Entrepreneurship Seminar

 

YSEALI ACADEMY’S FLAGSHIP SEMINARS 2021

ENTREPRENEURSHIP SEMINAR CURRICULUM

Topic: Navigating the Startup Ecosystem

 

I. TIME AND VENUE 

1.1  Time

 - Seminar dates: November 29 – December 10, 2021 (two weeks, ten working days, Monday - Friday).

- Application opening: September 06. Application deadline: September 24, 2021.

- In 2021, the seminar will be conducted wholly in online mode (by the YSEALI Academy based in Fulbright University Vietnam located in Ho Chi Minh City).

1.2  Venue

 In 2021, the seminar will be conducted wholly in online mode (by the YSEALI Academy based in Fulbright University Vietnam located in Ho Chi Minh City).

From 2022 onwards, the seminars, including field trips, will be organized in Vietnam.

 

II. PARTICIPANTS

About 35 YSEALI fellows who are young professionals between the ages of 25-40, highly qualified and motivated, from all 10 ASEAN member states and Timor-Leste.

Participants are required to commit at least 36 hours for online seminar activities and approximately 12 additional hours for individual and group assignments over a period of 2 weeks. Therefore, participants are highly recommended to take two fully committed weeks to participate productively in and achieve the most from the seminar.

 

III. OBJECTIVES AND LEARNING OUTCOME

3.1  Objectives

Equip budding entrepreneurs of ASEAN member states and Timor Leste with the knowledge and confidence to build their own startups solving important societal problems.

Build a network with other Southeast Asian professionals for future collaboration in building startups.

3.2  Learning outcomes

Upon graduation, participants are expected to have a better understanding of what entrepreneurship means, who the stakeholders of a startup ecosystem are and what their role is, and how to build a startup from ideation, conceptualization, launch and growth. A key learning outcome will be the ability to work and effectively communicate in a diverse team during the hackathon.

 

IV. THEME AND TOPICS 

4.1  Major theme – Navigating the Startup Ecosystem (for 2021)

“Navigating the startup ecosystem” is geared towards young professionals who plan to embark on their own entrepreneurial journey to change the world. This seminar will give YSEALI fellows an overview of how to navigate the startup ecosystem to bring their business ideas to life. The seminar will invite exciting entrepreneurs from all stages of the startup life cycle, investors, marketers and leadership coaches to inspire the fellows and share their learned lessons with them. The seminar will feature a Hackathon, where fellows will work in teams to present conceptual business solutions to some of the most pressing challenges of society. A panel of experienced entrepreneurs will mentor fellows during the Hackathon, which culminates in startup pitches and an award ceremony.

4.2  Seminar modules

Module 1: Introduction to Entrepreneurship

This section will give fellows an overview of the field of entrepreneurship. Fellows will learn about their different types of ventures, from small business to social enterprises, and their differentiating factors. Fellows will obtain an in-debt understanding of the stakeholders in the startup ecosystem and their roles. At the end of this module, fellows will be able to define what entrepreneurship means and what type of entrepreneur they are. 

Module 2: Getting started - how to launch a successful startup

Building a startup is an uncertain endeavor. This module is designed to increase certainty by teaching fellows the following:

1. Ideation and opportunity analysis

Fellows will learn how to map out unmet market needs, identify customers and how to create and pressure-test their venture hypotheses.  

2. Building the right team

Fellows will obtain an understanding of the importance of team composition when starting a venture. Fellows will learn from real-world examples what makes great, high-forming founding teams that set the foundation for future success.  

3. Pitching & Prototyping

Fellows will learn how to pitch for different types of ventures through testing and iteration. Fellows will learn the components of a successful pitch, how to build a prototype of their product or service and how to use the lean startup method to test their ideas. This section will also provide the theoretical foundation for the hackathon part of the seminar.

4. Launching the startup

This module will teach fellows how to take their validated opportunity and build a minimal viable product (MVPs) for successful launch of their startup. Fellows will learn how to evaluate if their MVPs have true product-market- fit and how to pivot accordingly. Fellows will learn about the legal framework of their ventures, the importance of intellectual property to protect their ideas, and the role of external advisors, mentors, and professionals they need to give their ventures the best chance of success.

