Learning OutcomesOn successful completion of the module, students should be able to:
- 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;
- 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;
- 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;
- 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;
- The ability to identify and extract commercial, business and reference information pertinent to the entrepreneurial venture and analyse this with computer software, where appropriate;
- 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.
Description of ContentThis 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:
- A small commercial start-up company which is growth/profit orientated
- An initiative to promote innovation or change in a large, established organisation (intrapreneurship)
- A "spin out" from a large technology based organisation
- An initiative concerned with social entrepreneurship or
- A not-for-profit organisation. Students work in groups, mentored by young professionals drawn from local organisations.
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.
- Introduction to Entrepreneurship
- The Lean Entrepreneurship Process
- Creativity and Innovation
- Protecting your idea (IP, Copyright issues)
- Understanding the Market
- Business Models, Risk and Growth
- Creating the MVP – Minimum Viable Product
- Enterprise Skills (inc. Legal Issues)
- Valuation and Exit Strategies
- Gaining Funding
- Presentation formats and dry-runs