Innovation & Entrepreneurship – From Basics to Open Innovation
This Innovation and Entrepreneurship course focuses on the interconnection between entrepreneurial thinking and innovation. Specifically, we look at models used in Silicon Valley to grow both start-up companies as well as innovation inside large organizations. Bringing together top Haas School of Business, UC Berkeley faculty, this course addresses critical areas for successful growth, including design thinking, open innovation, business models, product-market fit, and financing. This course will teach you how to think like an entrepreneur and provides the models, tools and frameworks to further develop your business or idea. An emphasis will be placed on the IT space.
In this first part, From Basics to Open Innovation, the following areas are included: innovation and entrepreneurship basics; the Silicon Valley entrepreneurship model; the importance of failure; market analysis: how to engage with customers; and open innovation.
-In this first out of two EIT Digital Innovation & Entrepreneurship courses given by UC Berkeley Haas School of Business you will learn the basics regarding Innovation & Entrepreneurship, Market Analysis and Customer Engagement as well as Open Innovation.
What is innovation and entrepreneurship?
-In this module, you will get an overview of the definitions and differences between innovation and entrepreneurship and how the two work in conjunction to create dynamic startups.
-In this module the question Can entrepreneurship be taught? is discussed. You will also learn about the importance and relation between the skillset, toolset and mindset of entrepreneurship.
The importance of faliure
-How can failure be utilized as a resource when creating new ventures? In this module you will learn how to utilize and learn from failure in the development of new business.
-Product-market fit is a fundamental aspect of a successful launch of both startups as well as new products and services within established companies. In this module, you will learn how to analyze markets when searching for potential segments to target.
Engage with customers
-When you have an idea about what markets to target, then the next step is try to verify the basic assumptions though customer interaction. You will in this module learn how to get the most out of such interviews and avoid common pitfalls. At the end of this module, you will have a framework for understanding customer needs, establishing market opportunity and creating a minimum viable product.
Closed vs. open innovation
-Open Innovation, a term coined by Professor Hank Chesbrough, is a frequently used but little understood term. In this module, the history of open innovation and its mechanics in comparison to traditional ‘closed’ innovation is explained.
The changing landscape
-When comparing open and closed innovation we also need to take the general development into account. Businesses and organizations today work under quite different conditions compared to 25 years ago. You will in this module learn what these changes are and how open innovation matches the changing needs.
Open innovation at work
-Implementing open Innovation demands more than a shift in culture and may be a major challenge for any organization. You will in this module learn from cases and gain an understanding of the benefits of open innovation and work with a framework for its application.
-We have now come to the final small module, in essence comprising the exam. Well done and good luck with the exam.