As technological and cultural changes continue to take place, entrepreneurs and innovators must explore new business models and approaches. An Online Master’s in Entrepreneurship and Innovation is a great way to get ahead of the competition in business with the flexibility of advancing your career wherever you live. These degrees can give a distance learner a flexible set of career skills that can be applied to a vast array of employment settings, making graduates more competent at adapting to the evolving job market.
Because entrepreneurship has become so well known in the business world, many of the nation’s best business schools now offer graduate degrees in the topic. Business school candidates need to narrow down the best programs to consider with so many top-notch online degrees to choose from. Here are the top 25 Online Master’s in Entrepreneurship and Innovation degrees in the country.
To find the best Online Master’s in Entrepreneurship and Innovation programs, schools offering online or hybrid master’s degrees focused on entrepreneurship and/or innovation were examined. These online master’s programs were ranked upon their overall reputation, convenience, and affordability.
To find the overall reputation of each program, data was collected from The Princeton Review and US News and World Report, then combined with each school’s College Consensus Score. To find the Reputation Score, the reputation data for each school was averaged and placed on a 100-point scale.
The Convenience Score of each degree was based upon two criteria: whether the program can be completed in a 100% online format, and if the GMAT/GRE test score requirement is omitted or waived during the admissions process.
To compare degree affordability, the base tuition was calculated for each program. All tuition information was taken directly from each college’s website. To find the Affordability Score, the tuition was inverted and then placed on a 100-point scale.
Penn StateSmeal College of BusinessUniversity Park, PA
Penn State delivers an online Master’s in Corporate Innovation and Entrepreneurship through the Smeal College of Business. Penn State’s impeccable reputation for academic excellence can help open doors for online graduate students. The Smeal College of Business exists as a top-tier research institution. It is home to the technology commercialization and new venture creation initiative known as Invent Penn State. The nationally recognized Farrell Center for Corporate Innovation and Entrepreneurship is also situated on campus. The Smeal College of Business enjoys an elite AACSB accreditation. Designed by school leaders, the 100% online master’s degree curriculum shares topics with other graduate programs, allowing distance learners to earn a graduate certificate before they complete their master’s degree. This accomplishment can often be pursued with little to no additional expense or time. By earning two credentials instead of just one, graduate students can build their résumés faster and potentially see a return on their investment sooner. The tuition rate for this degree is just over $30,000.
University of ArizonaEller College of ManagementTucson, AZ
The University of Arizona delivers an online Master’s in Entrepreneurship at the Eller College of Management. Arizona’s 30-credit hour degree builds graduate students’ understanding of real-world business leadership while encouraging the problem-solving they’ll need to innovate throughout their career journey. Distance learners will spend a year developing the foundational knowledge needed to grow while building their expertise through hands-on projects, mentorships, and competitions. Graduates of this program will emerge ready to transform any organization they work in, whether it’s a new startup or an established global institution or anything in between. Distance learners will hone their creativity, fine-tune their ideation, sharpen their hard business skills, and breakthrough career limitations. The program’s curriculum combines applied learning with hands-on experiences that go beyond the coursework. Students will connect with experienced entrepreneurs, investors, and mentors who will make lasting impacts on their careers. Arizona has priced this degree at $30,000. Students typically take 12 months to satisfy all program requirements.
Florida State UniversityJim Moran College of Entrepreneurship and Dedman School of HospitalityTallahassee, FL
The Jim Moran College of Entrepreneurship and Dedman School of Hospitality at Florida State University offers an online Master of Science in Entrepreneurship degree with a major in hospitality. This 30-credit hour program is the perfect fit for graduate students aspiring to start their own venture or join an established organization. Graduates of this degree will acquire and apply the skillsets needed to succeed in a wide variety of business leadership settings. The 100% online collaborative degree between the College of Entrepreneurship and Dedman School of Hospitality provides an advanced curriculum centered on the importance of innovative thinking and leadership. MSE graduates will be fully equipped to pursue careers in the public or private sectors, including academic and government professions. General electives associated with this degree include Consumer Behavior in the Marketplace, Logistics, Supply Chain & Manufacturing, Sustainability and Human Rights in the Business World, Franchising & Management Agreements, Graduate Hospitality Internship, Hospitality Financial Management, Hospitality Revenue Management, Special Topics in Hospitality Management, and Special Topics in Entrepreneurship.
