FAQ'S - Wade Institute



Why was the Wade Institute created?

The Wade Institute has been founded to create and empower the next generation of audacious entrepreneurs who want to create the new enterprises of our economies. The Institute will be home to the University of Melbourne’s new Master of Entrepreneurship – the MBA for the entrepreneurial age – a gateway to the entrepreneurial ecology of Melbourne and the University.

Can you learn to be an entrepreneur?

Most entrepreneurs don’t fail to start, they fail to grow. And they don’t fail to grow because they have bad ideas, they fail to grow because they can’t manage the business that houses that idea. It requires skills like understanding how to manage people, deal with investors, manage suppliers, and read financial statements. These are a teachable set of skills. You don’t always have to learn from your own mistakes. You can learn from other people’s.

What we teach are all those things that entrepreneurs say are ‘the things I wish I had known’. We’re changing the success rate.

How will the Master of Entrepreneurship help me?

This is the course for anybody who ever had a great idea who wanted to do something with it. The Master of Entrepreneurship will provide you with:

  • The knowledge and skills you need to develop and launch new innovative businesses. You will get these skills through a very practical course that will give you substantial opportunities to interact personally with all the faculty. It is a course where every subject has been specially designed just for this degree and draws on the latest thinking and practice from around the world.
  • The networks you need. You will get a personal introduction to the entrepreneurial community in Victoria and Australia so you will know where to get funding, where to find space for your start-up to grow and where to go to get advice you need. During the course you will get to meet funders, co-working space managers, advisors and, of course, plenty of entrepreneurs. There will be field trips and internship opportunities so you will get the inside view.
  • The support you need. You will be part of a very strong cohort of fellow entrepreneurs, which we know is one of the keys to success.

Will I meet real entrepreneurs and business leaders?

You will be immersed in a program rich with guest entrepreneurs and industry leaders. With a small cohort you will get to meet them, not just hear them. So, for example, if you want to know what funders are looking for there is no better way to find out than to ask them. We want to make sure that you leave with the connections that will help you to succeed in the next stage of your career. You can also take advantage of our mid-year internship program to learn from actually working in a start-up. Our list of entrepreneurs and guest speakers grows every day.

How and where will the course be taught?

This program will be taught on-campus at the Wade Institute, which is located at Ormond College in Parkville. Selected subjects are offered in intensive mode and over the summer and winter semesters. Subjects will be taught through workshops, seminars, small group working session, practicals, field work and some lectures. The Wade Institute building has been purpose built to facilitate these types of high interactive and personal modes of teaching and learning.

How many contact hours will there be each week?

You will be required to attend between 20 – 25 contact hours per week, including two fulltime week-long intensives which will be a unique blend of workshops, seminars and studio style. These subjects will be intensive and immersive.

The two intensive subjects are:

  • Foundations of Entrepreneurship Practice – classes will be held over 8 days in early February.
  • Creating Your Own Enterprise – classes will be held over 5 days in mid-July.

The other subjects will be taught between 10am-1pm Monday to Friday with regular lunchtime guest lecturers and workshops with entrepreneurs and leading industry figures during and after class times.

Outside those hours your will be very welcome to work at the Wade Institute, where everyone will have their own workspace.

Contact hours for the two-year part-time degree are different. Talk to us to learn more.

Can I do the course part-time?

Yes. The part-time course is completed over two years:

  • Year 1 will help you learn the tools to build and commercialise products/services
  • Year 2 will help you apply those tools toward building a specific startup

Talk to us for more information.

How many students will take the course?

We want a small cohort of students to ensure:

  • Learning can always be done in small groups with highly personalised attention from the faculty
  • Everyone can get to know everyone else very well so that students can form a strong cohort
  • The group is small enough that when entrepreneurs and industry figures join us there is the opportunity to meet them personally

How will you select students and what should I put in my video pitch?

To be considered for entry, applicants must have completed an undergraduate degree in any discipline. Students will be selected by a committee made up of senior academic staff from the Faculty of Business and Economics and Ormond College. You’ll be required to attend an interview and create a video pitch as part of the application process.

