Penn State is helping develop the next generation of business innovation leaders and entrepreneurs, with the introduction of a new master’s program beginning this January.

Developed by the Smeal College of Business, the Penn State Master of Professional Studies in Corporate Innovation and Entrepreneurship will equip students with the skills to run a successful business in an environment of increasing competition. The program is being offered exclusively online through the Penn State World Campus and Smeal College of Business.

A successful innovator and business leader is knowledgeable in a wide variety of subjects. The new master’s program reflects this idea, and includes core courses on the fundamentals of innovation and entrepreneurship, creating new business ventures, emerging trends and strategies to implement the policies and procedures needed to lead an industry.

Shawn Clark, clinical professor at Smeal and director of the Farrell Center for Corporate Innovation and Entrepreneurship at Penn State, says the new program is unique in the variety of skillsets students can gain.  

“This program differs from other programs by offering strong, practitioner-based education in corporate innovation and business fundamentals,” Clark says. “What also makes the program distinct are the many curricular tracks students may choose from to complement their entrepreneurial interests and career goals. In fact, students who seek to earn an online masters in corporate innovation and entrepreneurship through Penn State may earn multiple certificates along the way.”

Students who complete the core courses will have the option to schedule classes in either business administration or engineering leadership. Program electives include accounting, supply chain management and marketing and business analytics, among others.

The 33-credit program is capped off with a final project in which students will apply what they learned in previous course material. An example of a project could be the development of a detailed business plan or entrepreneurial project proposal, which may entail competitor analysis, market analysis or a fully-realized implementation plan.

While the program is exclusively online, Clark notes that faculty can engage with students through virtual sessions.

“It’s worth mentioning that all of the online courses in this program include synchronous, virtual, online sessions, involving faculty and students on a weekly or bi-weekly basis,” he says. “These faculty-led meetings, though mediated by technology, allow students and professors to interact in real time using audio, video and text.”

Clark adds that ideal candidates for the program fall into two categories.

“The first category is engineers, technologists and scientists who are, or who anticipate, fulfilling managerial or project management roles that require knowledge of both innovation and business,” he says. “The second category is anyone in a business role who is responsible for driving or managing innovation, including launching a new business venture in or outside the enterprise.”

Interested candidates are expected to have completed an average of three years of post-undergraduate professional work, though individuals with less experience may be considered. Applications should include a resume, two strong letters of recommendation, a 600-word essay articulating career education and goals and official transcripts from all post-secondary institutions attended.

Applications for January classes are no longer being accepted. Those interested in taking summer classes must apply by March 30.