Introduction to Launching a Technology Business

Is a masters in information technology management worth it?

If you’re a STEM graduate looking for a leadership or management position within a company, then an MTM degree could be worth your time and money. If you’re more interested in creating a new technical startup or launching innovative services / product development within a company, then we invite you to explore the MITE program.

How long does it take to finish each program?

The length of any program depends on the specific requirements of the college or university and the amount of time you can dedicate to accumulating the required number of credit hours. Traditional programs will take an average of two years with full-time classes. Accelerated programs will take less than two years, while part-time programs will be spaced out over four to six years. The length of online and hybrid programs will vary depending on whether they’re full-time or part time. With a requirement of 33 credit hours over 20 months of online courses, the USD MITE program is considered an online, accelerated degree.

Which degree pays more, an MBA or a master’s in technology management?

MBA programs tend to have a higher salary cap, but keep in mind that is partly because it is an older and far more popular degree. The above listed salaries are averages, and will vary according to your level of experience, location and the field that your business is in. According to the U.S. Bureau of Labor Statistics, salaries for newer MBA graduates tends to range between $77,020 and $128,750, while entry-level salaries for MTM grads are estimated to range from $50,000 to $86,000. We expect MITE program graduates to earn similar salary ranges to both the MTM and MBA.

How much do graduate programs cost?

Costs will vary from school to school and program to program. On average, the cost for a residential graduate program is around $40,000 in yearly tuition – though additional costs for boarding and supplies can add up to $200,000 over two years. Online degrees and accelerated programs can cost less than full-time and on-campus programs. The total tuition cost for USD’s MITE degree is $30,525.

What if I get asked a question not on this list?

This is very possible! When answering to the best of your ability remember to:

1. 1. 1. Be open and honest
      2. Stick to your chosen theme
      3. Accentuate the positive

Are there questions I should avoid asking?

Don’t ask anything that’s obvious or easy to answer yourself. If you can find answers to a question on the program’s website, only ask if you need elaboration on something.

What is the MBA program looking for in the interview?

The interviewers are trying to gain an understanding of your behavior and personality, aspects that can’t be gleaned from CVs or work history. This is why it’s essential to be yourself and to be open and honest; don’t set expectations that you’ll struggle to maintain while you’re in the program.

How important is the MBA interview?

It is very important — don’t think of it as just a formality. While getting to the interview process means you look like a good candidate “on paper,” the interview process is intended to see if you’re a good fit for the program. If you come off as unprepared — or worse, abrasive, arrogant and rude — then you’re hurting your chances of acceptance.

Who earns more — an MiM or an MBA graduate?

In general, MBA graduates can expect to earn more after graduation due to their greater level of experience and the higher level positions they’ll be hired for.

Can you get an MBA after an MIM?

Absolutely. For those who are transitioning into the business world and want to accelerate their career into a management role, it’s possible to take both programs. Be aware that some MBA programs may require that you have some work experience in between attending both programs.

Is a Masters in Management worth it?

Depending on what you want to get out of it, yes. While an MiM degree won’t position you for a management position like the MBA will, or for a career as an entrepreneur like the MITE program, it can be a helpful first step in transitioning into a business career.

Is an MBA better than a Masters in Management?

That depends. While an MBA degree will position its graduates for higher level positions and higher salary amounts, the program can be more challenging and not as useful for those coming from non-business fields or without prior work experience. For those looking to transition into a business position, the MiM degree could be a “better” option.

What is most important for a successful startup?

Your determination is the most important factor. If you’re not committed to your success, you’re not going to make it. Beyond that, we’re partial to Bill Gross’ TED talk on startups, as timing (where are you relative to the market?) and team (the ability to pivot when the market is saying something else) tend to be the two most important factors that will determine if you’re able to succeed.

Can I outsource part of this process?

What you can and should outsource will depend largely on your chosen business model. Our advice is to try not to outsource the process of determining your product market fit. The insights gained during that process are fundamental toward understanding how your product should be designed and what your prospective customers are looking for.

If you need assistance in developing the product, then consider finding local engineers and contract developers for hire. Outsourcing to the cheapest possible developer may seem appealing, but there’s no substitute for face to face discussion and explanation — especially when complications inevitably arise.

Are there useful resources for bringing a product to market?

We have a few favored recommendations. For additional reading on creating a startup business, consider:

• • “The Lean Startup” by Eric Ries
  • “Disciplined Entrepreneurship” by Bill Aulet
  • The a16z website from Andreesen and Horowitz

If you’d like to start looking into funding resources and business accelerators, then explore:

• • The equity crowdfunding platform StartEngine
  • The venture investing platform AngelList
  • The tech business incubator Idealab
  • The venture investor company Y Combinator

For staying on top the latest technology news and business updates, subscribe to:

• • IEEE Spectrum Magazine
  • MIT Technology Review
  • VentureBeat