Arizona State UniversityEdson College of Nursing and Health InnovationTempe, AZ
An online Master of Healthcare Innovation is offered at the Edson College of Nursing and Health Innovation at Arizona State University. As many in the industry know, healthcare innovation doesn’t come from one process, workflow, or outlook. Instead, it involves a variety of considerations and approaches. Program designers have created a degree that helps students become leaders in health care. Distance learners will develop health care leadership skills and develop directives that alleviate current health care issues within the Master of Healthcare Innovation curriculum. This 34-credit hour healthcare management program helps professionals take on essential roles in a rapidly evolving industry. In this distance degree, students take a multidisciplinary approach to health care that includes studying change theory, system design, leadership, entrepreneurship, and technology. The online healthcare innovation graduate program is ideal for distance learners who seek to lead in health management. ASU has priced this degree at well below $20,000, and there are no on-campus residencies or visits associated with the program.
University of MarylandA. James Clark School of EngineeringCollege Park, MD
The A. James Clark School of Engineering at the University of Maryland provides an online Master of Professional Studies in Technology Entrepreneurship. This stellar degree equips students with the relationships and skills they need to develop, launch, and lead a startup brand or corporate innovation. Distance learners will enjoy the convenience and flexibility of the A. James Clark School of Engineering online learning experience. Graduates of this program will join one of the most robust alumni networks in the Baltimore-Washington area and the world. Online students experience the same academic rigor and world-class educators offered in the University of Maryland’s on-campus programs. The Middle States Commission on Higher Education accredits the online MPS in Technology Entrepreneurship at the University of Maryland. UM has been recognized among the best universities by Princeton Review, U.S. News & World Report, and Entrepreneur Magazine. The tuition rate of this degree sits at just between $20,000 and $25,000.
Ohio State UniversityCollege of NursingColumbus, OH
An online Master of Healthcare Innovation is available at the College of Nursing at Ohio State University. This 32-credit hour degree is open to all applicants with an undergraduate degree. Program designers believe the strength of this online degree lies within its diversity. Multiple perspectives combined with varied backgrounds and unique talents all come together in pursuit of a common goal. The College of Nursing hopes to change healthcare for the better by guiding graduate students through strategies of innovative solutions that lead change within a healthcare organization. Ohio State welcomes students from various backgrounds and positions in the healthcare field, including those with a determination to advance healthcare policy and practice through organizational change. Upon graduation, students will be prepared to become healthcare leaders in the fields of patient care, administration, and healthcare technologies with the ability to direct change in today’s complex healthcare systems. All courses in this 100% online program utilize asynchronous and synchronous learning.
Rochester Institute of TechnologySaunders College of BusinessRochester, NY
An online Master of Science in Service Leadership and Innovation is offered at Rochester Institute of Technology’s Saunders College of Business. Program architects believe that the goals of this master’s degree in service leadership and innovation include developing professionals who have a 360-degree view of consumers, creating and executing strategic initiatives, and exercising visionary leadership that all organizations need to be successful. RIT’s 100% online MS program in Service Leadership and Innovation allows those who work in all industries to transform their organizations through novel thinking, decision-making, and projecting future initiatives. By understanding how to observe and capitalize on opportunities that others miss, graduates of this 33-credit hour program are positioned to take organizations, and themselves, to new levels of success in a continually evolving world. Rochester Institute of Technology’s tuition rate is less than $40,000. Graduates of this program can work in higher education, internet and software development, and K-12 education.
Purdue UniversityPolytechnic InstituteWest Lafayette, IN
An online MS in Leadership and Innovation is currently available at the Polytechnic Institute at Purdue University. Program designers set out to create a degree that bridges the technical-to-managerial career paths to help students gain leadership skills for today’s changing global economy and unique business environment. The 100% online Master of Science with an emphasis in Leadership and Innovation is priced at less than $35,000 in tuition. Business professionals know that leadership plays a vital role in any position or field, at any stage of one’s career. Graduate students enrolled in this program will learn how to lead in various business scenarios, from innovative technology institutions to global teams and organizational change. The curriculum will help distance learners develop the skills of a leader and learn about global and national technology enterprises. Students will gain the knowledge to understand how law and policies affect technology innovation and impact global technology and organizational leadership.