5. Branding & Marketing Strategy

Fellows will learn about major strategies modern start-ups use for digital marketing and when and how different media options can be utilized by a start-up. By the end of this module, fellows will be able to conceive digital marketing and PR strategies for their venture ideas.

6. Fundraising strategy, startup growth and exit strategies

Fellows will learn about different financing options and their advantages and disadvantages. The focus of this module will be on the importance of debt financing through venture capital. Fellows will develop an understanding of how to estimate the needed capital, calculate burn-rate and break-even points of their venture. Different exit strategies for startups will be presented in this module.

Module 3: Building your leadership capacities

This module will address the questions of what makes great leaders, how to build a thriving company culture and how to preserve innovative capacity in a startup. Fellows will learn from the first-hand experiences of coaches, entrepreneurs, and investors.

Module 4: Learned lessons from active entrepreneurs

Throughout the seminar, this module will provide inspirational insight from entrepreneurs of all stages of the startup cycle, from first-time founders to serial entrepreneurs with multiple exits. Sharing their stories of success and failure will provide personal context to fellows for their own entrepreneurial journey.

Module 5: Hackathon*

The hackathon is a key component of the seminar, which provides fellows the chance to work in teams and create conceptual business solutions for pressing societal needs. Teams of 3-5 will be formed between diverse individuals with respect to professional and national background. Supervised by a team of mentors (e.g., entrepreneurs and/or investors), fellows will put their learnings into practice and develop a pitch for their ideas for a final pitch competition and award ceremony.

*What is a Hackathon?

“Hackathon” is a portmanteau of the words “hack” and “marathon.” A “hack” is a solution to an existing problem that is developed by intense innovative teamwork in a short amount of time, also known as “hacking.” A hackathon is therefore a race to solve challenges against time. Hackathons are commonly associated with programming and computer science but, in our interdisciplinary hackathon, you and your teammates come from diverse backgrounds, and will work out conceptual business solutions to pain points in society. A Hackathon culminates in final pitches, where teams present their business concepts to a panel to receive invaluable feedback that will help turn their concepts into reality.

 

V.  SEMINAR FORMAT AND STRUCTURE

5.1 Seminar format

As the 2021 seminar is conducted online without field trips, it will be delivered in diverse formats to maximize the engagement of participants, including faculty lectures, guest talk/presentation, panel discussion, team projects (discussed below) and class discussion. The seminar will consist of lectures, panel discussions, social events, supervised hackathon teamwork sessions and evening lectures.

5.2 Tentative Seminar Structure

There is a total of 23 sessions in two weeks (Monday – Friday), plus optional social activities, self-study, group work sessions, and lunch break for get-togethers.

・1 welcoming session and 1 closing session, including networking, award ceremony and concluding remarks

・9 sessions for Lectures (2 hours/session)

・2 sessions for Leadership Skills Workshop (2 hours/session)

・4 sessions for Panel Discussions (2 hours/session)

・6 sessions for Hackathons (2 hours/session)

・1 session for Pitch Competition (2 hours)

Optional: 4 sessions for social activities, 3 sessions for self-study, 1 session for pitch competition preparation

 

SEMINAR STRUCTURE

Pre-Seminar Events 

Date

Time

Event

Note

8 November

19:00 – 20:45

Meet the Fellows Session

Compulsory

12 November

19:30 – 20:45

Virtual Happy Hour

Optional

19 November

19:00 – 20:30

Canvas Training and Logistics

Compulsory

26 November

20:00 – 21:00

Trivia Night

Optional

 

Week 1

Day 1
Monday 29 Nov. 

Day 2
Tuesday 30 Nov. 

Day 3
Wednesday 1 Dec. 

Day 4
Thursday 2 Dec. 

Day 5
Friday 3 Dec. 

