Why study innovation and entrepreneurship?

Dayana Jimenez is the co-founder of Acude Foundation, an education startup, and a Master of Entrepreneurship and Innovation graduate.

Growing up in Colombia, Dayana’s experience of intercultural challenges grew her passion for children's education. She had a conviction that positive early interventions could shape the next generation of global citizens. Dayana says she has always been interested in how businesses could harness innovation to create value.

We spoke with Dayana to learn how studying this entrepreneurship program was a significant milestone in her career.

Tell us about your career so far. What led you to study the Master of Entrepreneurship and Innovation?

While studying a bachelor degree in economics and politics, I became interested in the necessity of innovation and entrepreneurship. Through extracurricular activities, I immersed myself in development theory. I was amazed by the innovative approaches applied by nations to reach high social and economic development. I graduated from this degree at the top of my class.

Then, I had the challenging opportunity of helping launch a startup that focused on technology and sustainable energy. This work experience as a corporate director was the trigger to pursue higher education related to entrepreneurship and innovation.

“Dealing with frustrating outcomes helped me realise that to translate ideas into impactful actions, it's not enough to be creative, have tenacity or be willing to take risks. I knew that studying innovation and entrepreneurship would give me a broader understanding to foster real change.”

My next task was to find a university program that suited my interests.

UQ's Master of Entrepreneurship and Innovation quickly came onto my radar. I wanted to explore concepts holistically and this program allowed me to do that. It also allowed me to specialise in 2 of 7 areas of my choice. I chose to study sustainable energy and social enterprise and community impact, as these topics aligned perfectly with my interests and needs.

What inspired Acude Foundation and its mission?

Acude Foundation came into my life in 2019 through a brilliant friend, Gloria Vega, who was engineering the idea. Acude was born from Gloria's experience as a migrant working mother struggling to help her child value multiculturalism, sustain heritage language, and gain a resilient, globally aware mindset. We’ve met many parents and educators seeking solutions to the same issues.

After several talks, I joined her, and we have been working together ever since.

Acude Foundation is a global citizens education hub. Our mission is to address children's lack of meaningful exposure to other cultures, build empathy and resilience. We provide fun, online cultural learning experiences for children and parents around the world.

Children's social-emotional skills are worthwhile tackling. As an emerging market with unmet needs, creative solutions have high social and commercial ROI potential. COVID-19 deepened these cultural issues and opened acceptance for online solutions.

What did you like about studying at UQ and how would you describe the learning experience?

Studying at UQ enabled me to work with a range of diverse people and ideas. The content and classroom were mentally stimulating. There were also many opportunities outside the classroom, like UQ Ventures' ilab accelerator program for startups.

What were some of your key takeaways from the Master of Entrepreneurship and Innovation? Did the program help you develop an entrepreneurial mindset?

Studying an entrepreneurship degree at UQ backed by quality research and content strengthened my interest in social innovation and corporate purpose. It cemented my conviction that all 21st-century businesses should be social enterprises, no matter what their core business is. Business as usual is not an option anymore.

Some of my key takeaways from the Master of Entrepreneurship and Innovation were:

• Innovation is not an end itself – it’s a means to an end and enables companies and nations to survive and progress.
• Innovation as a process is not a random phenomenon. Innovation capabilities are built into all organisations; you just need to know how to harness them. This can often involve reconfiguring existing resources and routines.
• Volatile, uncertain, complex and ambiguous (VUCA) environments are constant – they will always be there. Entrepreneurial thinking can help organisations navigate this through problem-solving logic, polarity and paradox thinking, and leveraging the tension between opposites.
• Unfortunately, great ideas rarely lead to immediate success, and many great ideas never make it. Startups (based on great ideas) often fail because of a lack of market fit. To succeed, value proposition and business model iterations need to be dynamic. This is something UQ’s Master of Entrepreneurship and Innovation program can teach you how to do.
• Innovation rarely happens in isolation. To nurture innovation ecosystems and uncover common benefits and problems, entrepreneurs need to employ entrepreneurial thinking to collaborate and partner with stakeholders.

What advice would you give to someone wanting to start their own business?

Most people hoping to start a business wait for a great idea to come to them, but don’t wait for that idea! A business model, in most cases, will not come as flashes of insight or an epiphany.

The Master of Entrepreneurship and Innovation taught me that pursuing new business ideas is like building a puzzle. It requires many attempts and reconfigurations. During my studies, I gained a broader understanding of the innovation process. This has enabled me to pursue my passions of teaching empathy and intercultural understanding, helping to solve societal problems and making a positive impact on our world.

What is a motto you live by, and do you have any final takeaways?

“Try and leave this world a little better than you found it.” from Robert Baden-Powell.

Business is one of the most powerful engines to mobilise resources and capabilities for good. As entrepreneurs and business leaders, we need to play a more active role in addressing the 21st-century societal challenges humanity faces through more conscious and innovative business.