Brandeis UniversitySchool of Graduate Professional StudiesWaltham, MA
The School of Graduate Professional Studies at Brandeis University offers an online Master of Science in Digital Innovation for FinTech. Entrepreneurship and innovation play a more critical role within the financial sector of business than ever before. From regional startups to many of the world’s largest organizations, more and more institutions rely on blockchain and other modern technologies to streamline financial and reporting systems. The rapidly growing field that centers on a hybrid of analytics, finance, software, and the user experience is known as FinTech. Professionals trained in this field are highly valued and highly sought after. Students within this 100% online program can become innovators in the FinTech space with the first FinTech master’s program in the United States. The 30-credit degree explores how to develop innovative technology solutions within the fast-paced world of financial services. Developed by experts in the industry, it will equip distance learners in designing leading-edge financial solutions within emerging technologies, measuring and communicating the ROI of FinTech solutions to stakeholders, and applying financial theories to solve investor issues and design technology solutions.
Drexel UniversityCharles D. Close School of EntrepreneurshipPhiladelphia, PA
Drexel University provides an online MS in Entrepreneurship and Innovation at the Charles D. Close School of Entrepreneurship. Program designers set out to create an online degree that develops a graduate student’s entrepreneurial mindset. Enrolled students can expect this degree to provide them with the skills they need to initiate a new venture or design a culture of innovation and high-quality leadership within an existing organization. Entrepreneurship is as much about the technical process of launching new endeavors as it is understanding the development of professional and personal skills that foster the pursuit of innovation in business. At the Charles D. Close School of Entrepreneurship, the entrepreneurial skillset includes initiative, calculated decision-making, value creation, problem-solving, opportunity recognition, adaptability, creativity, and critical thinking. There is no residency required throughout this degree, as all courses are delivered 100% online. Drexel has set the tuition rate for the program at between $30,000 and $35,000.
Western Carolina UniversityCollege of BusinessCullowhee, NC
The College of Business at Western Carolina University provides an online Master of Innovation, Leadership, & Entrepreneurship. Whether students aspire to build or grow their businesses or lead change within a company, WCU’s Master of Innovation Leadership and Entrepreneurship degree can help distance learners to maximize ROI and minimize risk within the pursuit of innovation. The 100% online program offers two concentrations. Entrepreneurship is the perfect choice for those launching or growing an entrepreneurial venture. Innovation Leadership is the other emphasis designed for students wanting to center on innovation within an existing company via intrapreneurship. All students in the graduate program join an active and collaborative community of support dedicated to helping them successfully manage and grow their enterprise. The tuition rate of between $5,000 and $10,000 means students will receive a lot of bang for their academic buck. This 30-credit hour degree is the most affordable program within this ranking.
Syracuse UniversityMartin J. Whitman School of ManagementSyracuse, NY
The Martin J. Whitman School of Management at Syracuse University currently features an online Master of Science in Entrepreneurship. Program designers understand that maintaining and growing a business takes more than just a great idea. To thrive in a competitive commercial landscape, aspiring entrepreneurs need to utilize a comprehensive understanding of the many factors that impact the success of an organization or idea. An online MS in Entrepreneurship from Whitman gives professionals a working knowledge of strategy, finance, marketing, and idea viability. The 100% online program provides students with the knowledge, practical experience, and confidence to navigate their journeys to entrepreneurial success. Distance learners can complete the degree in as few as 15 months. The 30-credit curriculum includes strategically placed courses that center on the skills that all entrepreneurs need. The program culminates in a capstone experience in which students build a new venture business plan from scratch. Graduate students will move forward prepared to manage organizational resources well, including financial capital, processes, human capital, and technology resources.
