Billionaire tech entrepreneur Joe Liemandt has reignited the debate around the value of the MBA programmes, arguing that two years spent building a company provides far more business insight than two years in the classroom. Speaking on the “Big Deal by Codie Sanchez podcast, the Trilogy Software and EWS Capital founder stated that the traditional MBA does not equip people with the real skills needed to become entrepreneurs.
Liemandt, who left Stanford University to start Trilogy Software in 1989, was direct when asked whether people should pursue an MBA. “No, that’s an easy one for me…no,” he said. While accepting that many business schools help in developing networks, he argued that the academic component falls short. “It’s great 2-year period to build up a set of great relationships,” he added , “but no, there’s nothing on business knowledge that you are going to come out of there that is a fraction of what you would get from building your own thing for that two years.”
His comments come despite strong MBA salary projections. As reported by Benzinga, Graduate Management Admission Council (GMAC) data indicates a median projected US MBA salary of $125,000, about $25,000 higher than experienced industry hires.
Liemandt questions the value of costly MBA programmes
Liemandt also raises questions on the financial logic of paying for an MBA when the same money could fund a startup. Referring to the high cost of elite business schools, he stated that instead of taking on debt, an aspiring founder would be better off putting capital into building a business. “Putting 100K on the line for a startup instead of just getting debt that you can’t ever escape…for business ..no,” he mentioned.
He further explained that entrepreneurial skills require direct action, not theoretical study. “These skills…of how to start a business… you have to do it,” he mentioned, emphasising that the only way to learn entrepreneurship is by practising it.
From Stanford dropout to software founder
According to Fortune, Liemandt built Trilogy into a major enterprise software player that reached about $120 million in annual revenue at its peak. The company later spun off pcOrder.com during the dot-com boom and created Trilogy University, an internal boot camp for new recruits that went on to influence similar programs at Facebook and Google. Liemandt eventually shifted his focus to ESW Capital, a firm that is known for acquiring struggling software businesses and rebuilding them for long-term profitability.
MBA degrees still hold value
Fortune noted that despite criticisms, MBA programs continue to attract thousands of candidates each year. Harvard Business School graduates reported a median base salary of $184,500 for 2025, plus a $30,000 signing bonus. About 40% of Fortune 1000 executives are MBA holders, underlining the lasting worth in corporate leadership. On the other hand, Fortune pointed out that several of the world’s most successful founders, like Bill Gates, Mark Zuckerberg and Michael Dell, reached the top without completing degrees.