Unknown to many, an MBA program focused singularly on entrepreneurship has been receiving praise in The Princeton Review and Businessweek rankings of the last two years. We profile the Austin, Texas-based Acton MBA in entrepreneurship where 25 c…
Unknown to many, an MBA program focused singularly on entrepreneurship has been receiving praise in The Princeton Review and Businessweek rankings of the last two years. We profile the Austin, Texas-based Acton MBA in entrepreneurship where 25 carefully chosen students learn each year from professors who must have started businesses themselves. Acton's Director of Enrollment Jessica Blanchard speaks to us.
Who is the Acton MBA for? What kind of applicant is best fit to make it to the program?
The Acton program is not for everyone. It is designed for people who want to make a difference in the world, do not have a moment to waste and are willing to make a serious commitment of time, attention and energy. Our students have a strong entrepreneurial drive and want to acquire the tools, skills and judgment needed to start a business or buy a company.
How is the Acton MBA program different from a conventional MBA program?
Through our tightly integrated curriculum and requiring our students to work 80-100 hours of work per week, we deliver a world-class business education in only 9 months. Acton is taught exclusively by successful, practicing entrepreneurs. There are no tenured or research faculty on staff. We accept only 25 students per year, giving Acton the lowest teacher-student ratio of any graduate business school in the country. We exclusively teach our courses using the case method. Our entrepreneur-teachers are not allowed to lecture or make declarative statements.
The admission process to the Acton MBA as given on your website looks similar to that of a general MBA program. Where do the differences lie?
Our admissions process is very similar to traditional MBA programs. One thing that our applicants always say they appreciate is how quickly we let them know whether or not they have been accepted. We notify all applicants within one month of each admissions deadline.
How many MBA graduates in each of the previous two batches start a new business immediately after graduating? What sectors have these businesses predominantly been started in? Can you quote some examples?
About 20 pc of our graduates started their own company right after graduation. Our program attracts entrepreneurs with a wide variety of interests, so there is not one main industry in which they have started these businesses. Beau Burkett, Acton Scholar 05, is the founder of Burkett Media, a billboard leasing company. Kevin Fuir, Acton Scholar 04, is CEO and Founder of IP Tactics, an intellectual property acquisition and monetization company that has been responsible for over $1billion in transactions globally. Chris Shonk, Acton Scholar 04, sold his investment bank and started two other companies after graduation.
Do Acton MBA graduates also take up jobs?
With the exception of students who enroll in Acton with several years of experience and return to the same industry upon graduation, we strongly encourage all of our graduates to work for more than a few years before starting their own businesses. You really need to know the ins-and-outs of an industry before you start a company, so we encourage all of our students to go work for the best people within their chosen industry to learn as much as they can.
Does the school provide some kind of support to businesses started by its graduates? If yes, how?
No, we do not provide any support to our graduates businesses. However, we do stay in close contact with each of our graduates and continue providing them as much help and support as we can post-graduation.
What funding opportunities does the school provide for its participants' businesses?
We do not provide any funding for our students businesses. However, this year we created the Acton Angel Network in an effort to seek new ways to provide entrepreneurial education to both students and alumni. This will be an opportunity for Acton alumni with emerging or growing businesses to 'pitch' to their fellow alumni and a board of Angel investors for seed money. This will be an annual event. Please Note: These business plans are not developed until after graduation. Our students do not work on their business plans while they are in the program.
How many international students have been given admits in the MBA program in the two previous batches? How many among them were Indians?
We have had 5 international students in past classes, 2 of whom are Indian. We have 2 international students in this years class, both of whom are Indian.
Different countries have different business environments and government regulations. How does the Acton MBA address such specific knowledge needs for international students?
We focus primarily on domestic companies and do not address any specific issues of international business. All of our Indian students have stayed within the US after graduation.
Is work experience important to get into the MBA program? If yes then how many years is a good amount?
We recommend that most students have at least 2 years of work experience. However, up to 20 pc of each class may consist of students straight out of college without any work experience. The case discussions are so much richer when we have great diversity within the student body, so we look for students from all different backgrounds, industries, work experience, etc.
The Acton MBA is currently taught from temporary classrooms in Austin. When would your own campus be ready for use?
