1

!"#!$%&
()*+,-+,),.+/01- 2)3 4))562*15)7
" 8./1),// !53,9 "--+52:0
;,<,/*,+ $= >%$&?$@
"92) AB 8+5C)= D2+92 85)1)2= E1< ;,2+/
Module Overview
In order to compete, governments around the world are increasingly aiming to foster
entrepreneurial cultures, people and organisations. Entrepreneurship, with its emphasis on
innovation, is seen to be the means by which both businesses and economies achieve
sustained competitive advantage. Accordingly, this module will introduce you to the concept
of entrepreneurship, and show you how it is possible not only to develop more personal
entrepreneurial capability, but how enterprise cultures can be created within both economies
and regions. The module is based on a sound understanding of theory, applied to practical
examples and assignments.
Module Aims
1he alm of Lhls module ls Lo lnLroduce parLlclpanLs Lo Lhe Lheory and pracLlce of enLrepreneurshlp.
Speclflcally Lhe ob[ecLlves are Lo enable parLlclpanLs Lo:
LvaluaLe Lhe varlous Lheorles of enLrepreneurshlp
Analyse Lhe economlc and soclal role of enLrepreneurshlp
LvaluaLe Lhe facLors affecLlng Lhe developmenL of enLrepreneurshlp ln socleLy
CrlLlcally evaluaLe Lhe Lypes of supporL LhaL can sLlmulaLe enLrepreneurshlp and an
enLerprlse culLure
Analyse Lhe naLure and characLerlsLlcs of Lhe enLrepreneur
CrlLlcally assess and explore Lhe processes lnvolved ln developlng Lhelr own enLrepreneurlal
capablllLy and ln creaLlng an enLrepreneurlal venLure
undersLand whaL consLlLuLes an enLrepreneurlal organlsaLlon and how lL mlghL be creaLed
and managed
Learning Outcomes
Cn successful compleLlon of Lhls module you wlll be able Lo:
undersLand Lhe Lheory of enLrepreneurshlp
AppreclaLe Lhe role of enLrepreneurshlp ln economy and socleLy
ldenLlfy Lhe facLors LhaL lnfluence enLrepreneurshlp developmenL ln socleLy, people and
organlsaLlons
8ecognlse an enLerprlse culLure and whaL needs Lo be done Lo creaLe one
ldenLlfy enLrepreneurlal characLerlsLlcs and behavlour and begln Lo develop your own
enLrepreneurlal capablllLy.
AppreclaLe Lhe dlfferences beLween enLrepreneurlal and LradlLlonal managemenL
Acqulre Lhe knowledge and skllls Lo creaLe and manage an enLrepreneurlal venLure
Work ln Leams Lo resolve problems
resenL your ldeas orally and ln wrlLlng


2

!53.9, "F,)32


!"# %&'( )#*+,
!"#$%&'#(%)*
1 A8, C8,
!S
1ues, 7 CcL -.'/#01,'+#. '# '"( 2#013(4 &.0 )"( 5&'1/( #6 -..#7&'+#.
We brlefly lnLroduce Lhe module and asslgnmenL, and revlew Lhe
modules objectives. Then, we identify the main approaches to
lnnovaLlon and assess Lhelr sLrengLhs and weaknesses.
2 !S 1ues, 14 CcL -.'/#01,'+#. '# 8.'/(*/(.(1/9"+*
1he concepL of enLrepreneurshlp ls explored lncludlng Lhe characLerlsLlcs
of enLrepreneurs and how Lhey lnLeracL wlLh Lhelr buslness envlronmenL.
3 !S 1ues, 21 CcL :19+.(99 2#0(39; </&=(>#/?9
The business model canvas is introduced. Suggestions are made for how
Lhls can help undersLand lnnovaLlon and enLrepreneurshlp.
4 C8 1ues, 28 CcL :19+.(99 2#0(39 +. '"( 0+@+'&3 (,#.#=A; B3+@.+.@ *(#*3(4 #/@&.+C&'+#.4
(.7+/#.=(.'4 &.0 ,#.'(D'
1he use of Lhe buslness model canvas ls expanded. 1he slgnlflcance of
human, pollLlcal, economlc, soclal and Lechnologlcal dlmenslons ls
dlscussed wlLh regard Lo Lhe dlglLal economy.
,#(-'.-'#'"-/%) 0-%1(/1'
3 A8/C8 1ues, 4 nov 8.'/(*/(.(1/9"+* &.0 -..#7&'+#.; )"( 3(&. 9'&/'1*
1hls sesslon brlngs LogeLher varlous Lhemes from prevlous lecLures and
suggests how the notion of the lean start-up can be used to capture the
noLlon of enLrepreneurlal lnnovaLlon.
6 !S 1ues, 11 nov 8.'/(*/(.(1/+&3 <+.&.,+&3 E3&...+.@
1ransformlng an ldea lnLo a commerclal venLure requlres flnanclal
plannlng whlch ls dlscussed aL lengLh ln Lhls sesslon.
7 A8, C8,
!S
1ues, 18 nov F(7+(>4 E/(9(.'&'+#. &.0 <((0G&,?
8evlew your progress ln your asslgnmenL wlLh shorL 10 mlnuLe
presenLaLlons by each leanlng group, followed by an open sesslon for
feedback, quesLlons, and dlscusslon
,2.%#$/#3 (4' 56#1'.(* 67 ,#(-'.-'#'"-*4/.
8 C8 1ues, 23 nov H*(. %&'&4 H*(. -..#7&'+#. &.0 H*(. :19+.(99 2#0(39
1hls sesslon looks aL open approaches Lo developlng producLs, managlng
lnnovaLlon, and bulldlng producL value chalns.
9 A8 1ues, 2 uec I#/*#/&'( 8.'/(*/(.(1/9"+* &.0 -.'/&*/(.(1/9"+*
We wlll look aL Lhe challenges Lo enLrepreneurlal acLlvlLles ln exlsLlng
companles, Lhe ways Lhey can be addressed, and examples of success
and fallure.
10 C8 1ues, 9 uec J#,+&3 (.'(/*/+9( &.0 +..#7&'+#.
1he naLure of soclal enLerprlse and how enLrepreneurshlp and lnnovaLlon
relaLe soclal, eLhlcal, and responslblllLy lssues.
11 !S 1ues, 16 uec <1.0+.@ K <+.&.,+&3 -..#7&'+#.
lundlng needs wlll change LhroughouL Lhe llfecycle of a company grows
and so wlll Lhe sources for fundlng. 1hls sesslon wlll explore Lhese
dlfferenL sources lncludlng crowdfundlng whlch opens up new
opporLunlLles for enLrepreneurs Lo seek fundlng.


