Fostering student engagement within the entrepreneurial ecosystem and providing students with practical experience throughout their university degree programs.
That’s what Memorial University’s Insight Business Consulting and the Creative Destruction Lab (Atlantic) programs deliver, say a group of Faculty of Business Administration’s master of business administration (MBA) students who recently participated in both programs.
The students say their coursework provided a solid foundation for the programs and that the learnings and experiences differ from traditional classroom learning, as they worked through complex business scenarios and on real business challenges with no predefined answers.
“We strengthened our analytical, problem-solving, communication and consulting skills while working through uncertainty,” said members of the cohort. “Such skills are difficult to develop through academic learning alone. This increased our confidence, expanded our professional network and prepared us for our professional endeavours.”
Real-world experiences, industry connections
Administered by the Research Innovation Office, both programs provide students with the opportunity to learn about new business ideas, industries and markets.
Meeting innovative entrepreneurs who strive to make the world a better place was also instrumental, they say.
During the Insight Business Consulting program, students are paired with Newfoundland and Labrador-based startups, providing them with real-world experiences and industry connections.
Students receive a fellowship for their work, and in turn, the companies receive creative solutions, new insights, knowledge and resources from the students.
“Students emerge more confident, entrepreneurial and prepared to create meaningful impact.”
The Creative Destruction Lab program has numerous sites housed in business schools worldwide.
At Memorial, participating students are assigned to Creative Destruction Lab ventures, where they gain exposure to startups, experienced entrepreneurs and business leaders who serve as mentors.
Each student is tasked with a self-directed research project under the supervision of Dr. Carlos Bazan, the associate dean of graduate programs and research in the Faculty of Business Administration.
Participating students receive funding to attend 2-3 in-person events in the fall and winter semesters.
Dr. Bazan says students need to move beyond learning about entrepreneurship to experiencing how innovation actually happens.
By working alongside entrepreneurs, mentors and investors, students learn to navigate uncertainty, evaluate opportunities and translate knowledge into action.
“Students emerge more confident, entrepreneurial and prepared to create meaningful impact,” he said.
For their part, the students say they were keen to understand complex scenarios in real business environments, how entrepreneurs handle difficult business situations and navigate the commercialization process.
“Both programs provided an opportunity to apply the knowledge and frameworks we were learning in our MBA to real business challenges,” the students said. “Attending the Creative Destruction Lab in-person sessions provided us with the opportunity to learn from and network with many experienced mentors and advisors, industry experts, academics and investors.”
Business faculty’s mission
The Faculty of Business Administration at Memorial University is accredited by the Association to Advance Collegiate Schools of Business, whose mission is to elevate the quality and impact of business schools globally.
Both programs support this mission and the students’ experiences reflect it.
More examples of the practical learning they gained include learning that sustainable businesses are built by constantly creating value for customers and keeping client needs at the center of decision-making.
They also learned how startup businesses operate in uncertain and changing environments with limited resources and intense competition.
“We experienced challenges faced by startup companies and saw how they allocate limited capital during the research and development phase,” the students said. “We learned that innovative ideas alone are not enough to establish a business. Appropriate guidance, mentorship, government funding, private investment and support from universities, professionals and industry experts are essential to help startups overcome challenges and grow successfully from innovation to commercialization.”
Their ultimate takeaway?
The programs provide practical insights and experiences that cannot be replicated through textbooks or case studies and help connect classroom learning concepts to real-world business contexts.
And, the more you invest in the experience, the more valuable it becomes, both personally and professionally.
More information
The programs are made possible by the support of the Atlantic Canada Opportunities Agency, the Government of Newfoundland and Labrador’s Department of Jobs, Growth and Rural Development and the generosity of Mark Dobbin, Creative Destructions Lab (Atlantic) founding partner.
The Research Innovation Office is currently in the planning phase for both programs for the 2026-27 academic year.