9:30 AM – 11:30 AM

 

Plenary session & Keynote lecture

 

Lecture 2

Free

Free

Free

11:30AM - 12:30PM

Lunch break/get- together time

Lunch break/get- together time

 

Lunch break/get- together time

 

Lunch break/get- together time

Lunch break/get- together time

1PM – 3PM

Free

 

Panel discussion 1

 

Lecture 4

Lecture 6

Free

3:30PM – 5:30PM

Hackathon Introduction

Hackathon

 

Social activities host by volunteers

 

Free

Hackathon

6:00PM – 7:30PM

Free

Free

Lecture 5

Panel discussion 2

*7:00PM – 8:00PM: Lecture 7 – Distinguished Lecture

 

8:00PM – 9:30PM

*8:00PM - 10:30PM: Lecture 1

*8:00PM - 10:30PM: 
Lecture 3

Free

 

*8:00PM – 9:30PM:
Leadership Skill Workshop 1

 

Free

Week 2 

Day 6
Monday 6 Dec. 

Day 7
Tuesday 7 Dec. 

Day 8
Wednesday 8 Dec. 

Day 9
Thursday 9 Dec. 

Day 10
Friday 10 Dec. 

9:30 AM –11:30 AM

 

Social activities – Cultural Day 1

 

Social activities – Cultural Day 2

Self-study (Optional)

Free

Pitch competition | Demo Day – Part 1

11:30AM - 12:30PM

 

Lunch break & get- together time

 

Lunch break & get-together time

Lunch break & get- together time

Lunch break & get- together time

Lunch break

1PM – 3PM

Panel discussion 3

 

Self-study (Optional)

 

Panel discussion 4

Self-study (Optional)

Pitch competition | Demo Day – Part 2

3:30PM – 5:30PM

Hackathon

Hackathon

Hackathon

Hackathon

*4:00PM – 5:00PM:

Award ceremony and concluding remarks

 

6:00PM – 7:30PM

Lecture 8

Free

*6:00PM – 8:00PM:
Lecture 9

Virtual Fire Camp (Optional)

*5:00PM – 6:00PM:

Networking activities with YSEALI Coordinators [Optional]

 

8:00PM – 9:30PM

Free

 

Leadership Skill Workshop #2

 

Free

Free

Free

__________________________

1 Hanoi/Bangkok time (UTC +7)

 

VI.  SEMINAR AGENDA

 

Date

Time

Topic

Speaker/Host

Day 1

Monday, 29 November

 

 

 

 

 

9:30 – 11:00

Welcome Ceremony Introduction of YSEALI Academy

Keynote Lecture

Honorary Speaker: Christopher Ashe, Senior Commercial & Economic Advisor in the Office of Commercial and Business Affairs, U.S. Department of State 

Keynote Speaker: Mariko Braswell, Co- founder & CEO, Move 78

Dam Bich Thuy, President of FUV

Le Vu Quan, Director, YSEALI Academy at Fulbright University Vietnam

YSEALI Academy Fellow Representative

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuy Trang, Program Manager,

YSEALI Academy at Fulbright University Vietnam

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Free

 

15:30 – 17:30

Hackathon

Module 1: Why Startups Module 2: Team Formation

Module 3: Problem

-  Teams would select 1 of the 3 provided challenge statements.

-  Teams are to drill down which part(s) of the user journey of the problem they would like to focus on.

-  Teams will research on existing solutions.

 

Module 4: Solution

-  Teams will identify a solution that is structured, repeatable and scalable.

 

Facilitators:

Team Reactor School

Khairul Rusydi

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom


Moderator:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Co-Designer, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

18:00 – 19:30

Free

 

20:00 – 22:30

Lecture 1: Fundamentals of Entrepreneurship #1

Paul Cheek

Entrepreneur in Residence, Martin Trust Center for MIT Entrepreneurship

Lecturer, MIT Sloan School of Management (U.S.)

 

 

Date

Time

Topic

Speaker/Host

Day 2

Tuesday, 30 November

 

 

 

 

 

9:30 – 11:30

Lecture 2: Entrepreneurship in Education

Tu Ngo

Founder, YOLA

Partner, Touchstone Partners

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Panel Discussion 1: Investors Roundtable

Retno Dewati, Principal, Access Ventures LLC

Khanh Tran, Touchstone Partners

Justin Nguyen, Monk’s Hill Ventures

 

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Spencer Ton, Center for Entrepreneurship and Innovation, Fulbright University Vietnam

 

15:30 – 17:30

Hackathon

1st Meeting with Startup Relationship Manager (RM)

- 30 Minutes per Team

-Teams will present their Problem slide to their RMs, who will help them refine it. Problems should be big, painful, often.

