In the fast-paced world of entrepreneurship education, Laurie Stach stands out as a dynamic force driving innovation and empowering high school students to become future business leaders. As the Founder and Executive Director of LaunchX, she has revolutionized the way entrepreneurial skills are taught, laying the foundation for a new generation of go-getters. 

With an impressive background spanning diverse fields, Laurie’s expertise shines through her entrepreneurial journey. Prior to LaunchX, she spearheaded the establishment of an entrepreneurship education startup, leveraging her wealth of experience to instill essential business acumen in young minds. Her relentless pursuit of excellence led her to create and teach a groundbreaking making course at the prestigious Massachusetts Institute of Technology (MIT), where she also established a cutting-edge maker space. 

Laurie’s versatility extends beyond academia. She honed her skills in operations consulting at the renowned Boston Consulting Group, where she navigated complex business challenges with finesse. Recognizing the importance of a well-rounded education, she pursued and successfully completed her Master of Business Administration (MBA) at the esteemed Harvard Business School (HBS). 

Impactful Entrepreneurship Education 

In high school, Laurie possessed abundant creativity, passion, and drive, and she aspired to conquer the world. Adults would often tell her, “You have the potential to achieve great things someday!” The word “someday” deeply resonated with her. However, upon entering the “real world,” Laurie discovered that it differed greatly from the structured environment of school. She encountered situations where there were no clear-cut answers, unlike the multiple-choice questions she was accustomed to. She was challenged to take the lead on projects, analyze complex and ever-changing circumstances, and make decisions without complete information. 

Recognizing these challenges, Laurie came to the realization that entrepreneurship education could address both issues: it could equip individuals with practical skills and foster the right mindset for the future, while also instilling the belief that students have the capacity to accomplish remarkable feats in the present.  

At LaunchX, high school students experience remarkable growth in their entrepreneurial mindset, developing problem-solving abilities, taking initiative, being resourceful, and gaining confidence. Moreover, they not only start real companies during their time at LaunchX but also go on to establish numerous startups afterwards.  

Lessons from the Martin Trust Center 

Laurie highlights the invaluable experience of working at the Martin Trust Center for MIT Entrepreneurship, which has influenced their mindset and approach to entrepreneurship education. Here are a few key takeaways: 

• The success of an educator lies in the growth of the student, rather than solely focusing on the growth of their startup. Although students often desire immediate business results, aligning incentives and viewing the startup as a vehicle for personal growth can lead to excellent outcomes. 
• Recognizing that discontinuing a company can also be a success. Entrepreneurs invest significant time, and understanding when a venture isn’t working and being able to set aside personal ego is crucial. Putting those learnings into a new venture can yield greater long-term wins. 
• There is a strong demand for entrepreneurship education, but a limited amount of high-quality content. This gap is often filled with storytelling, which can be enjoyable. However, the true value lies in action-oriented entrepreneurship education that drives practical application. 

Laurie emphasizes the importance of prioritizing student growth, understanding the value of pivoting or discontinuing ventures when necessary, and emphasizing action-oriented entrepreneurship education over mere storytelling. 

Embracing the Fear of Failure 

Laurie acknowledges that the fear of failure is a significant challenge faced by students at LaunchX, which is not unique to their age group but is common among aspiring entrepreneurs. This fear extends beyond the possibility of the entire startup failing and encompasses every step along the way. It can be intimidating to reach out to potential customers, launch a website that isn’t perfect, or share an imperfect prototype. 

This apprehension is understandable as students are accustomed to being graded on a 100% scale in school and striving for perfection in everything they do. The entrepreneurial and real-world environments, however, operate differently. 

To overcome this challenge, it is important to become accustomed to asking two important questions: “What is the downside?” and “What is the upside?” and then providing answers to these questions. When reaching out to a potential customer, the potential downside may be receiving a rejection and feeling uncomfortable, but the upside could be securing a potential sale. Similarly, launching a website might result in customers not fully resonating, requiring adjustments on the fly, but without launching and receiving feedback, it would be difficult to know what needs adjusting. By developing the habit of asking these questions during uncomfortable decision moments, individuals become more inclined to take action. 

Evaluating Success 

Laurie emphasizes that the LaunchX community is a major focus when measuring success. The key question they ask themselves is how they can impact the lives of their students, their environment, and potentially the world. They’ve created a service that meets their students’ needs, but they recognize that the students’ needs go beyond just the course materials. Students come to LaunchX seeking a community of like-minded peers with whom they can innovate, convene, and start real ventures. 

