Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.
LEARNING OUTCOMES
At the end of this course, students are expected to have developed theoretical and practical knowledge about entrepreneurship and innovation and to be able to apply those to real cases.
Credits: 3
Schedule: 04.03.2021 - 08.04.2021
Teacher in charge (valid 01.08.2020-31.07.2022): Arne Kroeger
Teacher in charge (applies in this implementation): Arne Kroeger
Contact information for the course (valid 08.02.2021-21.12.2112):
Ass. Prof. Dr. Arne Kröger (arne.kroeger@aalto.fi)
CEFR level (applies in this implementation):
Language of instruction and studies (valid 01.08.2020-31.07.2022):
Teaching language: English
Languages of study attainment: English
CONTENT, ASSESSMENT AND WORKLOAD
Content
Valid 01.08.2020-31.07.2022:
The workload includes time preparing presentations about selected topics, peer-evaluatins, classroom teaching and preparing the exam.
Topics:
- Basics of entrepreneurship
- Creativity, Idea Development & Innovation
- Opportunity recognition & Business Model
- Venture Funding
- Venture Growth
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Applies in this implementation:
Objectives, relevance for practice and lecture topics
At the end of this course, students i) are able to describe and discuss basic entrepreneurship and innovation tools, ii) are able to explain the central entrepreneurship frameworks about opportunity recognition, effectuation and business models and iii) are able to apply those frameworks to a real case.
Launching an enterprise has several advantages, such as being your own boss, realizing your own ideas and experiencing greater autonomy in general. However, entrepreneurship is more than founding an enterprise. It is a particular way of thinking and an approach of solving problems and can, therefore, also be practiced in large corporations (corporate entrepreneurship).
This course investigates the entrepreneurship process in a consecutive order. It starts with the venture idea which emerges from receiving it from someone else (e.g., via open innovation), accidental discovery or the desire to start a business. The theory of effectuation developed by Saras Sarasvathy (2001) offers an approach how wanna-be entrepreneurs can generate a venture idea. Having created a venture idea, entrepreneurs enter into the process of developing a business opportunity (Vogel, 2017). Peter Vogel (2017) provides a comprehensive overview of attempts to conceptualize the development of business opportunities and develops his own framework that ends with the exploitation of business opportunities. A key contributor for the successful exploitation of a business opportunity is a business model. One of the first conceptualizations of the business model construct is provided by Raphael Amit and Christoph Zott (2001). This article can therefore be seen as a key article for understanding the sources of value creation that determine the success of a new venture. Furthermore, entrepreneurs need funding for growing their enterprise.
Assessment Methods and Criteria
Valid 01.08.2020-31.07.2022:
Individual assignments 70%
Team assignments 30%
Applies in this implementation:
Didactic approach and organization
Like the metaphor of the three blind men feeling an elephant, this course combines different lenses on entrepreneurship: i) a scientific, more abstract lens, ii) a lens on entrepreneurship tools that entrepreneurs can use and iii) a lens on the practices of actual enterprises. Aggregating those lenses aims to demonstrate that entrepreneurship is more holistic than a cookbook of recipes.
The course will take place in MyCourses and will be com-plemented by Zoom lectures. It contains individual and group work and individual and group as-signments and will build on a variety of methods: front teaching (Zoom), video self-study, group work (including peer evaluation), development of MC-questions, and audience response system.
Process of the MC-Questions
During the course, each student is asked to read the article Sarasvathy (2001) and to develop and upload three MC-questions (in line with the provided format) in the section “Assignment” section in MyCourses until 11.03. at 23:59 pm.
The upload of MC-Questions is mandatory for passing the course but will not be graded.
The article of Sarasvathy, S. D. (2001) has gained a lot of traction in entrepreneurship research and practice because it suggested a new approach to starting a business. It therefore gave impetus for effectuation research and is the most frequently cited effectuation article in the entrepreneurship literature.
In the lecture on the 18.03.2021, the students will be randomly assigned to a break-out room, discuss and apply the effectuation theory. Furthermore, 5 randomly chosen MC-Questions will be discussed. The final exam will also contain 3 MC-Questions of the total pool of suggested MC-questions.
Video self-study:
The videos for self-study and a corresponding slide deck will be available in MyCourses in the section “Materials” from the first lecture on. Students will have several opportunities to ask questions about the content of the videos. It is highly appreciated if students e-mail their ques-tions to the lecturer two days before the lecture.
Group work (including peer evaluation):
For the group work, all students will have the same submission deadline and are required to read two scientific articles. This task addresses the learning outcomes ii) and iii). The this purpose students need to familiarize with the two central concepts of Entrepreneurship of Venture Opportunity and Business Models. One approach to familiarize with a concept is to read an article and write an essay about it in which of the content of article is transferred to a real case. Another approach is to read an article and an essay and to judge the transfer of the content of article to a real case. The group work will cover both approaches. The group work will follow four consecutive steps.