-Teams should clearly identify who is the target user, customer and/or beneficiary

Facilitators:

Team Reactor School

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom


Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

18:00 – 19:30

Free

 

20:00 – 22:30

Lecture 3: Fundamentals of Entrepreneurship #2

Paul Cheek

Entrepreneur in Residence, Martin Trust Center for MIT Entrepreneurship

Lecturer, MIT Sloan School of Management (U.S.)

 

 

Date

Time

Topic

Speaker/Host

Day 3

Wednesday, 1 December

 

 

 

 

9:30 – 11:30

Free

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Lecture 4: Marketing Strategies in Southeast Asia Context

Willem Smit

Assistant Professor of Marketing, Asia School of Business

International Faculty Fellow, MIT Sloan

 

15:30 – 17:30

Social activities host by volunteers

Facilitators:

YSEALI Academy’s Volunteers


Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

18:00 – 19:30

Lecture 5: Food Entrepreneurship – Clean meat

Sandhya Sriram  

CEO, Shiok Meats

 

Moderator:

Le Vu Quan, Director, YSEALI Academy at Fulbright University Vietnam

 

20:00 – 21:30

Free

 

 

Date

Time

Topic

Speaker/Host

Day 4

Thursday, 2 December

 

 

 

 

9:30 – 11:30

Free

 

11:30 – 12:30

Free

 

13:00 – 15:00

 

Lecture 6: Social Entrepreneurship – Clean Cooking & Organic Fertilizer

 

Ben Jeffreys  

CEO ATEC

 

15:30 – 17:30

Free

 

*18:00 – 20:00

Panel discussion 2: Social Entrepreneurship

Ben Jeffreys  

CEO ATEC

Mohamed Tarek-El-Fattatry  

Founder ERTH

 

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

20:00 – 21:30

Leadership Skill Workshop #1

Professor Christopher A. Kojm

Director of the Elliott School of International Affairs’ Leadership, Ethics and Practice Initiative

The George Washington University (U.S.)

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

 

Date

Time

Topic

Speaker/Host

Day 5

Friday, 3 December

 

 

 

 

9:30 – 11:30

Free

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Free

 

15:30 – 17:30

Hackathon

Module 5: Validation

-Teams will design and execute a validation plan over the next 3 days to test their hypotheses.

Module 6: Prototyping for Non- Technical Founders

Teams will build a Minimum Viable Product (MVP) using low code and no-code tools.

Facilitators:

Team Reactor School

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom


Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam


*19:00 – 20:00

Lecture 7 – Distinguished Lecture

(Public Lecture)

Unleashing the Power of Entrepreneurship: The Way to Create a World of Three Zeros 

Professor Muhammad Yunus 

Nobel Laureate – Nobel Peace Prize Founder of Grameen Bank

Social Entrepreneur

 

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

 

20:00 – 21:30

Free

 

 

Date

Time

Topic

Speaker/Host

Day 6

Monday, 6 December

 

 

 

 

 

 

 

 

 

 

 

9:30 – 11:30

Social activities: Cultural Day #1

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Panel Discussion 3: Health

Audrey Herli, CEO, Riliv

Peter Nguyen, BuyMed

Jay Fajardi, Medifi

 

Moderator:

Vo Duy Anh, Strategy and Operations Manager, Center for Entrepreneurship and Innovation, Fulbright University Vietnam 

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

 

15:30 – 17:30

Hackathon

2nd Meeting with Startup Relationship Manager (RM)

-30 Minutes per Team

 

-Teams to present the findings of their experiments to their RMs, who will them help them to interpret the data and plan for next steps.