Temple University Fox School of BusinessPhiladelphia, PA
The Fox School of Business at Temple University provides an online Master of Science in Innovation Management and Entrepreneurship. Program designers have created a degree that allows students to design and deliver exciting products and services. The online Master of Science in Innovation Management and Entrepreneurship at Temple University’s Fox School of Business is an ideal degree for entrepreneurs, junior-level professionals, and graduates of tech, engineering, and science degree programs. Graduates of this 100% online program can learn to drive innovation within startups and established organizations. Distance learners use creative problem-solving to deal with the tactical and strategic issues that go along with visionary change. Students can nurture their innovative ideas and develop them to reality with the Innovation Management and Entrepreneurship MS. The master’s degree teaches distance learners how to harness creativity and big-picture reasoning to foster organizational growth. Temple University advertises a tuition rate of between $30,000 and $35,000.
Johns Hopkins UniversityKrieger School of Arts & SciencesBaltimore, MD
Johns Hopkins University’s Krieger School of Arts & Sciences provides an online Master of Biotechnology Enterprise and Entrepreneurship. This 100% online master’s degree in biotechnology teaches students to lead an enterprise, or start their own by exploring business subjects through a biotechnology lens. Topics within this degree include funding strategies, leadership and management, law and ethics, product development, marketing, and intellectual property management. Medical, biotechnology, and research professionals with a desire to expand their career potential into entrepreneurship or biotech leadership can develop the necessary industry knowledge and business skills within the 10-course Johns Hopkins Master of Biotechnology Enterprise and Entrepreneurship (MBEE). Many of this program’s students are already employed by biotechnology organizations and are looking to move up in their companies or broaden their career opportunities. In addition to founders and leaders, this program attracts research scientists and medical professionals interested in understanding issues in the biotechnology industry. The attractive MBEE also serves as an excellent start for medical school or advanced studies in public health and the life sciences.
Pittsburg State UniversityCollege of TechnologyPittsburg, KS
Pittsburg State University’s College of Technology provides an online Master of Science in Technology with an emphasis on Innovation in Technology. Within the 30-33-credit hour degree, students may choose to have no specialization or may select from nine emphasis areas. This 100% online program provides advanced instruction in managerial, technical, scientific, and the supervisory regions for those currently working in management and technical positions in business and industry. With a tuition rate of well below $15,000, this program is one of the most affordable distance degrees within this ranking. Graduate students enrolled in the program have two options for concentrations. A thesis option is designed to prepare graduate students for a doctoral program or an advanced professional career. Students wanting to pursue an in-depth research experience will want to choose this route. The coursework option requires completion of advanced curriculum in an area of expertise. Departments will require proof of competency through resources such as research papers, comprehensive exams, portfolios, practice, internships, or other individual work.
Central Michigan UniversityCollege of Business AdministrationMount Pleasant, MI
The College of Business Administration at Central Michigan University provides an online Master of Entrepreneurial Ventures. Program architects understand that entrepreneurs are on the front line of today’s business landscape. Entrepreneurs create value by structuring and managing resources in innovative ways. They are excellent at seeing the opportunity and running with it. When they initiate entrepreneurial ventures, they will turn fresh ideas into meaningful actions. Central Michigan University students study core business and entrepreneurial concepts, including preparing investor pitches and executive summaries. Building on this foundation, graduate students will learn about the business, tactical, and legal issues surrounding entrepreneurial ventures. Courses within the 36-credit hour program include information on how to form new business entities, build and motivate teams, raise capital from angel investors, and use crowdfunding platforms. Graduates of this degree will be well-versed in leveraging e-commerce and social media tools, negotiating with clients and strategic partners, protecting intellectual property, and structuring venture capital investments.
Northeastern UniversityD'amore-McKim School of BusinessBoston, MA
The D’amore-McKim School of Business at Northeastern University provides an online Master of Science in Innovation. Northeastern’s online MS in Innovation prepares distance learners to lead innovation initiatives in today’s rapidly changing business environment. The purpose of the online degree is to enhance business leaders’ innovation leadership skills while increasing their innovation IQ within the workplace. By enrolling in this online program, students will enjoy learning the fundamentals of business and innovation, studying 100% online in the convenience of their homes, working closely with other students who work in a diverse set of industries, and executing change through real-world organizations and projects. Graduates of the program can expect to build an innovation skillset and portfolio that will propel their careers to new heights. After completing the online MS in Innovation, graduates will have earned 30 credits and may be eligible for an MBA program. As an added benefit, if students apply to a Northeastern MBA program, they will qualify for the Double Husky Scholarship and are eligible to receive a 25% discount off their tuition.