3

G,),+29 4)H5+<2*15)

Welcome Lo Lhe module. Cver Lhe comlng weeks we wlll be explorlng Lhe ofLen complex relaLlonshlp
beLween enLrepreneurshlp and lnnovaLlon. We LreaL enLrepreneurshlp broadly: brlnglng abouL
change and LransformaLlon, wheLher Lhrough a new sLarL-up buslness, wlLhln an exlsLlng
organlzaLlon, or wlLhln Lhe soclal sphere. 1hls ls why we llnk enLrepreneurshlp wlLh lnnovaLlon.
8ecause lL ls such a complex lssue, we use Lhe noLlon of buslness models as a framework Lo help us
capLure Lhe processes lnvolved. 8uslness models can help us undersLand Lhe ways ln whlch
organlzaLlons sLrucLure Lhelr acLlvlLles and how Lhey engage wlLh Lhelr envlronmenL. 8egardless of
wheLher lL ls a commerclal company or a noL-for-proflL organlzaLlon, buslness models help us Lo
undersLand how Lo lnnovaLe ln a susLalnable way.
1hls module wlll provlde you wlLh an overvlew of lnnovaLlon and enLrepreneurshlp and wlLh a range
of buslness models. lL wlll also focus ln greaLer depLh on crlLlcal lssues such as open lnnovaLlon,
enLrepreneurlal flnance, soclal enLerprlse and human processes. 1he laLLer wlll be lnfluenced by our
own lndusLry, research experlences, and your work ln Lhls module.
The module is assessed by an individual innovation portfolio. Although this will be an individual
plece of work, you wlll work ln groups learning sets durlng Lhe flrsL half of Lhe module ln order
Lo research your chosen venLure. We do Lhls because ln Lrylng Lo undersLand lnnovaLlon we belleve
lL ls necessary Lo exchange and challenge our own and others ideas Lhls ls besL done ln a group
conLexL, where you wlll face slmllar challenges and group dynamlcs Lhan Lhose ln lndusLry. Palf way
Lhrough Lhe module each group wlll be asked Lo reporL on lLs progress and we wlll provlde verbal
feedback on Lhe presenLaLlons (deLalls of Lhe asslgnmenL below).
1he ob[ecLlves of Lhls module are also Lo enable sLudenLs Lo:
ldenLlfy and undersLand Lhe lmpllcaLlons of enLrepreneurlal Lheory and pracLlce,
ldenLlfy and undersLand Lhe lmporLance of lnnovaLlon ln a company or startups success,
undersLand and descrlbe Lhe key elemenLs of a buslness model,
undersLand and apply Lhe key elemenLs of an enLrepreneurlal buslness model,
undersLand key lssues of how an enLrepreneur Lhlnks and acLs,
Lmploy Lheorles and concepLs ln order Lo analyse Lhe lnnovaLlon behlnd enLrepreneurlal acLlons
ln any organlsaLlon.

I,231)F
We allocaLe seL readlng each week. 1hls needs Lo be underLaken and LhoughL abouL before each
lecLure. We wlll sLarL Lhe sesslons by asklng abouL Lhls. lL ls really lmporLanL Lo geL lnLo a rouLlne of
dolng Lhls lf you are Lo succeed on Lhe module.