Therefore, the key metrics used to assess success at LaunchX are as follows: 

• The Net Promoter Score of LaunchX 
• The quantity and quality of applications to the LaunchX program 
• The entrepreneurial activity of LaunchX alumni 

Laurie highlights the importance of assessing the impact on students’ lives and the community as a measure of success at LaunchX.  

Nurturing Entrepreneurial Excellence 

Laurie believes that there is no surefire formula for entrepreneurial success, but certain skills and qualities are often associated with it. These include problem-solving abilities, a growth mindset, and adaptability. Successful entrepreneurs possess creativity, analytical skills, the ability to ask the right questions, and make focused decisions. They are open to learning, receptive to feedback, and determined. They also exhibit resourcefulness, comfort with uncertainty, and resilience throughout their entrepreneurial journey. 

The LaunchX Summer Program cultivates these skills and qualities in aspiring entrepreneurs through real-time application of the entrepreneurial process to their startups. The program provides mentorship, additional resources, and a robust curriculum to reinforce lessons and their practical implementation. LaunchX emphasizes the importance of “4H” in entrepreneurial success: heart (passion for making an impact), head (learning and applying the entrepreneurial process), hands (taking action and applying the steps in real-time), and home (a supportive community of peers, mentors, and instructors). 

By integrating these components, LaunchX aims to develop the skills, mindset, and community support that increase the chances of entrepreneurial success in the short and long term.  

Laurie states, “My LaunchX Experience was incredible and super engaging! From classes to simulations to electives, there was never a dull moment. It is difficult to pinpoint highlights of my LaunchX experience, but I think I can categorize them into three main sections: mentorship, learning through doing and plain fun!” 

Success Story of LaunchX Alumna  

Harshita Arora, an alumna of LaunchX, has achieved notable success in the entrepreneurial world. She sold a Crypto Price Tracker app and is currently involved in launching another technology startup called AtoB. She says, “The program was excellent.  I learnt a lot, met lots of smart people, and gained more insights into the startup world. And the important highlight: I published a mobile app, Universeaty, with my team!  The LaunchX community is pretty supportive in your future startups as well (getting my upcoming app more exposure pre-launch!). The LaunchX Alumni network can benefit you too.”  Harshita’s crypto app was #2 in the finance category of the App Store before being acquired by Redwood City Ventures. She is currently the co-founder of AtoB, a technology startup in the Bay Area building Stripe for Trucking that has raised over $100 million in venture capital. 

Taking the First Step 

Laurie’s primary advice for aspiring entrepreneurs is to take the first step and start. Many aspiring entrepreneurs tend to wait for the perfect idea, timing, resources, and support before getting started. However, Laurie emphasizes that perfection is elusive, and it’s better to begin with what you have. Here are some tips to help you get started: 

• Start with the problem: Instead of waiting for the perfect idea, begin by identifying a problem that you find intriguing and would like to solve. It could be based on your interests, a specific customer segment, or a list of frustrations. Conduct market research to understand the problem better, identify potential benefits you can offer, and how you can address that need. This lays the foundation for ideation, prototyping, testing, and iterating. 

• Be resourceful: You don’t need to have everything in place initially, but you do need to be resourceful. This involves building a team, seeking mentorship, and being resilient. Prioritize tasks that are crucial for testing your offering and measure your progress along the way. 
• Focus on validation: Before investing significant time and money into your business, validate your idea with potential customers. Conduct market research, reach out to your target audience, and test your concept. Successful entrepreneurs distinguish themselves through execution, so put your ideas into action and learn from the feedback and results you receive. 

Laurie advises aspiring entrepreneurs to start without waiting for perfection. Begin by identifying a problem, be resourceful in utilizing available resources, and focus on validating your ideas through market research and testing. Taking action and learning from execution will set you on the path to entrepreneurial success. 

Empowering Young Innovators Worldwide 

As Founder and President of LaunchX, Laurie believes in uniting talented young entrepreneurs worldwide. Through the institute, they acquire knowledge from industry experts and collaborate with fellow co-founders to develop tangible products and address business challenges effectively. The 2023 Summer Program will offer an in-person entrepreneurship program, an online summer program, and an additional Innovation Program. The heart of LaunchX lies in fostering a strong community and bringing together exceptional students to create tangible ventures, laying the groundwork for future expansion. To further enhance collaboration, LaunchX has introduced a new alumni platform, enabling former students to leverage their valuable connections and forge new ones across different programs and years. As the in-person program returns, LaunchX aims to expand its campus locations and grow the Innovation Program.