Salve Regina UniversityDepartment of Business Studies and EconomicsNewport, RI
An online Master of Science in Innovation and Strategic Management is offered at the Department of Business Studies and Economics at Salve Regina University. The university’s online graduate program in innovation and strategic management creates students who become future leaders with the ability to assess, identify, and manage business opportunities in their organizations or existing companies. Coursework within the 36-credit hour degree centers on leading innovation with organizational foresight and transforming processes and organizations while using strategic and creative decision-making skills. To stay competitive in today’s modern global economy, there is an increasing demand for visionaries who understand the many intricacies of business leadership. The Department of Business Studies and Economics program shares those skills and hones in on a student’s entrepreneurial, creative, and socially responsible nature. This 12-course degree may be completed 100% online. Courses are also delivered at Salve Regina University’s Newport campus and in a hybrid classroom/online structure. An undergraduate degree in business is not required of incoming students.
Texas Tech UniversityCollege of Media & CommunicationLubbock, TX
Texas Tech University offers an online MA in Strategic Communication and Innovation at the College of Media & Communication. The 30-credit hour degree focuses on preparing graduate students for senior-level positions in organizations as strategic communicators in today’s digital and global environment. Offered exclusively online to meet today’s students’ needs, this program features a tuition rate of less than $30,000. Most graduate students enrolled in this program are communication professionals. Required courses within the degree include Research Methods, Strategic Communication Planning and Writing, Media Management, Entrepreneurship, & Consulting, Strategic Communication in a Global Environment, and Communication in Organizations. The College of Media & Communication does not require incoming students to submit GRE or GMAT scores during the application process. All courses within Tech’s online Master of Arts in Strategic Communication and Innovation are delivered through a 100% online format. The degree’s curriculum consists of nine courses and a final project. Students are required to complete seven core courses and choose from a pool of elective courses.
University of MichiganSchool of NursingAnn Arbor, MI
The School of Nursing at the University of Michigan provides an online Master of Science in Nursing in Leadership, Analytics, and Innovation. This 33-credit hour degree has been designed for data-driven, action-oriented nurse leaders interested in tackling detailed, analytical decision-making and advance into leadership roles. Students wanting to invest in creating a sustainable, long-term impact in health care at the system, team, and national policy levels will thrive within this program. The School of Nursing’s online MSN degree opens up new opportunities for nurses whose personal demands and professional schedules prevent them from attending a traditional brick-and-mortar school. Courses within the program include Foundations of Quality Science and Performance Analytics, Strategic Resources and Healthcare Operations Leadership, Foundations in Innovation and Implementation in Health and Health Care, Applied Biostatistics for Clinical Practice, Foundations of Health Informatics, and Foundations of Leadership. Distance learners will participate in a two-day on-campus orientation at the beginning of the program. The orientation allows them to start the program with personal connections.
Pepperdine UniversityGraduate School of Education & PsychologyMalibu, CA
Pepperdine University provides an online Master of Arts in Social Entrepreneurship and Change at the Graduate School of Education & Psychology. This robust, 40-credit hour hybrid degree will prepare graduate students to work in entrepreneurship and social activism as they become better leaders in their industry or pursue doctoral ventures. Designed for both full-time students and working professionals alike, this online hybrid degree equips distance learners with the critical resources, knowledge, and skills they need to direct and effect change within organizations, local communities, and around the world. As social entrepreneurs, graduate students learn to examine complex social issues and to facilitate sustainable market-based solutions. As impactful leaders, the Graduate School of Education & Psychology students learn management tactics such as creating strategies, implementing programs, and formulating marketing campaigns. In the program’s second year, students participate in a global exchange experience within a developing country. The program features a tuition rate of between $50,000 and $55,000.
