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Innovative project 1 - Product or services ideation and planning

  • Class 15
  • Practice 15
  • Independent work 225
Total 255

Course title

Innovative project 1 - Product or services ideation and planning

Lecture type

Obligatory

Course code

21-06-507

Semester

1

ECTS

8

Lecturers and associates

Course overview

This is a series of three interconnected modules (Innovative Project 1-2-3)

The entrepreneurial mindset empowered by digital technologies is becoming more and more a requisite to improve society. This entrepreneurial thinking can be taught, and the fundamentals can motivate individuals to pursue their business interests and/or add value to existing business organizations. These modules prepare students for a future career as entrepreneurs, either as founders of new businesses or within already established companies and to give students practical insights into those business aspects that are particularly important during a firm's early development phases, and to make them more effective in managing and growing the start-up firm. They also provide the cornerstones for successfully launching and implementing entrepreneurial projects within already established organisations.

The purpose of this series of modules is to guide and assist students to think and act entrepreneurially; the modules will empower students to be entrepreneurial and innovative as they develop their own business ideas but at the same time focused on digital technologies which will function as enabler of their project ideas and business models.

While entrepreneurship can be as theoretical as any field of research, this modules have a distinctly practical orientation (learning-by-doing) where students will learn through organising frameworks, analytical tools, and discussions around real-life cases that provide practical guidance in addressing and solving common problems and challenges in managing the start-up and growing a firm. The aim of the module is for students to demonstrate their ability to apply specific knowledge and skills to work in a team to develop a plan for a real-life innovative and disruptive new business venture in the context of digital economy.

This series of three modules (Innovative Project 1-2-3) is assessed through an interdisciplinary team assignment with guided individual participation for each student and by the end of the modules, participants will know how to pro-actively deal with some of the most common challenges involved in launching a new business venture. Students will develop skills and insights for evaluating, articulating, refining, and pitching a new product or service, either as a start-up business or a new initiative within an existing firm. These modules are appropriate for all students interested in innovation and design as necessary components of new businesses today.

Students will get a unique chance to understand what it takes and how it works to turn an idea into a real business, a chance to see up close and personal how a variety of different competencies and activities need to be covered for a successful business case.
These modules will not only give students a great career experience but will also help them in their personal growth. Since many digital roles today bridge ICT and entrepreneurship, students will be able to enjoy the best of both worlds. Moreover, they will be able to adopt a problem-solving attitude and realize that team work is what makes modern digital products and services today. We will stimulate teams to envisage new products and services powered by high tech; artificial intelligence, IoT, machine learning and other technologies.

Innovative project 1 – Product / services ideation and planning
At the beginning of the modules students will be divided into teams which work on their innovative new projects. Students will learn how to recognise a social or a business problem that is worth solving in the form of a social or business entrepreneurship enterprise. In particular, they will be shown how to leverage digital technology in order to formulate truly bold and meaningful ideas.

Students will be asked to identify the need to add value and gain creators, as well as pain relievers. The modules will provide them with tools to articulate the vision of their new service/product and the framework within which to develop its strategy. By engaging in the research of their customer segment, they will seek to identify the most appropriate way of employing advanced technological solutions in the process of human interaction. In doing so, the module aims to demonstrate to students how to “humanise” technology and ensure its smooth early adoption. Guided by their mentors and teachers, students will learn how to map the customer journey, to make sure that the functional specification of their innovative service/product “sits right” with the future users. Finally, they will formulate product/service development plan.

Literature

Essential reading:
1. Ries, E. (2011) Lean Startup. 1st edn. New York City: Crown Publishing.

Recommended reading:
1. Trott, P. (2016) Innovation Management and New Product Development. 6th edn. Edinburgh Gate: Pearson.
2. Christensen, C. (2016) The Innovator’s Dilemma. Kindle edn. Boston: Harvard Business Review.
3. Wunkler S, Wattman, J. and Farber, D. (2016) Jobs to be Done. Illustrated edn. Broadway: Amacom.
4. Kim C. (2015) Blue Ocean Strategy. Revised edn. Boston: Harvard Business Review.

Minimal learning outcomes

  • Recommend concept of innovative product / service for target user group using market research.
  • Analyse concept of envisaged product or service as unstructured problem which could be solved with the use of digital technology and model its solution.
  • Explain interaction of functional and non-functional requirements for your future digital solution and propose concrete approaches and solutions.
  • Critically evaluate creative ideas of your team members in order to reach new knowledge of team dynamics and teamwork.
  • Create Product/Service Development Plan and Product/Service Vision and Strategy for your innovative solution.

Preferred learning outcomes

  • Use best practices and approaches in market research and product ideation while recommending concept of innovative product / services for consumer group,
  • Use best practices modelling approaches while analysing concept of envisaged product or service and modelling its solution.
  • Apply best practices and golden standard approaches in order to reach solution while analysing interaction of functional and non-functional requirements for your future digital solution.
  • Apply best practices techniques and approaches to foster team spirit and effectiveness in ideation and creative process.
  • Apply best practices approaches while creating Product/Service Development Plan and Product/Service Vision and Strategy for your innovative solution.
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