Community service projects allow students to work with a partner to provide service to a not-for-profit organization, and to consider how they might help in addressing social problems and creating social value. In FME, “action trumps everything.”įME provides at least two other learning opportunities. The paradigm is shifted from “learn, then do” to “do, then learn.” The fundamental learning model is: action – reflection – application.
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Learning in FME can be characterized by its just-in-time nature (i.e., tools provided right when students need them in the start-up process), and its proactive and experiential nature (i.e., try then apply, and trial and error mentality).
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The overall objective of FME is to teach students the basics of business in an entrepreneurship container, and how to create economic and social value.
In a nutshell, students in teams learn what it takes to start and run a business. This means every student experiences the entire cycle of entrepreneurship: identifying an opportunity, developing the concept, determining the resource requirements, acquiring the resources, managing the business, harvesting and exiting the venture. Through the FME experience, students have learned about technology, licensing and legal issues such as obtaining permits in highly regulated markets - along with the nuts and bolts of running and managing a business while creating economic and social value.įME is a required course for all first-year undergraduate students. Student ventures have included refrigerator odor neutralizers containing used coffee grounds (Fridge-Pal) partnering with a local beekeeper to produce and package honey (Babson Honey) utilizing Near-Field Communication (NFC) devices programmed to transfer users’ desired contact information from a card to a smartphone (Tap Tag) and showing classic and newly released movies on campus (Second Take Cinema). Over the years, a wide array of non-tech and high-tech entrepreneurial initiatives have been developed through FME – from product and service-based businesses to events and social gatherings. It has evolved into a rite of passage for all undergraduates and the cultural/curriculum core at Babson, blending theory and practice. The course is built on the philosophy of Founder Roger Babson and his vision that “it makes no sense to study business management until you understand business creation.” Since its inception, FME has become the entrepreneurial foundation of the college and its first year undergraduate immersion into the world of entrepreneurship. Babson College’s flagship undergraduate course, “Foundations of Management and Entrepreneurship (FME),” was created in 1996 (as Foundation Management Experience) to give all first year undergraduate students the experience of starting and managing a business.
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