Making Innovations Happen

Overview

Innovation is fundamental to all economies, societies, and organizations as a means of creating both financial and social value. Innovation is delivered by entrepreneurial management, defined as a specific set of capabilities and competencies. Entrepreneurship is, therefore, a key driver of economic growth and addressing social and environmental problems the state cannot address. The module introduces students to the new venture development process; identifying an opportunity, developing a feasible and viable business concept, and planning an independent enterprise.

Course goals

• To enable students to demonstrate knowledge and understanding of the importance of creativity, entrepreneurship and innovation to national economies, individuals, and to organizations of all types and sizes: Private, public, and not-for- profit sectors, large and small organizations.
• To prepare students to ideate in a problem-solution paradigm, critically assessing potential opportunities and developing a viable business model and strategic plan; demonstrate competence and capability in the new venture planning process
• To help students appreciate the entrepreneurial management value creation process gathering and applying resources in unique manner to achieve competitive advantage
• To develop students’ functional management knowledge in the production of a new venture strategy

Learning outcomes

• Create a workable and testable venture strategy
• Understand value creation within new ventures through operational execution, including sales/marketing/business development to develop and deliver the product or service
• Introduce the key concepts of creativity, entrepreneurship and innovation and their role within an economy and society to create both financial and social value
• Understand the external and internal context for successful innovation

Course topics

• Creativity & innovation
• Innovation as a process
• Contexts of entrepreneurship
• Entrepreneurial behaviour
  • The entrepreneurship process
  • Principles of effectuation
• Social innovation
  • Three systems of the economy
  • A social enterprise
• Organisational structure
• Resources
  • Capabilities approach
• Knowledge management
• Leadership / culture / management
• Innovation management process model
• Networks
• National systems of innovation (nsi) & government policy

Prerequisites

None