Unit information: New Venture Creation in 2017/18

Unit name	New Venture Creation
Unit code	INOVM0002
Credit points	20
Level of study	M/7
Teaching block(s)	Teaching Block 2 (weeks 13 - 24)
Unit director	Dr. Fornes
Open unit status	Not open
Pre-requisites	Enterprise Case
Co-requisites	Transdisciplinary Group Project 4: Building a Demonstrator
School/department	Centre for Innovation
Faculty	Faculty of Arts

Description including Unit Aims

This unit will explain how to go about setting up a new enterprise venture. The search and validation of an original idea (including intellectual property), the development of a business model that fits and covers internal and external requirements, the capability to translate this enterprise idea into an attractive and feasible enterprise plan, are a sequence of planned activities that mark the first milestone of a successful venture. In this context, this unit takes students through this sequence showing what it means to be an entrepreneur, including a broad understanding of the entrepreneur role, from the risk-taking and emotional concerns of starting an enterprise through to the development of a robust enterprise plan for their final group project.

Intended Learning Outcomes

At the end of the unit, it is expected that students will be able to:

1. Apply tools, techniques and skills to develop a robust enterprise plan,
2. Apply and evaluate business models and environments to an enterprise,
3. Summarise the factors affecting companies’ performance,
4. Reflect critically on their own entrepreneurial experience creating an enterprise, and
5. Apply strategic thinking to create a sustainable and successful enterprise.

Teaching Information

10 x 3-hour seminars

Assessment Information

The unit will be assessed by (i) an individual 3000 - word essay worth 60% and (ii) group work including a 20-minute enterprise plan presentation worth 40% (which will include 20% of peer assessment).

The essay intends to assess the application and evaluation of different tools and techniques for the development of new ventures (ILOs 1, 3 & 4: tools and skills to develop a robust business plan, understanding of factors affecting companies’ performance, the ability to reflect on their own experience). The group exercise intends to give a holistic view of being an entrepreneur and its context while at the same time develop teamwork and leadership skills (ILOs 1, 2, 4 & 5: tools and skills to develop a robust business plan, hands-on experience in applying and evaluating business models and environments, the ability to reflect on their own experience, and skills to think strategically).

Reading and References

• Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, Alexander Osterwalder and Yves Pigneur, John Wiley & Sons, ISBN: 978-0470876411, 2010.
• The Lean Start Up: How constant Innovation creates radically successful businesses, Eric Ries, Penguin Books, ISBN: 978-0670921607, 2011.
• The first mile, Scott Anthony, HBR Press, ISBN: 978-1422171769, 2014.