4

J,K L,M*/
(//,)*129 I,231)F
8("$'#(* %-' '2.'1('$ (6 -'%$ (4/* &%('-/%) (6 3%/# '**'#(/%) "#$'-*(%#$/#3 67 (4' &6$")' 16#('#(9

Slmon 8rldge, ken C'nelll, lrank MarLln, uoJetstooJloq eotetptlse. eottepteoeotsblp & smoll
bosloess, 3
rd
LdlLlon, algrave McMlllan, 2013.
Alexander CsLerwalder and ?ves lgneur, 8osloess MoJel Ceoetotloo. A nooJbook fot vlsloootles,
Come cbooqets, ooJ cbolleoqets, !ohn Wlley & Son, 2010.
Lrlc 8elss, 1be leoo 5tottop. now 1oJoy's ottepteoeots use cootloooos looovotloo to cteote
koJlcolly 5occessfol 8osloesses, Crown 8uslness, 2011.

I,:5<<,)3,3 I,231)F
: -%#3' 67 -'16&&'#$'$ &%('-/%)* .-6;/$'$ (6 '2('#$ "#$'-*(%#$/#3 67 (4' &6$")' 16#('#(9

!oe 1ldd, !ohn 8essanL, Managlng lnnovaLlon: lnLegraLlng 1echnologlcal, MarkeL and CrganlsaLlonal
Change, 4
Lh
LdlLlon, !ohn Wlley and Sons, 2009.
aul 8urns, cotpotote eottepteoeotsblp. bollJloq oo eottepteoeotlol otqoolsotloo, algrave
McMlllan, 2008.
Colln 8arrow eL al., otetptlse Jevelopmeot. tbe cbolleoqes of stottloq, qtowloq ooJ sellloq o
bosloess, Cengage Learnlng, 2004.

8lll 8olLon, !ohn L. 1hompson, 1be eottepteoeot lo focos. ocbleve yoot poteotlol, Cengage Learnlng,
2002.

Andrew 8ragg, Mary 8ragg, ueveloploq oew bosloess lJeos. o step-by-step qolJe to cteotloq oew
bosloess lJeos wottb bockloq, renLlce Pall, 2003

8[orn 8[erke, 8osloess leoJetsblp ooJ coltote. ootloool moooqemeot styles lo tbe qlobol ecooomy,
Ldward Llgar ubllshlng, 2000.

J.Chris Leach & Ronald W. Melicher, Entrepreneurial Finance, 4th edition, SouLh-WesLern Cengage
Learnlng 2012.

J,K 82:NF+5.)3 L,M*/
86&' %$$/(/6#%) 3'#'-%) <%1=3-6"#$ -'%$/#3 %#$ 6(4'- *6"-1'* 67 "*'7") /#76-&%(/6# 76- (4'
*("$'#(9
eLer urucker, looovotloo ooJ ottepteoeotsblp. Pelnemann, 1993.
eLer 1roLL, looovotloo Moooqemeot ooJ New ltoJoct uevelopmeot (4Lh ed.). l1 renLlce Pall,
2008.


3

hlllp A. Wlckham, 5ttoteqlc ottepteoeotsblp (4
Lh
ed.). l1 renLlce Pall, 2006.
aLrlck Copeland, Googles Innovation Factory: Testing, Culture, And Infrastructure, IEEE 3
rd

lnLernaLlonal Conference on SofLware 1esLlng, valldaLlon, and verlflcaLlon, Aprll 2010.
hLLp://paLandcourLney.com/papers/Coogle20lnnovaLlon20lacLory2028229.pdf
Penry Chesbrough. Opeo 5etvlces looovotloo. ketblokloq oot 8osloess to Ctow ooJ compete lo o
New to. !ossey-8ass, !anuary 2011.
uanlel lasnachL, Opeo looovotloo lo tbe lloooclol 5etvlces. Sprlnger, 2009.
Penry Chesbrough, Wlm vanhaverbeke and !oel WesL, eds., Opeo looovotloo. keseotcbloq o New
lotoJlqm, Cxford unlverslLy ress, 2006.
Penry Chesbrough, Opeo 8osloess MoJels. now to 1btlve lo tbe New looovotloo looJscope, Parvard
8uslness School ress, 2006.
8oberL WalcoLL and Mlchael LlpplLz, Crow from WlLhln: MasLerlng CorporaLe LnLrepreneurshlp and
lnnovaLlon, McCraw-Plll, 2010.
Slmon 8rldge eL al., undersLandlng LnLerprlse: LnLrepreneurshlp & small buslness, 3
rd
LdlLlon,
algrave McMlllan, 2009.


noLe: ln addlLlon, sLudenLs are sLrongly encouraged Lo use a broad range of academlc [ournals,
lnLerneL maLerlals, buslness magazlnes and oLher buslness sources for research and daLa collecLlon
purposes.