University of PennsylvaniaPerelman School of MedicinePhiladelphia, PA
An online Master of Health Care Innovation is featured at the University of Pennsylvania’s Perelman School of Medicine. School leaders understand that while the need to improve health care is clear, the opportunities for change are also myriad. The path from today’s health care to tomorrow’s is not always clear. Forging it requires skills and knowledge and skills gained in degrees like Penn’s MHCI program. Graduate students within this 11-unit hybrid degree will develop leadership and innovation skills. The seminar programming, MHCI Speaker Series webinars, and course curriculum will build the student’s innovation muscles in the areas of strategic learning, innovation, analytical thinking, creativity and idea generation, and complex problem-solving. Graduates of the degree can expect to have their leadership tools sharpened in the areas of networking, communication ability, leadership, persuasion, negotiation, and social influence. Penn’s MHCI brings together ambitious change agents from across health care. Within the program’s courses, robust online discussions generate a network of problem-solvers comprising clinicians, health IT specialists, entrepreneurs, researchers, and executives.
University of St. ThomasOpus College of BusinessSaint Paul, MN
The Opus College of Business at the University of St. Thomas provides an online Master of Science in Health Care Innovation. This degree allows distance learners the chance to explore the dynamic field of health care. Today, many health care organizations and businesses are looking to disrupt the status quo and respond to the industry’s evolving climate. The need for innovative thinking and problem solving is proliferating. Students enrolled in this program will learn how to impact the direction and future of the health care industry from the inside out. In the Opus College of Business’ experiential learning model, distance learners will work closely with health care industry experts and get mentored throughout the year-long degree. The 31.5 credit hour program culminates with a final capstone experience that shows what students have learned as they apply knowledge to a real-world setting. Minnesota is currently known as the Silicon Valley of health care. It is home to numerous health care startups, large corporations, nonprofits, and innovation centers within significant organizations. This degree can be pursued for a tuition rate of between $30,000 and $35,000.
Babson CollegeF.W. Olin Graduate School of BusinessBabson Park, MA
The F.W. Olin Graduate School of Business at Babson College provides an online Master of Science in Management in Advanced Entrepreneurial Leadership. Program designers understand that modern technology is changing much faster today compared to any other time in history. To stay relevant, entrepreneurial leaders must be good decision-makers who are willing to learn and be proactive about solving problems. Enrolled students will be able to cultivate their ability to mobilize others and drive renewal and growth within an organization. Distance learners can expect to add innovative tools to their skill set, gain a make-it-happen attitude, and develop their emotional intelligence to make a real-world impact in business. Throughout this two-year online degree, F.W. Olin Graduate School of Business students will collaborate with their peers across time zones and state lines on discussion boards and group projects. The 100% online course structure helps to enhance their performance as remote team leaders. A tuition rate of just over $70,000 accompanies this program.
Lindenwood UniversitySchool of Arts, Media, and CommunicationsSaint Charles, MO
An online Master of Science in Fashion Business and Entrepreneurship is currently available at the School of Arts, Media, and Communications at Lindenwood University. Lindenwood is offering students with an undergraduate degree the chance to take their careers in the fashion industry to the next level with the 100% online Master of Science in Fashion Business and Entrepreneurship. This program from Lindenwood University will provide distance learners with a diverse and thorough graduate education designed by program architects to help professionals build a career in the fashion industry. Graduates will learn how to bring the latest trends and styles to the runway while also learning how to manage a successful business that impacts the fashion industry. Course curriculum centers on managerial and economic skills that will help students thrive as entrepreneurs. Advanced professional training prepares entrepreneurs with insight into the industry of fashion while providing administrative and economic skills.
Entrepreneurship and innovation are the two key ingredients that make for a thriving economy. The world as a whole thrives because of innovative entrepreneurs. The regions in the world with leading entrepreneurship and innovation tend to have more jobs, higher productivity rates, and increased economic growth.
It takes a specialized skill set to create and execute a new business or project. But are you afraid of setting out on a creative endeavor because you do not think you are a natural-born entrepreneur? It is quite alright if you do not believe that you were born with the innate ability to be successful in innovative business leadership. Leaders at Vlerick Business School attest that only 40% of entrepreneurial expertise comes naturally to most people, while 60% are “made” (trainable) entrepreneurs.
