A practical course targeted to develop the skills for detecting innovation opportunities and convert them into a successful business model. The student will develop an entrepreneurship mindset with focus on value creation through innovation and technology development. By means of a team project, students will practice and apply innovation tools giving life to a business idea. In each stage of the project the students will produce relevant deliverables. The intention is to develop specific skills while learning and applying modern methods and technologies. Students will experiment with the business idea, producing and testing prototypes, researching on the marketing possibilities of the invention, designing the business model, and developing the metrics to manage and control the startup.
Module 1: Innovation opportunities. Brainstorming: Decide on a Problem-Solution-Market. The Six Thinking Hats Creativity Tool. Social Megatrends. IDEO Innovation Process. Competitors Research.
Module 2. Customer Centric Innovation. Design Thinking Innovation Method. Market Segmentation. Consumer Behavior. Product Validation: Landing Web Page Development. Marketing experiments and analytics in the Web.
Module 3. Prototyping and Pretotyping: A sample of what the business idea intends to be Is it the product built correctly or is it the correct product to build?. Lean Startup Design of experiments. The Minimum Viable Product.
Module 4. Value Proposal. The Blue Ocean Strategy. Define the product features according to market segment.
Module 5. Metrics: Manage your business towards success. Design the set of measurements that show you which experiments are working. Define a dashboard with the metrics to monitor routinely during startup.
Module 6. Industrial Property Protection Plan and Licensing. Find the type of ownership rights related to your innovation. Use the PATENTSCOPE search system to see if your invention has already been protected by someone else. Browse the WIPO Website to learn you possibilities
Module 7. Business Model Define how to create, deliver, and harvest value from your innovation. Develop your hypothesis.
Module 8: Business Model Validation. Identify hypothesis, assumptions, and risks.
Module 9: Establish the Roadmap. Project Management. Perform your Gannt Chart with the activities required for your Startup. Include: validation, product development, financial resources. Consider task assignments for team members.
Module 10: Project Final Presentation. The Pitch: Describe the business idea to potential investors or other interested parties. The challenge is to frame the business idea and message clearly and consistently within the designed timeframe. The main goal is to illustrate a business opportunity.
Articles for review:
Copeland, P., Savoia, A. (2013). Entrepreneurial Innovation at Google. Retrieved Oct 30 from http://www.albertosavoia.com/uploads/1/4/0/9/14099067/entrepreneurialinnovationatgoogle_publishedversion.pdf
D'Andrea, K. (2013). Lean startups on the rise. Long Island Business News, Retrieved from http://search.proquest.com/docview/1267168021?accountid=458
Daniel, A. (2007). A MAN OF BIG IDEOS. ASEE Prism, 16(6), 34-37. Retrieved from http://search.proquest.com/docview/236211914?accountid=458
Denning, P. (2013). Design Thinking. Communications of the ACM, ISSN 0001-0782, 12/2013, Volume 56, Issue 12, pp. 29 – 31
Johnson, E. J. (2012). Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers - By Alexander Osterwalder and Yves Pigneur. Journal of Product Innovation Management, 29(6), 1099-1100. doi:10.1111/j.1540-5885.2012.00977_2.x
Kaplan, R. S., & Norton, D. P. (1996). Linking the balanced scorecard to strategy. California Management Review, 39(1), 53-79. doi:10.2307/41165876
Kerr, W.R., Nanda, R., & Rhodes-Kropf, M. (2014). Entrepreneurship as Experimentation. Journal of Economic Perspectives, 28(3), 25-48. doi:http://dx.doi.org.ezproxy.apollolibrary.com/10.1257/jep.28.3.25
Kumar, S., T.N. (2008). Blue ocean strategy: How to create uncontested market space and make the competition irrelevant.South Asian Journal of Management, 15(2), 121-124. Retrieved from http://search.proquest.com/docview/222727705?accountid=458
Powell, S. (2007). Spotlight on Edward de Bono. Management Decision, 45(6), 1058. doi:http://dx.doi.org/10.1108/00251740710762080 For additional review: Dodgson, M., Gann, D. M., & Salter, A. (2008). The management of technological innovation: strategy and practice. Oxford University Press.