6

"//1F)<,)*/

1he assessmenL of learnlng ouLcomes wlll be based on & *#/'6#3+# #6 L *+(,(9 #6 >#/?: an lndlvldual
8esearch ro[ecL and a Croup Case SLudy Analysls. ?ou wlll recelve a slngle mark for Lhls plece of
work, based on Lhe followlng:

unlLs of AssessmenL WelghLlng
Croup work: CreaLe a concepL for a new venLure Laklng lnLo
accounL Lhe macro and mlcro envlronmenL. (ldea generaLlon,
creaLlvlLy, problem solvlng) ln addlLlon each group musL glve a
welghLlng Lo each members conLrlbuLlon (3000 word reporL)
40
lndlvldual evaluaLlon: Assess your own LralLs and characLerlsLlcs as
enLrepreneurs llnk ln wlLh Lhe Lheorles. (2000 words)
60


B99(99=(.'. ?ou wlll be assessed on Lhls comblnaLlon of course work Lo be submlLLed vla
SurreyLearn on ML
'"
N&.1&/A4 LOMP. lL wlll cover Lhe 2 lLems above, and wlll conslsL of 2 parLs, as
follows:

E&/' H.(; )"( I#.,(*' 6#/ & 5(> Q(.'1/(
?ou are requlred Lo produce an overvlew of Lhe concepL for a new venLure. ?ou musL produce an
analysls of Lhe company, producL or servlce ln Lerms of Lhe lnnovaLlon and enLrepreneurlal
processes LhaL are necessary Lo brlng lL forward. lease choose from Lhe followlng llsL of broad
Lhemes:
venLures for Cood (soclal responslblllLy, susLalnablllLy, global healLhcare)
lood, PosplLallLy and 1ourlsm
uaLa, CusLomer and Soclal lnLelllgence
Pere are sources of lnsplraLlon for Lhe Loplcs:
hLLp://blL.ly/16uCc12
hLLp://read.bl/1hyP818
hLLp://blL.ly/1cqLlCm
?ou musL Lhen conslder whaL lnnovaLlve and enLrepreneurlal processes wlll be needed Lo ensure Lhe
susLalnablllLy of your chosen producL/servlce golng forward. ln developlng your ldeas you should
structure your analysis using models of innovation encountered on the module and the business
model canvas.


7

?ou wlll begln your preparaLlon by worklng ln groups Lo encourage dlscusslon and lnLeracLlon. Lach
group wlll make a 10 mlnuLe presenLaLlon Lo Lhe class halfway Lhrough Lhe module. 1hls wlll provlde
you wlLh verbal feedback of your progress and ldeas for developlng Lhe flnal reporL for your
asslgnmenL. We wlll provlde furLher deLalls durlng Lhe sesslons.
?ou should Lhen work Lo produce a reporL of 3,000 words descrlblng Lhls enLrepreneurlal venLure.
?our group reporL can be sLrucLured as follows:
1. lnLroducLlon Lo your chosen venLure: whaL lL ls and why you chose lL? (300-300 words max).
2. Analysls of lLs developmenL: Apply one of Lhe /##6;%(/6# &6$')* dlscussed and show lL helps
lmprove you undersLandlng of Lhe venLure. Pow dld Lhe orlglnal buslness model change and
how dld processes of enLrepreneurshlp and lnnovaLlon conLrlbuLe Lo Lhese changes? (1000-
1200 words max)
3. ConslderaLlon of fuLure posslblllLles: how wlll Lhe buslness model need Lo change for Lhe
organlzaLlon Lo conLlnue Lo be successful? Pow mlghL lnnovaLlon be encouraged? WhaL
broader conLexLual and envlronmenLal facLors should be consldered ln evolvlng Lhe buslness
model? Where do open approaches fit into this business model? >*' (4' <"*/#'** &6$')
1%#;%* %..-6%14 (6 4'). *(-"1("-' (4/* *'1(/6# (1200-1300 words max).
4. ShorL summary of your personal reflecLlons on how you approached Lhls work, and deLalls of
Lhe research underLaken ln developlng your analysls (full references Lo academlc [ournals,
books, web slLes consulLed, professlonal [ournals, eLc. use Lhe Parvard referenclng sysLem).
(300-300 words max).

ulagrams used ln secLlons 2, 3, and 4 are noL lncluded ln Lhe word counL.

E&/' )>#; B E(/9#.&3 Q+(> #6 8.'/(*/(.(1/9"+*
?ou are requlred Lo produce an lndlvldual 2000 word essay on enLrepreneurshlp and lnnovaLlon LhaL
addresses your vlews, oplnlons, and expecLaLlons on Lhls Loplc. 1hls ls lnLended Lo be an open ended
revlew of concerns, where you have Lhe opporLunlLy Lo conslder your own personal characLerlsLlcs
and experlences, and how Lhey prepare you for enLrepreneurlal opporLunlLles you may encounLer ln
your career. ?ou should address Lhe followlng Loplcs wlLhln Lhls Lheme:
CharacLerlsLlcs of an enLrepreneur and how Lhey relaLe Lo you,
?our vlews of whaL makes a hlghly-funcLlonlng enLrepreneurlal Leam, and how your
enLrepreneurlal skllls flL lnLo such a Leam,
Pow you see Lhe role and lmpacL of enLrepreneurlal acLlvlLles ln Lhe organlzaLlons ln whlch
you have worked or observed,
Areas of creaLlvlLy, lnnovaLlon and enLrepreneurshlp you wlsh Lo develop ln yourself, and
how you plan Lo do LhaL.
!usL Lo relLeraLe, Lhese are suggesLlons, and you are welcome Lo choose oLher Loplcs relaLed Lo Lhls
Lheme for your personal reflecLlons. ln all cases, you should allgn your personal vlews wlLh any
supporLlng models and Lheorles, and lnclude references from Lhe llLeraLure on enLrepreneurshlp
where approprlaLe Lo subsLanLlaLe your vlews.
1hls parL of Lhe asslgnmenL wlll be marked based on Lhe followlng scheme: overvlew and reasons for
chooslng Lhls Loplc (10), sLrucLure, clarlLy and organlzaLlon of Lhe ldeas belng addressed (30),