The new campus will open in January of 2008.
How many applications do you receive each year and how many make it to the interview stage?
For the past two years we have interviewed about 50 pc of the applicants. As the quality of our applicant pool continues to increase, we are interviewing more of the applicants than we have in past years. This year, we will probably interview about 75 pc of our applicants.
What is the average GMAT score of your the two previous MBA classes? What is the minimum GMAT score below which the Acton admission committee would refuse to look at the application any further?
Our average GMAT for the Class of 2006 was 620 and was 635 for the Class of 2007. While our minimum GMAT requirement is 600, we still look at all applications as a whole, even if their GMAT score falls below that requirement. However, the rest of an applicants file must be extremely strong in order to be considered for acceptance.
There are three types of application deadlines mentioned on your website. How do an applicants chances change at each of these deadlines?
Right now, we accept only 25 students per year and will accept 35 students per year once we open our new campus in 2008. Therefore, we encourage students who are very serious about attending Acton to apply by the November or March deadline since there will be very few seats left at the May deadline.
In order to waive out of the TOEFL, what documents will suffice to prove that an applicant has been educated in English language at college level? Im asking this question in the Indian context, where colleges do not give out an explicit certificate to the effect.
Students educated in the English language at the college or post-graduate level are exempt from the TOEFL. An official transcript from the school will suffice.
How are scholarships awarded at Acton and what criteria are used to deem a candidate fit for scholarship? What are the chances of an international student receiving a scholarship?
We dont offer any scholarships, but rather we have a ground-breaking fellowship program not found at any other business school. Acton is the only MBA program in the country that offers every accepted student a $35,000 fellowship that covers the full cost of tuition, materials and fees (with the exception of lap top computers that all students are required to have). The way it works is that each accepted student is responsible for paying for the first semester ($17,500). If they make it through the first semester in good academic standing (all As and Bs), Acton pays for their 2nd semester. Upon completion of the program, we write each of the graduating students a check for $17,500 to repay them for the first semester. The catch is that every student is then on their honor to then donate 10 pc of their subsequent earnings back to Acton until they have repaid the $35,000 and allowed another student to go through the program tuition-free. Not only does this program provide each of our students an interest-free loan, but it also holds us accountable to live up to our three promises that our students will learn how to learn, learn how to make money, and learn how to live a life of meaning. If a student feels that we did not follow through on these promises, they are released from their obligation to repay their fellowship.
What is life beyond academics at the Acton MBA like?
There is little life beyond academics while enrolled in Acton. Our program is designed for people who do not have any time to waste and are willing to completely commit themselves to Acton throughout the entire 9 months of the program. For students who want a business school that offers student organizations, social activities, etc., we recommend that they look at programs other than Acton.
How are scholarships awarded at Acton and what criteria are used to deem a candidate fit for scholarship? What are the chances of an international student receiving a scholarship?
We dont offer any scholarships, but rather we have a ground-breaking fellowship program not found at any other business school. Acton is the only MBA program in the country that offers every accepted student a $35,000 fellowship that covers the full cost of tuition, materials and fees (with the exception of lap top computers that all students are required to have). The way it works is that each accepted student is responsible for paying for the first semester ($17,500). If they make it through the first semester in good academic standing (all As and Bs), Acton pays for their 2nd semester. Upon completion of the program, we write each of the graduating students a check for $17,500 to repay them for the first semester. The catch is that every student is then on their honor to then donate 10 pc of their subsequent earnings back to Acton until they have repaid the $35,000 and allowed another student to go through the program tuition-free. Not only does this program provide each of our students an interest-free loan, but it also holds us accountable to live up to our three promises that our students will learn how to learn, learn how to make money, and learn how to live a life of meaning. If a student feels that we did not follow through on these promises, they are released from their obligation to repay their fellowship.
Awesome!! I've been waiting for this interview for a long time
I especially loved this part of the interview.
Acton MBA, here i come
Hugely impressed by the interview and the school after checking the website.
Hi Guys,
As far as I know the Acton MBA is in Texas,
Isn't there any programs like this in India, for those who don't want jobs but seeing themselves as entrepreneurs? or any of branch of this institute in India?