MBA graduate to join prestigious global entrepreneurship program
03 Mar 2017
An MBA graduate who is developing a product capable of revolutionising a key section of the insurance industry has been selected for intensive entrepreneurship training by the prestigious Massachusetts Institute of Technology (MIT).
Christopher Murphy, who completed his MBA in 2015, will attend MIT’s Global Entrepreneurial Bootcamp on the campus of the Queensland University of Technology in Brisbane at the end of March.
Mr Murphy was one of about 200 selected from more than 2,700 applications from people across the Asia Pacific Region wishing to join the Bootcamp, which has been described as “a one year MIT course condensed into an intensive one-week learning experience”.
The annual event, which targets budding entrepreneurs from around the world, is rarely held outside of the United States.
Welcoming MIT’s decision to hold the Bootcamp in Brisbane, the Queensland Minister for Innovation, Ms Leeanne Enoch, said "the week would include classes led by senior MIT business lecturers”.
“Participants have to come up with a solution to a major challenge, find customers, start a company and then present their work to an international panel of venture capitalists from Brisbane, San Francisco and Boston,” Ms Enoch said.
Mr Murphy sees his Bootcamp selection as “validation” for the approach he has taken to the establishment of his business, Zentivo. “Selectors from MIT have assessed Zentivo’s business plan and have seen value in our business vision,” he said.
Putting Zentivo through the MIT Global Entrepreneurial Bootcamp will "strengthen its products and go to market strategy,” Mr Murphy continued. “Telling a prospective customer that our products have been validated using MIT methodology will be a persuasive sales tool.”
Zentivo is hoping to “disrupt” the health insurance sector with a digital application which replaces lengthy and complex forms traditionally used in claims against income protection policies.
“Zentivo is developing a patentable scoring metric that will allow insurance companies to triage high risk claimants, improve customer experience and reduce claim costs,” Mr Murphy said.
“I am hopeful that the MIT Bootcamp will challenge my assumptions about what it means to create a scalable start-up,” he concluded. “I have founded a company, created a business plan, pitched to investors and taken on equity investment, but I am not naive to the fact that the path to commercial success is rarely linear.”
According to the 2014 report, Entrepreneurship and Innovation at MIT, MIT alumni have launched more than 30,000 active companies, creating 4.6 million jobs and generating US$1.9 trillion in annual revenue.