8

[usLlflcaLlon and supporL for Lhe ldeas, speclflcally wlLh reference Lo Lhe llLeraLure (30),
concluslons, observaLlons, and flndlngs (20), presenLaLlon, sLyle, references (10).


9

$B 4)*+53.:*15) *5 *0, !53.9,= 2)3 L0, #2*.+, 5H 4))562*15)

We briefly introduce the module and assignment, and review the modules objectives. Then, we
ldenLlfy Lhe maln approaches Lo lnnovaLlon and assess Lhelr sLrengLhs and weaknesses.
1he class wlll also lnLroduce Lhemselves and Lhelr vlews/lnLeresLs ln enLrepreneurshlp, and we
wlll dlvlde Lhe class lnLo Leams for Lhe group asslgnmenL.
lease come Lo Lhls class prepared Lo dlscuss your parLlcular lnLeresLs and vlews on lnnovaLlon
and entrepreneurship. Think about who you consider to be role models as entrepreneurs and
inventors that may have influenced your thinking.

E/(*&/&'+#.;
Ch 1. Innovation Management: An Introduction in Paul Trott, Innovation Management and
New Product Development, 4
Lh
LdlLlon, renLlce Pall, 2008.
Avallable ln Lhe Maln Llbrary.
MITs 35 Innovators under 35: 2014.
hLLp://www.Lechnologyrevlew.com/llsLs/lnnovaLors-under-33/2014/

eLer urucker, "1he ulsclpllne of lnnovaLlon", P88, nov/uec 1998.
hLLp://www.omega-pro[ecL.lnfo/uploads/9/4/7/3/9473028/_Lhe_dlsclpllne_of_lnnovaLlon.pdf



10

>B 4)*+53.:*15) *5 ()*+,-+,),.+/01-

LnLrepreneurshlp ls a concepL wldely used Loday ln relaLlon Lo re-energlslng Lhe economy, seLLlng up
buslnesses and developlng lnnovaLlon ln exlsLlng buslnesses. We wlll conslder whaL condlLlons are
necessary for fosLerlng enLrepreneurshlp ln buslness and whaL characLerlsLlcs are deslrable for
enLrepreneurs Loday.


E/(*&/&'+#.; E/(*&/( &.9>(/9 '# '"( R1(9'+#.9 G(3#>
ottepteoeotsblp ls tbe ptocess of cbooqloq lJeos loto commetclol oppottooltles ooJ
cteotloq voloe (Leach & Mellcher).
!"&' 0#(9 '"+9 0(6+.+'+#. =(&. '# A#1S !"&' *(/9#.&3 R1&3+'+(9 0# (.'/(*/(.(1/9 .((0 '# "&7(S
T#> 0# A#1 =(&91/( ,/(&'+.@ 7&31(S

:&,?@/#1.0 F(&0+.@;
ChapLers 1-3, S. Shane, A qeoetol tbeoty of eottepteoeotsblp. tbe loJlvlJool-opportunity nexus?
Ldward Llgar 2004.
!. Chrls Leach & 8onald W. Mellcher, ottepteoeotlol Finance, 4th edition, SouLh-WesLern Cengage
Learnlng 2012.
Avallable ln Lhe Maln Llbrary.

u. klrby, LnLrepreneurshlp, McCraw Plll LducaLlon, 2003
ChapLer 2, nlelsen, Suna, klyver, klm, Lvald, Ma[brlLL & 8ager, 1orben, LnLrepreneurshlp ln 1heory
and racLlce, Ldward Llgar 2012.



11

OB 8./1),// !53,9/7 P+2<,C5+N/

The business model canvas is introduced and explained in detail in this session. It provides a
framework Lo evaluaLe how a buslness model may supporL lnnovaLlon and enLrepreneurshlp.
1he buslness model canvas breaks a buslness model down lnLo 9 bulldlng blocks whlch Lhe asplrlng
enLrepreneur can Lhen re-assemble Lo supporL Lhelr creaLlve ldea. We wlll explore how lL can be
applled ln pracLlce and Lhen ask sLudenLs Lo assemble Lhelr own buslness model Lo supporL a
creaLlve ldea.