Are you looking to make a difference in the global economy of the future and also interested in studying entrepreneurship and innovation? Here is some good news. There is a degree for that. In fact, there are many degrees out there to choose from! But before you settle on the educational track that is right for you, let’s spend some time looking at what entrepreneurship and innovation is, and why it is worth pursuing.
What is Innovation?
Entrepreneurship and innovation are two necessary factors required in creating a successful business. Companies, operations, and all types of projects depend on these factors to develop new ideas and see them through to reality. The two constructs are very similar and are often used interchangeably in the business world. There is, however, a difference between the two.
Innovation relies on utilizing creativity and creative thinking to develop a unique business idea or solution to an issue that mars the operations of an efficient and effective business model. A considerable aspect of innovation is the technological component, which allows us to perform a particular task that previously couldn’t be done because of restraints to time, resources, or technological advancements. When applying innovation to the world of business, it can be formally defined as introducing novelty to a given industry or market. New products, services, sources of organization or supply, or systems would all be considered works of innovation. According to the Vlerick Business School, the purpose of innovation is to continually renew and grow an enterprise or institution with new or advanced products, better processes, or effective business models.
What is Entrepreneurship?
Entrepreneurship is the act of applying innovations to bring ideas to fruition. The entrepreneur is often referred to as a social inventor rather than a technical one. It is the entrepreneur who takes the opportunity to benefit from innovation by building products and organizations. Innovation is fully realized, and progress is only made after the entrepreneur pushes the innovation forward. Most successful entrepreneurs are innovative. For many organizations, distinguishing their products or services from their competitors is key, and that typically requires a high level of innovation.
Joseph Schumpeter, a 20th-century economist, once voiced that necessity may be known as the mother of invention, but necessity will not automatically result in innovation. By this sentiment, Schumpeter was hinted at the need for a third element. The crucial element for the success of invention and innovation lies in the entrepreneur. How willing is the inventor to work countless hours developing a new product, service, or technological advancement? How motivated will the independent developer be to seek financial backing? How able will the gifted individual be at garnering momentum within an organization to keep discouraged coworkers working at an optimal pace? It is the entrepreneur’s job to see things through to completion, even in the face of great discouragement.
Entrepreneurship and innovation are the bread and butter of a successful organization. One component of this tandem relationship would not be complete without the other. But why are these two aspects of business so vital to our economy and society as a whole?
Why are Entrepreneurship and Innovation so vital?
Innovative entrepreneurship plays a crucial role in all societies around the world as it directly impacts economic growth by creating jobs and helping to reduce poverty. Universities worldwide, specifically those with high-quality business schools, are creating more robust programs that revolve around entrepreneurship and innovation. Mostly, this can be attributed to the fact that as the world has become more competitive, a need has followed for organizations to be continually innovating with better opportunities for entrepreneurs.
Now that you understand the two constructs and how they relate to one another, you can look at entrepreneurship and innovation and why a graduate degree in the topic is wise to pursue.
What is an Online Master’s in Entrepreneurship and Innovation?
Entrepreneurship and innovation is often provided as a concentration within a master’s program. The focus equips students with the skills and knowledge they will need to be innovative and entrepreneurial within a variety of business settings, both social and commercial. Graduate students spend the program learning how the process works from the initial idea to establishing a startup to full-enterprise operation.
An Online Master’s in Entrepreneurship and Innovation is an optimal degree as it delivers a robust graduate-level education with the flexibility and convenience that only online teaching can afford. Students enrolled in these programs typically set their own schedules and can choose between accelerated programs that take less than a year to complete or take their time and graduate in five years. While circumstances vary from school to school, many programs offer online students the same tuition rates that in-state students enjoy. Graduates of entrepreneurship and innovation online programs usually form their own businesses or work in organizations as analysts and consultants to help companies develop and expand. Many of these distance learners will accept management and research roles that deal with developing and maintaining sustainable organizational initiatives.
The Online Master’s in Entrepreneurship and Innovation is a great choice for innovative leaders wanting to expand the boundaries in their current organization or even pave a new way forward.