Managing Innovation & Entrepreneurship
DESCRIPTOR
This unit investigates theoretical concepts of creativity, innovation and entrepreneurship and the skills and competencies to apply this knowledge effectively to a new venture for which the student will identify and leverage an opportunity and create solutions to contemporary business or societal challenges both locally and globally. The unit provides an authentic and evidence based learning experience of the study of the concepts of creativity, innovation, intrapreneurship and entrepreneurship in which learners engage and apply to planning, strategizing and decision making in professional, commercial and social contexts. The unit stimulates students to challenge the way in which entrepreneurs grow within, flourish and are perceived by and contribute to diverse societal contexts and to interpret this understanding to analysing and critiquing contemporary international entrepreneurial trends and dilemmas as responsible ethical and global citizens. Important paradoxes are posed for students to express the way in which human ingenuity translates to business endeavour which can have both positive and negative consequences individuals, societies and nations. Contemporary scenarios and examples are given to enable students to apply developing knowledge to create an entrepreneurial venture that generates economic, social or environmental benefit and which is sustainable.
LEARNING OUTCOMES
On successful completion of the unit, students should be able to:
1. Critically review the issues that influence how human creativity translates to innovation and entrepreneurship and how this transitional process is enabled and managed in different types of settings and organisational forms;
2. Critically interrogate and evaluate the literature on entrepreneurship and apply that understanding to interpret the steps in the successful trajectory of entrepreneurial ventures.
3. Abstract, analyse and apply knowledge of relevant literature to create stimulating and facilitating innovative visual and interactive activity to demonstrate and educate a range of audiences about entrepreneurship in a range of global and local
4. Integrate and deconstruct knowledge and learnings from a range of contexts and disciplines to conceptually map, apply and make recommendations for the management of innovation and entrepreneurship for a given organisational context;
5. Demonstrate accountability in autonomous and collaborative judgements and innovative strategic thinking in response to contemporary and future business/ professional challenges through work collaboratively on an innovative new venture.
6. Plan and execute a substantial evidence based multidisciplinary innovative project or business venture through the development of a business plan that is grounded in an authentic entrepreneurial proposition as a capstone experience that demonstrates capability to generate and evaluate complex ideas and concepts at abstract and practical levels
TEACHING & LEARNING STRATEGIES
Weekly interactive three hour seminars provide the context for student learning and are delivered using a combination of lecture, tutorial and workshop discussions and group presentations. The teaching approach on the unit is grounded in principles of adult learning; specifically Kolb Experiential Learning cycle and Malcolm Knowles model of Adult Learning together with Chris Argyris' approach to Double Loop Learning. This integrated method draws on the experience of students using reflection, theory input, experimentation and consolidation of new learning with a behavioural intention to apply learning to practice. The double loop learning comes in to play as each assignment builds on the knowledge of the previous assignment. The theoretical aspects of the unit are taught using face-to-face, interactive modes of delivery. On-line learning will be used wherever possible to reinforce key concepts.
A major emphasis is placed on mentoring and coaching students' learning though group work and individual contribution. Students are required to gather data and information that is globally relevant and use these data and information in the solution to problems and to present the solutions to other members of the class and in the final capstone assignment. Learning within groups and managing the internal change and performance of the group is a key element of the learning that translates to workplace experiences. Case studies, role plays, interactive media and demonstrations will be used where appropriate along with teacher and student led presentations to encourage discussion, reflection and application to participant experiences and workplace practice.
Learners are responsible for managing their own time in completing prescribed reading, undertaking research and completing assessment tasks. Students are expected to participate in practical problem solving sessions, usually through teamwork, in class, and through case study analysis. Students are supported through regular in-class contact, such as lectures, tutorials and workshops and are expected to participate in online learning activities, peer discussion and review, and self-reflection. For every classroom contact hour, students will undertake another two hours of self-directed work to become competent in this practice and knowledge domain. This time should be made up of reading, research, working on exercises and group work. When you need to complete assignments or prepare for tests, the workload may be greater. Therefore, a commitment of at least 10 and 12 hours per week of study time is required for reading, consolidation of class work, preparation and assignment (including lecture and tutorial time). This time should comprise of reading, research, working on exercises and group work. In periods where you need to complete assignments or prepare for exams, the workload may be greater.
UNIT CONTENT
? Opportunity recognition: the innovation and entrepreneurial processes, new product and new venture ideas, opportunity identification and screening;
? Market opportunities: drawing on learning from previous units of study determine the market and how to analyze it, strategically outlining the competitive advantage;
? Human resource issues: the entrepreneurial mindset, creativity applied to real world problems, the new venture team, identifying and marshalling key stakeholders, structuring for innovation;
? Financial / resource considerations: drawing on prior learning, the innovator and the entrepreneurial approach to acquisition of resources, the business plan, negotiating and structuring the proposal; and
? Innovators in action: managing an innovative organization, managing rapid growth and crafting a personal entrepreneurial strategy.