This is a course about innovation - distinctive ideas, of value, put to practice - and entrepreneurship - the process of putting to practice and sustaining the implementation of innovations - for societal benefit and wealth creation. Curiosity of the world around us is emphasized for identifying opportunities to have an impact and make a difference, to which a discipline is imposed - one that identifies who might be interested in or benefit from our product or service, and how we can bring an idea to fruition and bring the necessary resources (e.g., financial, intellectual) to provide it to society. Legal aspects (e.g., incorporation, partnerships), raising capital, and protecting the strategic advantage of intellectual property (e.g., patents, trade secrets) are discussed, together with the importance of having a social acceptance to operate. The concept of a business model, summarized using the business model canvas methodology, is presented, together with the concept of a business plan describing how a venture will be operated over a time horizon. For-profit and not-for-profit ventures, and the elements of the business models for each, are studied and compared, and intrapreneurship/entrepreneurship are compared. Financial metrics for assessing the viability of ventures and guiding investment decisions are reviewed. Systems Thinking (recognizing the whole/parts and that which is common/distinct) is introduced. Design Thinking - a human-centered design emphasizing observation and insight - is presented, along with journey maps and personas for understanding customer segments. Diffusion of innovations is described, including the factors influencing adoption of innovations, and the manner in which innovations propagate in society. Working in groups, students identify a venture opportunity having a technological component, and propose a business model and plan as the major evaluation in the course.
K3.5(Lec: Yes, Lab: No, Tut: Yes)