises but also in identifying strong players in the social enterprise space.

For more information about the Center for Social Value Creation, visit: www.rhsmith.umd.edu/svc.