Learn how to build an innovative business model using the most effective tools, including forecasting, prototyping, financial modeling and customer discovery. Business models are regarded as a form of innovation and not merely just a vehicle for commercialization. In this course, students will learn about multiple business model innovation avenues and metrics for assessing on-going market fit and sustainability.
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This course introduces an evidence-based approach to innovation management with the aim of providing students with the capability to understand the strategic value of information and the tools and techniques that can be used to analyze and use that information to improve decision-making. Tools include: customer discovery, prototyping, financial modeling, business plans and forecasts.
Students will learn how to apply the most effective tools in developing sustainable business models by exploiting viable, validated opportunities in rapidly changing environments where traditional strategic management approaches are less effective.
This course is part oh the Corporate Innovation MicroMasters program.
What you'll learn
- How design techniques can help businesses to develop market relevant ideas,
- How to use financial decision-making techniques to improve innovation outcomes,
- Adapt and apply strategic and operational management frameworks and tools necessary for innovation leadership,
- Overview of planning and problem solving methods,
- Relationship between and use of business models and business plans.
Syllabus
Week 1: Why do innovations fail?
Analyze the factors that lead to the failure of innovation
Week 2: Business models and innovation
Explain and apply the role of the business model in capturing value from innovation
Week 3: Value chains and Industry Networks
Introduce value chains and their use for innovation including within industry networks and multi-business projects
Week 4: Designing and testing innovation options
Identify how design thinking can help innovation, including technologies that can be used during the designing and testing of innovation concepts
Week 5: Managing for now and the future
Describe how portfolio approaches can be used to scale up innovation
Week 6: Introduction to valuing innovation
Introduce valuation, discounted and dynamic cash flow modeling and the relationship between financial tools and innovation
Week 7: Managing implementation projects
Outline project management tools for use in innovation projects including stage gate, network and knowledge management
Week 8: Structured problem solving for planning
Demonstrate competence in adapting and applying the strategic and operational managerial frameworks and tools necessary for innovation
Week 9: Business plans
Identify the value of innovation business plans
Week 10: Managing uncertainty and risk in innovation
Explain how organizations respond to shifting workplace dynamics, customer expectations or technological advances
