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The purpose of this subject is to examine the topics of Managing Innovation and Entrepreneurship in the context of large and small organisations. Innovation is ultimately the lifeblood of organisations, in that it is concerned with the capability to effectively introduce new products and services, new or substantively improved processes or other major initiatives into existing and new organisations. Topics include innovation capability, new product/process technology introduction, and innovation culture and innovation measures The subject addresses the process of innovation exploitation and exploration and the role ambidextrous organisational designs and dynamic organisational capabilities play in this process. The subject will examine the emerging importance of open innovation in the co-evolution of market and customer value and the use of crowd and expert sourcing in this process. Key elements addressed that are part of successful innovation companies are vision and strategy innovation, creativity and idea management, culture and climate, management of technology, organisational structures, intelligence and systems. Firms that have successfully and systematically created such capabilities will be used as case studies. The subject also examines the definition of an entrepreneur as an innovator who recognises and seizes opportunities; converts those opportunities into workable/marketable ideas; adds value through effort, money and skills; assumes the risk of the competitive marketplace to implement these ideas; and realises the rewards from these efforts.
Intended learning outcomes
On successful completion of this subject students should be able to:
- Explain the range, scope and complexity of the issues and problems related to the strategic management of technology, innovation and entrepreneurship;
- Analyse the conceptual framework for assessing and auditing the innovative capabilities of a business organisation;
- Describe the skills necessary to an effective entrepreneur throughout the innovation process from idea to market;
- Explain the theories and models of managing innovation and entrepreneurship;
- Apply major innovation theories and models of organisational problems to the analysis of case studies;
- Analyse the impact of effective management of innovation and entrepreneurship on organisational performance;
- Critically evaluate core principles of innovation management and comment on their implications;
- Explain the innovation cycle, from conceptualisation to commercialisation, and how it can be accelerated.
On successful completion of this subject, students should have improved the following generic skills:
- High level of development: Problem solving and critical thinking, which should be fostered in the tutorial program where students will apply theoretical material to actual case studies;
- High level of development: Collaborative learning and team participation, which should be fostered through the tutorial program;
- Evaluation and analysis of data and theoretical information;
- Accessing data and other research information from a range of sources, including electronic and written forms; and
- Moderate level of development of oral and written communication skills.
Last updated: 3 November 2022