E/(*&/&'+#.;
ldenLlfy one new ldea whlch you belleve wlll change Lhe world.
Also, please read:
A. CsLerwalder and ?. lgneur, 8osloess MoJel Ceoetotloo. A nooJbook fot vlsloootles, Come
cbooqets, ooJ cbolleoqets, !ohn Wlley & Son, 2010.
You can download a section of the business model canvas book from here (legally):
hLLp://www.buslnessmodelgeneraLlon.com/book .
lease read Lhls secLlon as a mlnlmum. We belleve Lhe book lLself ls good value for money and you
should conslder buylng a copy.

:&,?@/#1.0 F(&0+.@;
S. Blank, Four Steps to the Epiphany: Successful strategies for startups that win, K&S Ranch, 2
nd

LdlLlon, 2013.
(Lhls ls qulLe challenglng buL worLh a Lry)
L. uoganov and Lyquem-Renault, WhaL do buslness models do?: lnnovaLlon devlces ln Lechnology
entrepreneurship, keseotcb lollcy volume 38, lssue 10, uecember 2009.




12

&B 8./1),// !53,9/ 1) *0, Q1F1*29 (:5)5<K7 "91F)1)F -,5-9,=
5+F2)1R2*15)= ,)61+5)<,)*= 2)3 :5)*,M*

All organlzaLlons operaLe wlLhln envlronmenLs over whlch Lhey have varylng degrees of conLrol. 1he
slgnlflcance of human, pollLlcal, economlc, soclal and Lechnologlcal dlmenslons ls dlscussed wlLh
regard Lo lnnovaLlon.


E/(*&/&'+#.;
1eece, u. !. (2010). 8uslness Models, 8uslness SLraLegy and lnnovaLlon, looq kooqe lloooloq,
4J(23), 172194. dol:10.1016/[.lrp.2009.07.003
hLLp://www.bmcommunlLy.slLew.com/fs/8ooL/8[lg8-buslnessmodelsbuslnesssLraLegy.pdf
:&,?@/#1.0 F(&0+.@;
eLer M. Senge and Coran CarsLedL, "lnnovaLlng Cur Way Lo Lhe nexL lndusLrlal 8evoluLlon", Ml1
Sloan ManagemenL 8evlew, vol 42, no. 2, WlnLer 2001.
hLLp://faculLy.washlngLon.edu/mlg/courses/108A06/senge_01_smr.pdf
Ldward Clesen eL al., "Selzlng Lhe AdvanLage: When and how Lo lnnovaLe your buslness model",
l8M lnsLlLuLe for 8uslness value, 2008.
hLLp://www.lbm.com/servlces/us/gbs/bus/hLml/lbv-buslness-model-lnnovaLlon.hLml



13

@B ()*+,-+,),.+/01- 2)3 4))562*15)7 S,2) ;*2+*.-

1hls sesslon brlngs LogeLher varlous Lhemes from prevlous lecLures and suggesLs how Lhe noLlon of
the lean start-up can be used to capLure Lhe noLlon of enLrepreneurlal lnnovaLlon. Launchlng a new
venLure of any klnd, from a small buslness Lo a new lnlLlaLlve wlLhln a large corporaLlon, ls a dlfflculL
proposlLlon. 1he Lyplcal approach (wrlLe a buslness plan, geL fundlng, make producL, and sell lL) falls
shorL of addresslng Lhe rlsks and qulckly-changing ecosystem in todays economy. The Lean Startup
approach, wlLh lLs emphasls on falllng fasL, qulckly lLeraLlng and plvoLlng, and conLlnuous learnlng, ls
a real answer Lo Lhls problem. 1hls sesslon wlll focus on lean sLarLup Lechnlques such as LesLlng
hypotheses, implementing customer feedback, and building minimum viable products.


E/(*&/&'+#.;
Slldeshare Summary of Lean SLarLup book, by readlLfor.me
hLLp://www.slldeshare.neL/kualum/Lhe-lean-sLarLup-vlsual-summary
1he LeanCanvas
hLLp://leancanvas.com/LeanCanvas.pdf
8evlew Lhe lnformaLlon here abouL lean sLarLup prlnclples: hLLp://LheleansLarLup.com/#prlnclples
WaLch Lhe SLeve 8lank vldeo: Pow Lo bulld a greaL company, sLep-by-sLep:
hLLps://www.youLube.com/waLch?v=181cxw!uCau

:&,?@/#1.0 F(&0+.@;
SLeve 8lank, wby 1be leoo 5tottop cbooqes vetytbloq, Parvard 8uslness 8evlew, May 2013.
hLLps://archlve.harvardbuslness.org/cla/web/pl/producL.seam?c=23903&l=23903&cs=f83783d3380f
eb87e2bce1333af10c2f
Lrlc 8elss, 1be leoo 5tottop. now 1oJoy's ottepteoeots use cootloooos looovotloo to cteote
koJlcolly 5occessfol 8osloesses, Crown 8uslness, 2011.
Well worLh buylng a copy of Lhls book.
Carmen Nobel, Teaching a Lean Startup Strategy, Harvard Business School Working Knowledge,
Aprll 2011.
1hls shorL paper Lalks abouL some of Lhe lssues ln Leachlng Lhe lean sLarL-up approach:
hLLp://hbswk.hbs.edu/pdf/lLem/6639.pdf



