Those of us "in the business" are frequently asked what the job of a college professor entails. The response usually refers to the "three-legged stool" of academic research, teaching, and service. Since President Martin Jischke arrived at Purdue, however, the response is different. We now refer to discovery, learning, and engagement. While all of these words imply a broader and deeper set of functions, I will focus on the learning element in academia.

"Teaching" implies that an instructor is conveying information to a student. "Learning" implies a much richer situation in which the student is involved in the process, allowing for many options. Besides learning from an instructor, students may learn from their peers or even themselves through solving real problems or participating in simulations.

Faculty at the Krannert School recognize that learning means more than delivering a series of lectures to students. One very successful learning experience is the Student Managed Investment Fund (SMIF), from which students report an incredible learning experience (see p. 10).

In another opportunity, the Lilly Endowment has provided resources for establishing a Student Managed Venture Fund (SMVF) as part of the funding for the Burton D. Morgan Center for Entrepreneurship in Discovery Park. The SMVF will be available for a select group of Purdue students from the entire West Lafayette campus.

Through partnerships between the Burton Morgan Center and successful venture capital firms, Purdue students will have the opportunity to "shadow" real VC partners as they analyze potential deals. Based on their experience with reviewing investment opportunities in startup companies, the students may recommend an investment, which may be made from the SMVF pending a review by the Burton Morgan Center Advisory Board and the Purdue Research Foundation Investment Committee.

Already, students interested in entrepreneurship can’t wait to get firsthand knowledge of how VC partners analyze deals, and then have the possibility of investing real money in a startup. By the way, we hope that some startup opportunities will emerge from the other research centers in Discovery Park.

Learning by doing also can occur through students’ participation in simulations and experimental exercises. Faculty in Krannert’s operations management and quantitative methods areas, notably Professors Mac Dada, Jim Ward, Bob Plante, and Herb Moskowitz, are especially well known for their use of simulations. Professors Plante and Moskowitz really "use their marbles" by having students use a plastic construction set of several tunnels through which marbles can be sent on a variety of paths, with the objective of having the marbles hit a target. Students learn about quality control by dealing with decisions about adjustments in a team situation.

In my own classroom approach, I frequently have used experimental learning with students, usually structuring a role-playing situation. For example, in focusing on conflict management, I have created negotiation situations between students. After participating, students discuss the processes used and outcomes experienced with regard to real business situations. In general, students report learning and having fun at the same time-a tough combination to beat.

In this issue of Krannert Magazine, we highlight some exciting programs at Krannert that promote learning. I am proud of the high priority that Purdue and the Krannert School place on helping to prepare tomorrow’s business leaders through providing the highest-quality learning experience.

Richard A. Cosier
Dean and Leeds Professor of Management