21869 Innovation and Entrepreneurship

Subject level: Postgraduate

Handbook description

This subject presents students with a perspective on organisational innovation and entrepreneurship. In a globalised economy, innovation becomes one of the key strategic differentiators and drivers of growth. Analysing the practice of innovation, the topics include successful intra- and entrepreneurship models, sources of innovation, business models supporting innovation strategies, and reflection on the innovation journey. Special emphasis is placed on the understanding of new venture creation and the innovation process with the aim of broadening students' perspectives and better equipping them for successful innovation.

Subject objectives/outcomes

On successful completion of this subject students should be able to:

1. Integrate innovation, technology, marketing and business thinking for progressive solutions and entrepreneurial management decisions.
2. Analyse and synthesise the process of new venture creation including information and knowledge associated with the creation of successful innovation.
3. Understand the business models that drive successful innovation.
4. Demonstrate the capacity to assess the viability of an intra- or entrepreneurial business concept.
5. Develop a complete business plan for a new business venture or an existing small or medium enterprise.
6. Identify opportunities for, and appreciate the need for, strategic alliances and partnerships in business.
7. Critically reflect on the institutional restrictions and pressures that entrepreneurs have to deal with.
8. Communicate ideas effectively within a team environment.

Contribution to graduate profile

This subject contributes to the course by introducing students to contemporary theories of innovation and entrepreneurship. Central to business and corporate success in the contemporary 'global high-tech' economy is the need for innovation, risk taking, and entrepreneurial action. Rockefeller, Ray Kroc, Murdoch and Bill Gates, through their creation of Standard Oil, McDonald's, News Corporation and Microsoft have, for better or worse, altered the face of business and society. Innovative and more flexible entrepreneurial companies are dominating the global business environment. Entrepreneurship, including both the people and processes of organisational creation, is a fundamental dynamic of change in society. Entrepreneurship is essential to the creation and renewal of economic wealth and well-being. Improvements in the Internet, telecommunication and transportation have contributed to enhancing entrepreneurial risk taking. Innovation is the central driving force in tomorrow's global economy. Innovation in every part of the firm's systems, operations, culture and organisation will gain greater importance. Process innovations, too, will increase in importance. Managing and fostering these innovations will continue to be a key managerial challenge.

Teaching and learning strategies

The format of weekly sessions presents entrepreneurship, innovation & management theory together with case studies to demonstrate the application of the theory. The format of the sessions consists of lectures, video presentations by entrepreneurs and case studies in the first half of class, followed by workshop/tutorials with the various groups. Elements of entrepreneurship and innovation theory and the business planning process are discussed over several sessions. Guest speakers who are successful entrepreneurs, specialists or financiers will relate their experiences to the class, through case studies. Lectures will be supplemented by further readings.

In the first weeks the class is introduced to a number of topics. These topics require students to read the prescribed text book and to actively participate in class discussions. During this initial phase students are also required to develop ideas for establishing a business venture in which they could actively participate, and to relate this to their background, skills and contacts.

Groups of 3 to 4 students, in consultation with the lecturer, choose a project upon which to develop a business plan. Teams then carry out a thorough investigation of the marketplace and prepare a feasibility plan for an intra- or entrepreneurial project.

Content

• Strategy, entrepreneurship and innovation
• Theory and practice of entrepreneurship
• Innovation in existing Organisations (intrapreneurship)
• Business models supporting innovation strategies
• Sources of innovation
• The innovation journey

Assessment

Recommended text(s)

Davila, T., Epstein, M. and Shelton, R. (2006) Making Innovation Work, Wharton School Publishing: Upper Saddle River, New Jersey

Indicative references

Chesbrough, H., (2003) Open Innovation: The New Imperative for Creating and Profiting from Technology, Harvard Business School Press, Boston

Hamel, G. (2000) Leading the Revolution, Harvard Business School Press, Boston

Kim, W. C. and Mauborgne, R. (2005) Blue Ocean Strategies. Harvard Business Press, Boston

Von Hippel, E. (2005), Democratizing Innovation. Cambridge, MA: MIT Press