14


TB ()*+,-+,),.+129 P1)2):129 U92))1)F

An essenLlal parL of any buslness model ls Lhe flnanclal sLrucLure whlch an enLrepreneur musL puL ln
place Lo Lransform an ldea lnLo a vlable commerclal opporLunlLy. ln Lhls sesslon, we wlll look aL
developlng a flnanclal plan lncludlng sLarL-up cosLs, lnlLlal fundlng, break-even and cashflow analysls.
Pow much money do you need Lo seL up a buslness? WhaL ls cash burn and how do you manage lL?
WhaL are essenLlal sLarL-up cosLs and whaL are noL? WhaL are reasonable assumpLlons for growlng
sales and lmpacL on cashflow? 1hese are some of Lhe quesLlons LhaL we wlll conslder as Lhe
enLrepreneur seeks Lo geL Lo break-even and beyond.



:&,?@/#1.0 F(&0+.@;
J.Chris Leach & Ronald W. Melicher, Entrepreneurial Finance, 4th edition, SouLh-WesLern Cengage
Learnlng 2012.
Zacharakls, Andrew, Splnelll, SLephen & 1lmmons, !effry, 8uslness lans LhaL Work, 2
nd
edlLlon,
McCraw Plll 2011



13

VB I,61,C= U+,/,)*2*15) 2)3 P,,3W2:N

8evlew your progress ln your asslgnmenL wlLh shorL 10 mlnuLe presenLaLlons by each leanlng group,
followed by an open sesslon for feedback, quesLlons, and dlscusslon.
uurlng Lhe module we wlll provlde guldance Lo you on Lhe sLrucLure and approach Lo Lake for Lhls
presenLaLlon.
1hls ls an lmporLanL sesslon as lL wlll allow you Lo geL dlrecL feedback on Lhe progress you have
made wlLh your enLrepreneurlal venLure, and provlde Lhe foundaLlon for your wrlLLen asslgnmenL.


16

XB Y-,) 4))562*15) 2)3 Y-,) 8./1),// !53,9/

1hls sesslon looks aL open approaches Lo developlng producLs, managlng lnnovaLlon, and bulldlng
producL value chalns. lL dlscusses Lhe changes ln lnnovaLlon models when Lhere ls open access Lo
knowledge. 1he cenLral ldea behlnd open approaches ls LhaL ln a world of wldely dlsLrlbuLed
knowledge, companles cannoL afford Lo rely enLlrely on Lhelr own research and developmenL, buL
should lnsLead engage oLher companles, Leams, and lndlvlduals ln a more open forum. Slmllarly,
internal closed approaches must be opened up to greater access from outside the company (e.g.
Lhrough llcenslng, [olnL venLures or shared value models). We wlll examlne Lhese ldeas and
approaches Lhrough Lheory and pracLlce, and use several case sLudles Lo lllusLraLe Lhe key polnLs,
such as peer producLlon, open source and open daLa.

E/(*&/&'+#.;
Ch 1, ln Penry Chesborough (ed.), Cpen lnnovaLlon: 8esearchlng a new paradlgm
hLLp://www.openlnnovaLlon.neL/8ook/newaradlgm/ChapLers/lndex.hLml
Ch 3, A New Innovation Framework from A. 8lngham and u. Spradlln, "1he Cpen lnnovaLlon
MarkeLplace: CreaLlng value ln Lhe Challenge-urlven LnLerprlse", l1/renLlce Pall, 2011.
Check the guide from the Open Data Institute: Pow Lo make a buslness case for open daLa:
hLLp://Lheodl.org/guldes/how-make-buslness-case-open-daLa
:&,?@/#1.0 F(&0+.@;
An lnLroducLlon Lo Cpen Source: hLLp://opensource.com/resources/whaL-open-source
vldeo: Six years after his seminal article, A Research Manifesto for Services Science, with Jim
Spohrer of l8M Almaden 8esearch CenLer, Penry Chesbrough glves an updaLe on Cpen lnnovaLlon aL
LSAuL: hLLp://www.youLube.com/waLch?v=L8uWMfP1?2s
Malcolm Cladwell, CreaLlon MyLh, new ?orker, 2011. ArLlcle crlLlclslng A8C's explolLaLlon of Lhelr
lnnovaLlons.
hLLp://www.newyorker.com/reporLlng/2011/03/16/110316fa_facL_gladwell
8esponse from A8C Lo Malcolm Cladwells article:
hLLp://blogs.parc.com/blog/2011/03/from-creaLlon-myLh-Lo-Lhe-reallLy-of-lnnovaLlon-Loday/



17

ZB D5+-5+2*, ()*+,-+,),.+/01- 2)3 4)*+2-+,),.+/01-

1here are many challenges Lo lnnovaLlon and enLrepreneurshlp when pracLlced lnslde esLabllshed or
large corporaLlons. We wlll look aL Lhe challenges LhaL arlse, Lhe ways Lhey can be addressed, and
examples of success and fallure.