Facilitators:

Team Reactor School

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

 

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

18:00 – 19:30

Lecture 8: Tales from Biotech Entrepreneurship: Harnessing Human Diversity for Better Health  

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

 

20:00 – 21:30

Free

 

 

Date

Time

Topic

Speaker/Host

Day 7

Tuesday, 7 December

9:30 – 11:30

Social activities: Cultural Day #2

Moderators:

 

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

 

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Self-study [Optional]

 

15:30 – 17:30

Hackathon

Module 7: Impact Startup Business Models Teams will use the Social Value Toolkit to plot and measure their intended social impact. Teams will clearly identify, a user, a customer and/or beneficiary for their impact startup.

Facilitators:

Team Reactor School

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom

 

Moderators:

 Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

18:00 – 19:30

Free

 

20:00 – 21:30

Leadership Skill Workshop #2

Axelle Bagot

Harvard Graduate School of Education and Leadership Lab International

 

 

Date

Time

Topic

Speaker/Host

Day 8

Wednesday, 8 December

 

 

 

 

 

 

 

 

 

 

 

 

9:30 – 11:30

Self-study [Optional]

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

 

Panel Discussion 4: Food and Beverage

 

Jimmy Pham, Founder, KOTO

Norapat Phaonimmongkol, Co-founder, Eden Agritech

Moderators:

Le Vu Quan, Director, YSEALI Academy at Fulbright University Vietnam

Spencer Ton, Center for Entrepreneurship and Innovation, Fulbright University Vietnam

 

15:30 – 17:30

Hackathon

3rd Meeting with Startup Relationship Manager (RM)

-30 Minutes per Team

-RMs will check Business Model slide for financial sustainability.

-RMs will check pitch deck for completeness and accuracy.

Facilitators:

Team Reactor School

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom


Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

 

18:00 – 19:30

Lecture 9: Entrepreneurial Finance

 

Professor Marco Da Rin Associate Professor of Finance Tilberg University

 

20:00 – 21:30

Free

 

 

Date

Time

Topic

Speaker/Host

Day 9

Thursday, 9 December

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9:30 – 11:30

Free

 

11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Self-study [Optional]

 

15:30 – 17:30

Hackathon

Mock Pitch with Startup

Relationship Manager (RM)

-30 Minutes per Team

-Mock pitch with RMs.

-Submit Pitch Deck &

Recording.

Facilitators:

Team Reactor School

Joshua Okpata

Lee Yi Wen

Kongvong Seihsothy

Chanika Pudhom

 

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

18:00 – 19:30

Virtual Fire Camp

Moderators:

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam

20:00 – 21:30

Free

 

 

Date

Time

Topic

Speaker/Host

Day 10

Friday, 10 December

 

9:30 – 11:30

Pitch Competition | Demo Day

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Spencer Ton, Center for Entrepreneurship and Innovation, Fulbright University Vietnam

Duc Dang, Block71

Thang Huynh, InnoLab Asia

Team Reactor School


11:30 – 12:30

Lunch Break

 

13:00 – 15:00

Pitch Competition | Demo Day

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Spencer Ton, Center for Entrepreneurship and Innovation, Fulbright University Vietnam

Team Reactor School


16:00 – 17:00

Award Ceremony and Concluding Remarks

Heather Variava, the Chargé d’Affaires, ad interim, U.S. Embassy in Manila, Philippines

Dam Bich Thuy, President of Fulbright University Vietnam

Le Vu Quan, Director, YSEALI Academy at Fulbright University Vietnam

Hoang Ha Thi, Lead Faculty for Entrepreneurship, YSEALI Academy at Fulbright University Vietnam

Tran Thi Thuc Huyen, Co-Designer, Program Officer, YSEALI Academy at Fulbright University Vietnam

YSEALI Academy Fellow

 

Moderator:

Tran Thi Thuy Trang, Program Manager, YSEALI Academy at Fulbright University Vietnam

 

17:00 – 18:00

 

Networking Session with YSEALI Coordinators

 

Tran Thi Thuc Huyen, Program Officer, YSEALI Academy at Fulbright University Vietnam 

 

- 30 Minutes per Team

-Teams will present their Problem slide to their RMs, who will help them refine it. Problems should be big, painful, often.

 

-Teams should clearly identify who is the target user, customer and/or beneficiary