- Lecture: 1 hour/week
- Seminar: 1 hour/week
- Practicum: 2 hours/week
Students in this course focus on learning a process to conceptualizing, validating, building, and marketing new product venture. Students are introduced to the foundational theories and frameworks of identifying market opportunities, developing business models, and understanding the ethical and sustainability considerations of new product ventures. Students will work with different frameworks within a workshop like setting to explore idea validation, customer discovery, and pitch development which will encourage them to think critically about the problem's customers face and how to use creative thinking to develop potential solutions through continuous collaborative feedback. The practicum offers hands-on experience, where students apply their knowledge to real-world projects by building MVPs, conducting market validation, and delivering pitches.
The curriculum is meticulously designed in three progressive phases:
Phase 1: Ideation & Market Insight - Students embark on the path of conceptualizing their innovative ideas by conducting thorough competitive and market analyses. This stage is crucial for establishing a robust business model's Minimum Success Criteria (MSC), enhancing students' strategic planning and critical thinking skills. Participants will delve into market desirability, perform comprehensive market and competitor analyses, and set clear benchmarks for viability, feasibility, and sustainability. This phase culminates in a succinct pitch to a feedback panel, honing persuasive communication skills and market positioning.
Phase 2: Customer Discovery & MVP Development - In this phase, students engage in deep-dive customer interviews to gain insightful understanding into the problems their business model aims to solve. These interactions are pivotal in shaping the first MVP, guiding students toward securing early commitments and fine-tuning their market fit. This stage emphasizes the importance of customer-centric design and agile product development strategies.
Phase 3: Pitching & Investment Attraction - The final phase equips students with the skills to develop and deliver a persuasive pitch that captivates the attention of potential investors and industry veterans, opening doors to early-stage investment opportunities. This segment focuses on the art of storytelling, financial forecasting, and strategic business communication, preparing students for the competitive arena of startup funding.
This course offers a comprehensive, market-centric approach to entrepreneurial education, marrying theoretical insights with practical, real-world applications. It prepares students not just for successful new ventures, but for a future of innovative leadership in the business world. Participants will leave with a profound understanding of the entrepreneurial lifecycle, from ideation to investor pitch, ready to make their mark in the marketplace.
At the end of the course, the successful student should be able to:
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Analyze Market Opportunities: Students will critically analyze market trends and consumer needs to identify viable opportunities for new product ventures, employing advanced market and competitive analysis techniques to establish a differentiated value proposition.
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Develop Strategic Business Models: Students will construct comprehensive business models that integrate desirability, feasibility, and viability considerations, demonstrating the ability to apply strategic planning principles to real-world scenarios.
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Design and Validate MVPs: Participants will design, develop, and validate a Minimum Viable Product (MVP) based on in-depth customer feedback and iterative design processes, showcasing proficiency in agile development methodologies and customer-centric design thinking.
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Evaluate Business Sustainability and Scalability: Students will evaluate the sustainability and scalability of their business models, employing critical thinking to assess long-term viability and potential environmental, social, and economic impacts.
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Synthesize Feedback for Iterative Improvement: Through iterative cycles of feedback and refinement, students will synthesize critiques from peers, instructors, and industry professionals to iteratively improve their product concepts and business strategies.
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Craft and Deliver Persuasive Pitches: Students will craft compelling pitch presentations that effectively communicate their business model's value proposition, market potential, and investment appeal to a panel of experts, demonstrating advanced skills in persuasive communication and storytelling.
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Negotiate and Secure Early Commitments: Students will demonstrate the ability to negotiate with potential customers and secure early commitments, showcasing advanced negotiation skills and an understanding of customer acquisition strategies.
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Reflect on Ethical and Social Implications: Students will critically reflect on the ethical, social, and environmental implications of their new product ventures, demonstrating a commitment to responsible entrepreneurship and sustainable business practices.
Assessment will be based on course objectives and will be carried out in accordance with the Â鶹ÊÓƵ Evaluation Policy. An evaluation schedule is presented at the beginning of the course. This is a graded course.
Participation 5-10%
Assignments 30-65%
Pitches 20-30%
Total 100%
STUDENTS MUST COMPLETE ALL COMPONENTS OF THE COURSE AND ACHIEVE A MINIMUM AVERAGE GRADE OF AT LEAST 50 PERCENT ON THEIR TOTAL NON-GROUP EVALUATIONS TO OBTAIN CREDIT FOR THE COURSE.
Note: No single assignment to be worth more than 40%.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Â鶹ÊÓƵ Research Ethics Board prior to conducting the research.
Maurya, Ash., Running Lean – Iterate from Plan A to a Plan That Works. O'Reilly Media Inc. Latest edition or equivalent as approved by the Department.
or permission of instructor.
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