E/(*&/&'+#.;
u v 8 Seshadrl and Arablnda 1rlpaLhy, lnnovaLlon Lhrough lnLrapreneurshlp: 1he road less
Lravelled, Vikalpa v31, January 2006.
hLLp://www.vlkalpa.com/pdf/arLlcles/2006/2006_[an_mar_17_29.pdf
8oberL WalcoLL and Mlchael LlpplLz, Ctow ftom wltblo. Mostetloq cotpotote ottepteoeotsblp ooJ
looovotloo, McCraw-Plll, 2010.
Avallable ln Lhe Maln Llbrary, or you can flnd a shorL overvlew here:
hLLp://www.consumergoods-dlglLal.com/consumergoodsLechnology/201002#pg9
1ake a look aL Lhls on-llne lnnovaLlon assessmenL Lool:
hLLp://www.lnnovaLlon-porLal.lnfo/wp-conLenL/uploads/Comblned-audlL-and-explanaLlon-May-
2013.pdf

:&,?@/#1.0 F(&0+.@;
Ch 3, Managing Innovation in Firms, in Paul Trott, looovotloo Moooqemeot ooJ New ltoJoct
uevelopmeot, 4
Lh
LdlLlon, l1/renLlce Pall, 2008.
. Mlller and 1. Wedell-Wedellsborg, Innovation as Usual: How to help your people bring great
ideas to life, Harvard Business Review Press, 2013.
.



18

$%B ;5:129 ()*,+-+1/, 2)3 4))562*15)

We wlll dlscuss Lhe naLure of soclal enLerprlse and how enLrepreneurshlp and lnnovaLlon relaLe Lo
soclal, eLhlcal, and responslblllLy lssues. We wlll cover cases LhaL wlll help undersLandlng Lhe
moLlvaLlons, key aspecLs and maln challenges LhaL emerge when Lrylng Lo bulld enLerprlses wlLh a
soclal focus.


E/(*&/&'+#.;
?unus, M., Molngeon, 8., and Lehmann-CrLega, L., 2010. 8ulldlng Soclal 8uslness Models: Lessons
from Lhe Crameen Lxperlence, looq kooqe lloooloq, 43 (23), 308323.
8rowse Lhls slLe and form a view on what is social innovation, and what role does it play in the
corporaLe world?: hLLp://www.echolnggreen.org/soclal-lnnovaLlon

:&,?@/#1.0 F(&0+.@;
Unleashlng LnLrepreneurshlp: Maklng buslness work for Lhe poor", 8eporL Lo Lhe SecreLary-Ceneral
of Lhe unlLed naLlons, March 2004.
hLLp://web.undp.org/cpsd/documenLs/reporL/engllsh/fullreporL.pdf
The Social Intrapreneur: A field guide for corporate changemakers
hLLp://www.echolnggreen.org/slLes/defaulL/flles/1he_Soclal_lnLrapreneurs.pdf
WaLch ?ochal 8enkler on 1Lu: ?ale professor explalns how collaboraLlve pro[ecLs llke Wlklpedla and
Llnux represenL Lhe nexL sLage of human organlzaLlon:
hLLp://www.Led.com/Lalks/yochal_benkler_on_Lhe_new_open_source_economlcs?language=en




19

$$B P.)31)F [ P1)2):129 4))562*15)

LnLrepreneurs may use dlfferenL fundlng sources Lo flnance an ldea, a sLarL-up, an early sLage
company or even an esLabllshed company and lnclude booL-sLrapplng, venLure caplLal and sLraLeglc
parLners. Llke oLher areas of buslness, Lechnologlcal change has Lransformed flnance Loo wlLh Lhe
rlse for crowdfundlng whlch offers oLher fundlng sources for sLarL-ups.
Pow do you sLrucLure flnanclng? ls cash-fundlng Lhe only ob[ecLlve? WhaL ls Lhe perspecLlve of Lhe
buslness parLner? Pow do you ralse sLarL-up caplLal Lhough crowd-fundlng and whaL are Lhe rlsks?
1hese are some of Lhe quesLlons LhaL we wlll conslder as well as look aL Lhe lmpllcaLlons of an exlL
sLraLegy.
E/(*&/&'+#.;

:&,?@/#1.0 F(&0+.@;
J.Chris Leach & Ronald W. Melicher, Entrepreneurial Finance, 4th edition, SouLh-WesLern Cengage
Learnlng 2012.
aul Compers & !osh Lerner, 1be veotote copltol cycle, 2
nd
edlLlon, Ml1 ress 2006.
8aeck, Peter & Collins, Liam, Working the Crowd, A short Guide and How it can Work for You,
nesLa, 2013.
Baeck, Peter, Collins, Liam & Westlake, Stian, Crowding In, Nesta 2012.
Collins, Liam & Pierrakis, Yannis, The Venture Crowd, Crowdfunding Equity InvestmenL lnLo
Business, Nesta 2012