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Unit of study_

SIEN2001: Validating Ideas and Building Ventures

In order to be a successful innovator or entrepreneur, it is necessary to have knowledge of several fundamental business and organizing processes. The most effective way to master the critical skills and concepts of innovation and entrepreneurship is by developing a pitch and a business/social venture plan which simulates, as much as possible, the real world processes of launching a business or social venture. In this unit, students learn how to investigate customer/user needs as well as stakeholder concerns to generate an innovative idea for a start-up or social innovation initiative. Students also participate in a realistic simulation of the creation of a start-up/social innovation initiative, selected from the best student-submitted ideas, and develop these ideas into a responsible, sustainable business model. All students join a team that remains together for the duration of the unit, creating and pitching sections of a business plan as well as drafting the final version. This unit brings together skills acquired across other disciplines of study and requires active participation.

Code SIEN2001
Academic unit Strategy, Innovation and Entrepreneurship
Credit points 6
Prerequisites:
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None
Corequisites:
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None
Prohibitions:
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IBUS2104

At the completion of this unit, you should be able to:

  • LO1. Identify trends and opportunities in the social, technological and market/business landscapes, including understanding users and formulating new venture ideas that have not been explored before
  • LO2. Construct a market analysis and assess feasibility of a new venture, and design a new business model
  • LO3. Discuss what an empathic understanding of users and stakeholder is and apply it to their problem in order to identify new value propositions that satisfy user and stakeholder needs and wants in an ethical and responsible manner
  • LO4. Discuss and apply cognitive strategies that define the mindset of innovators and entrepreneurs
  • LO5. Demonstrate proactivity in talking with potential users and stakeholders to understand their needs and then testing your proposed solution

Unit outlines

Unit outlines will be available 1 week before the first day of teaching for the relevant session.