You don’t need another reason to get excited about your MBA, but here’s one anyway: Business schools spawn some awesome ideas, and they aren’t limited to finance or IT.

Take two submissions to recent business plan competitions. About a week ago, the New York Times covered Tough Mudder, born as a semifinalist entry in Harvard Business School’s annual business plan competition.  Founder Will Dean believed he could convince 500 people to pay to run a grueling, muddy obstacle course. After graduation, he launched the business with just Facebook ads and a website for marketing. And so far, he’s pulled it off”the company just staged its first race with an impressive 4,500 participants.

And just this past Sunday, the Financial Times featured some Scottish participants in a short entrepreneurship program at MIT’s Sloan School of Business. It’s not a traditional MBA, but it is a testament the nifty ideas you can cook up in the environment of a b-school. Michael Laurenson, a mussel farmer, was a member of the team that won the competition. Their concept was neither a social media start-up nor a new medical product. Instead, it was a device for improving fish farms. When we were at MIT the thing they said to us was: ˜Do what you are good at’, he says. His native Shetland isn’t ideal for finance or IT start-ups, so he stuck with what he knew: Aquaculture.

These examples fit nicely with our recent post on alternative careers chosen by MBAs. B-school grads can take their degrees in any number of directions. So pursue what inspires you!

Here at Manhattan GMAT we are incredibly proud of the exploits of our founder and chairman, Zeke Vanderhoek.  Zeke departed MGMAT in order to found TEP, a charter school in Washington Heights dedicated to attracting better teachers to the profession. TEP is paying its teachers $125,000 per year plus bonuses to teach underprivileged children.  The school has generated a lot of attention as a result of its innovative approach; the New York Times has been covering TEP every step of the way (here and here).

Imagine a world where teachers are paid handsomely (without increasing overall costs, TEP pays higher salaries by removing administrators and asking more of its teachers).  More talented young people would choose and stay in teaching as a profession.  Better teachers would produce better outcomes.  In a generation or so, we’d be in a lot better shape!

Now, TEP is only a month away from opening its doors to 120 fifth graders.  TEP will be making use of a temporary facility for the first several years, but will need a permanent home by the time it expands to its full-size of four grades.

To help TEP in its drive for a permanent facility, Manhattan GMAT is proud to donate 10% of the Company’s revenues in the month of August to TEP.  The donation will be made early next year.  We’re tremendously excited to support Zeke’s vision, as we know from experience that if you pay teachers more and expect more out of them, they’ll deliver results!  🙂

Here’s to TEP, higher pay for teachers, and improving the American educational system by making teaching the attractive profession it should be for the best and brightest!

The front page of today’s New York Times included a feature article about TEP, the innovative charter school founded by Zeke Vanderhoek. Zeke also founded Manhattan GMAT and served as CEO until the end of 2006.

Believe it or not, this is Zeke and TEP’s 2nd time on the front page of the Times. If you missed it, here’s a link to the 1st article.

TEP is doing to public education what Manhattan GMAT has done to test prep – demonstrating that if you pay more and select the best, the results speak for themselves. Congratulations to Zeke and TEP! If this article is any indication, the world is watching!