INNO9012 Going Live! Entrepreneurial Strategies, Resources & Activities GE

2019

4.5

Specific contact hours for each topic include

• 3 x Full day intensive workshop immersions and
• 1 x full day application workshop

Attendance is also required at a number of additional course level full day application workshops.

INNO3002 has been successfully completed

None

Core topic

Assignments, Project, Tests

There is constant debate about the value of ideas versus execution when it comes to successful innovation and entrepreneurship. On the one hand ideas are everywhere. Few corporate innovation programs bemoan a lack of ideas and investors get pitched hundreds of new ideas per year by disruptive start-ups. On the other hand, only a small proportion of ideas are ever successfully launched in the marketplace and the statistics for innovation and start-up failure rates are eyewatering. Without strong execution, great ideas flounder but even great execution cannot convert bad ideas into successes. The reality is that new ventures need to combine great ideas with a relentless bias-to-action, a market-fitted strategy and the ability to assemble and mobilise the financial and human resources needed to launch and grow successfully.

This highly experiential topic challenges students to balance ideation and execution, drawing on a range of innovation methodologies and entrepreneurial approaches to commercialise an opportunity and launch a new project or venture.

This capstone topic aims to advance students' capacity to “think creatively” and “act entrepreneurially”, whilst bringing to life the knowledge, methodologies and techniques used by start-ups and corporates in the pursuit of new opportunities to create value and drive growth. The central focus of the topic is on challenging students to select and apply the relevant approaches and toolsets to balance two key success factors: ideation (the innovative ability to generate high-potential opportunities) and execution (the entrepreneurial ability to convert such opportunities into high-growth ventures and projects). In a real-world setting, the topic provides students the opportunity to draw on the advanced knowledge, capabilities and mindsets required to generate novel ideas, convert these into viable commercial opportunities and commercialise these successfully through innovative business models and entrepeneurial activities and ventures.

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

1. Scan the internal and external environment for trends and dynamics and identify opportunities for innovation, new venture creation and organisational transformation and growth
2. Assess the organisational innovation pipeline and ecosystem, identify gaps and opportunities for new value creation and growth
3. Navigate the new venture creation process and adopt a lean and agile approach to advance opportunities in a start-up and/or corporate intrapreneurship context
4. Select and apply relevant innovation and entrepreneurial concepts and methodologies to generate, evaluate and evolve opportunities with strong commercial potential
5. Identify and plan for the factors impacting growth of a new venture and configure the venture accordingly
6. Identify and mitigate against potential risks by piloting and pivoting ideas and new ventures
7. Plan and implement a commercialisation strategy and go-to-market roadmap
8. Assess the resource and capability requirements of new ventures and structure ventures to human and technological strength factors
9. Pitch successfully for buy-in, resources and investment
10. Assemble resources and launch a new venture.