Your video pitch should be up to five minutes long. It should pitch to us why you want to be part of The University of Melbourne’s Master of Entrepreneurship. Please note: the selection panel are more interested in substance than style.

How do I apply for the Master of Entrepreneurship?

You apply directly to The University of Melbourne fbe.unimelb.edu.au/entrepreneurship

When should I apply?

Applications to study in 2018 are now open:

  • Round 1: closes Sunday 30 April 2017
  • Round 2: closes Friday 30 June 2017
  • Round 3: closes Saturday 30 September 2017
  • Round 4: closes Monday 27 November 2017

Can I apply if I’m in my final semester of my undergraduate course?

Yes, but you will need to wait until your final results have been released to have a confirmed offer. You will receive a conditional offer if selected.

What scholarships and financial assistance are available to students enrolled in the Master of Entrepreneurship?

Faculty of Business and Economics (FBE) scholarships:

A number of FBE scholarships are available to outstanding local and international students admitted to the Master of Entrepreneurship. All admitted students will automatically be considered for these scholarships.

Wade Institute / Ormond College scholarships:

The Institute has a dedicated scholarship program to help make sure financial need isn’t a barrier to high potential entrepreneurs joining the program. These scholarships include the Ormond Entrepreneur’s Scholarship and the Naomi Milgrom Scholarship for Women Entrepreneurs. You will need to apply separately for these scholarships. Additional financial assistance is also available to any Wade Institute students who are in residence at Ormond College. Please contact us for further information admissions@wadeinstitute.org.au

What and where is Ormond College?

Ormond College is the largest college at the University of Melbourne. Currently the College has over 360 undergraduate residents, 90 graduate residents, and roughly 100 non-residents.

The College is located at 49 College Crescent Parkville which is approximately 400 meters from the university. The College has an extensive academic and extra-curricula learning program and its own student well-being team.

It is a College with a diverse population from around the nation and the world and its Financial Assistance Program means it has students from a wide range of backgrounds. For more details please go to www.ormond.unimelb.edu.au

So can I live at Ormond?

Yes, there are several accommodation options ranging from self-contained apartments to share houses as well as the Graduate Building. There is no requirement to be an Ormond resident to enrol in the Master of Entrepreneurship.

What does it cost to live at Ormond?

Ormond fees range from $23,000 to $26,000 for the year – depending on the type of accommodation. This sum cannot be added to FEE Help. These fees cover all meals, accommodation, bills and full access to the learning program. Financial Assistance is available to help students of the Master of Entrepreneurship live on campus at Ormond College.

What other facilities and opportunities are available at Ormond that can I use?

As a student in the Master of Entrepreneurship, you will have full access to all the College’s facilities which includes the library, extra-curricular learning program, JCR café, Dining Hall, the gym, and Wade Institute workspace and facilities. You will be part of a larger and very diverse student body. You will be welcome to participate in their very wide range of activities from sporting teams to cultural pursuits. You will also be able to join the many networking and community events available at Ormond. Ormond also has a resident community team able to offer confidential counselling and support services.

Can I use The University of Melbourne’s facilities as well?

Yes, you will have a University of Melbourne student card and will have access to the University’s libraries, social facilities, clubs and services.

Why is it called the Wade Institute?

Behind the Wade Institute for Entrepreneurship is the very successful, yet low-profile, entrepreneur and Ormond alumnus, Peter Wade. Originally from Geelong, Peter knows first-hand the changes that are sweeping though the Australian economy. He has watched the decline of manufacturing and heavy industry in and around his hometown and how Geelong has reinvented itself several times to meet the challenges it has faced.

“We are a smart nation but still too few of our great ideas are generating the future of our economy.”

Peter goes on to say, “I have been involved in supporting education for a while now and it has given me enormous faith in the extraordinary talent of young Australians.” He is keen to see budding entrepreneurs equipped with the skills they need to take that talent and use it to create value, opportunities and jobs for Australia’s future.

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