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Unit information: Innovation, Entrepreneurship and Enterprise in 2018/19

Please note: It is possible that the information shown for future academic years may change due to developments in the relevant academic field. Optional unit availability varies depending on both staffing and student choice.

Unit name Innovation, Entrepreneurship and Enterprise
Unit code INOVM0013
Credit points 10
Level of study M/7
Teaching block(s) Teaching Block 1 (weeks 1 - 12)
Unit director Mr. Dave Jarman
Open unit status Not open
Pre-requisites

Professional Studies A (CENG20004), or Professional Engineering (CENG20008)

Co-requisites

None

School/department Centre for Innovation
Faculty Faculty of Arts

Description

This unit will address innovation, entrepreneurship and enterprise skills from the viewpoint of setting up a technology-based entrepreneurial venture. It will cover key aspects of creativity and design required to develop a successful idea in a particular market. Fundamental concepts for planning and running a venture will also be addressed, including market analysis and marketing, competitor analysis, pricing, profitability forecasting, risk management, legal issues and intellectual property. The characteristics and skills required by entrepreneurs in various types of organisation will also be explored together with multidisciplinary team working in an entrepreneurial context.

Students will be challenged to create a suitable technology-based product, process or system in response to a chosen market.

The broadest view of entrepreneurship and entrepreneurial ventures is taken in the unit. For example, students may consider :

  1. a small commercial start-up company which is growth/profit orientated
  2. an initiative to promote innovation or change in a large, established organisation

(intrapreneurship)

  1. a "spin out" from a large technology based organisation
  2. an initiative concerned with social entrepreneurship or
  3. a not-for-profit organisation.

Students work in groups, mentored by young professionals drawn from local organisations.

Aims:

The aim of this unit is to give students the appropriate understanding, abilities and skills necessary for them to set up a successful entrepreneurial venture.

This will be achieved by placing students in a semi-realistic entrepreneurial situation, where they work in teams, with mentor advice, to create a business plan to address a defined market need and present this to potential investors.

SYLLABUS

  1. Introduction to Entrepreneurship
  2. Creativity and Innovation
  3. Enterprise Skills
  4. Understanding the Market
  5. Business Plans and Presentations
  6. Business Models, Risk and Growth
  7. Gaining Funding
  8. Legal Issues
  9. Valuation and Exit Strategies

Intended learning outcomes

Upon successful completion of this unit, students will have, as part of working in a team on an entrepreneurial venture:

  1. Developed their ability to design an innovative technology-based product, process or system as the basis for a successful entrepreneurial venture to satisfy a new customer or market need;
  2. Knowledge and understanding of a range of management and business practices from outside engineering and the ability to apply them effectively in an entrepreneurial venture, taking into account a range of industrial and commercial constraints;
  3. An ability to apply relevant theories and concepts from management science in a reliable manner, taking into account their limitations, to support decision making in a new entrepreneurial business;
  4. The ability to identify, understand and evaluate both technological and commercial risks associated with a new entrepreneurial business and put in place appropriate management and mitigation measures;
  5. The ability to identify and extract commercial, business and reference information pertinent to the entrepreneurial venture and analyse this with computer software, where appropriate;
  6. Developed their skills in team working, critical self reflection, internal negotiation of team rewards and action planning as a basis for taking the business forward;
  7. An understanding of the importance of and ability to produce a professional presentation, executive summary and detailed business plan report for potential investors to consider.

Teaching details

Lectures

Group meetings

Workshops

Assessment Details

Business Plan Assessment (70%) [ILOs 1-7]; Presentation (30%) [ILOs 1, 2, 5, 7]

Reading and References

  1. Barrow C, Barrow P and Brown R (2001), The Business Plan Workbook, Sunday Times/Kogan Page.
  2. Trott, P., Innovation Management and New Product Development, Pearson Education, 3rd Ed., ISBN:0273686437.
  3. Bessant J and Tidd J, (2007), Innovation and Entrepreneurship, Wiley, ISBN:9780470032695
  4. Michalko, M., Cracking Creativity: The Secrets of Creative Genius for Business and Beyond, Ten Speed Press,U.S.; ISBN:1580083110.
  5. Kotler, P., Kotler on Marketing, Simon and Schuster; ISBN:0684860473.
  6. Mullins, J., The New Business Road Test: What Entrepreneurs and Executives Should Do Before Writing a Business Plan, Financial Times/ Prentice Hall; 2nd Ed., ISBN:0273708058.
  7. Timmons, J., New Venture Creation: Entrepreneurship for the 21st Century, McGraw-Hill Higher Education; 7th Ed., ISBN:0071254382.
  8. Bendrey, M., Hussey, W and West, K., Accounting and Finance in Business, Thomson Learning, 4th Ed., ISBN:0826454119.
  9. Ashton, R., The Entrepreneur’s Book of Checklists, Prentice Hall Business, ISBN:0273694391.

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