Step 1: Team formation
Students are asked to form groups of min. 3 and max. 5 students themselves and to indicate their team formation in the Group Choice Module in MyCourses until 08.03. at 23:59 pm.
The groups will perform different tasks (see below for further details). They can connect with each other via MyCourses (General Discussion Module on the course homepage) and work on the tasks online or in face-to-face meetings.
Step 2: Development phase
Each group will be randomly assigned to one of two cohorts: Venture Opportunity or Business Models. Depending on the assigned cohort, the groups are supposed to answer one of the following questions:
Cohort
Article
Task
Venture Opportunity
Vogel, P. 2017. From venture idea to venture opportunity. Entrepreneurship Theory & Practice, 41(6): 943-971.
Please illustrate the “Venture Opportunity Development and Exploitation stage” (as outline in Vogel, ETP 2016) for a freely chosen enterprise in Finland.*
Business Model
Amit, R. & Zott, C. 2001. Value creation in e-business. Strategic Management Journal, 22: 493-520.
Please explain the framework “Sources of value creation” (Amit & Zott, SMJ 2001) for a freely chosen enterprise in Finland.*
Depending on the assigned task, each group will prepare an essay of 1500-2000 words + 5 PPT slides (excl. cover page and references) in which the essay is visualized. Afterwards, each group uploads the essay and the PPT slides – if possible in 1 document – in a PDF format in MyCourses in the section “Assignments” (max. size of the file is 10 MB).
The deadline for uploading the essay and presentation is 22.03. at 23:59 pm.
Step 3: Evaluation phase
After the 22.03. at 23:59 pm, the evaluation round starts. In this round, each essay and presentation of one group from the development round is evaluated by one assigned group of the cohort. The lecturer will send the evaluation excel file and the essay
and presentation of the group that is supposed to evaluate its peers.Afterwards, each group uploads their completed excel file in MyCourses with their group name: "Group Name“, example: “A Group.xlsx” in the section “Assignments” until 29.03. at 23:59 pm.
The submissions and evaluations will be reviewed by the lecturer afterwards and the grades adjusted if necessary to assure fairness and comparability.
Step 4: Presentation
Each group from the development phase will present is essay in the lecture on the 01.04. to its peers.
Final Exam on 08.04.2021 at 9:15-10:15
The final exam of the lecture module will be a one hour open book online exam in MyCourses of 33 MC questions. It can contain questions about everything that has been uploaded in MyCourses.
There will be a Re-Exam on the 21.04.2021.
Workload
Valid 01.08.2020-31.07.2022:
- Classroom hours 14 h
- Preparation of individual assignments 42
- Preparation of group work assignments 24 h
Applies in this implementation:
Assessment of the course
The final grade will be calculated as follows:
Group assignments
Grade achieved in the development round
30%
Individual assignment
Final MC-Exam
70%
Total:
100%
DETAILS
Study Material
Valid 01.08.2020-31.07.2022:
The materials necessary for completing the course will be available on MyCourses. Students can also
use the following textbook to support their learning:Zacharakis, Andrew, William Bygrave, Andrew Corbett, 2016. Entrepreneurship, 4th Edition. Wiley.
For the chapter Creativity, Idea Development and Innovation.Bessant, John R., Tidd, Joe 2015. Innovation and Entrepreneurship, 3th Edition. Wiley.
Applies in this implementation:
Literature
Compulsory literature (uploaded in MyCourses in the section “Materials”)
- Amit, R. & Zott, C. 2001. Value creation in e-business. Strategic Management Journal, 22: 493-520.
- Sarasvathy, S. D. 2001. Causation and Effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26(2): 243-263.
- Vogel, P. 2017. From venture idea to venture opportunity. Entrepreneurship Theory & Practice, 41(6): 943-971.
Titles of relevant journals in the field
- Entrepreneurship Theory & Practice
- Journal of Business Venturing
- Entrepreneurship & Regional Development
- Academy of Management Journal
- Academy of Management Review
Prerequisites
Valid 01.08.2020-31.07.2022:
No prerequisites necessary
Registration for Courses
Valid 01.08.2020-31.07.2022:
Registration via WebOodi ends 7 days before the period starts.
Applies in this implementation:
Navigation in MyCourses
MyCourses is an essential part of this course, and students are required to use it frequently.
Course Homepage:
- Table with submission deadlines
- Group choice module
- Final MC exam will be posted here
- Results of the final MC exam will be posted here
Section Materials:
- Article for MC Questions
- Articles for Group Assignment
- 4 lecture Videos in which the essential knowledge is explained
- Lecture Slides
Assignments:
- Assignment Uploaded MC-Questions
- Assignment “Development Phase”: essays and presentations and assessments
- Assignment “Evaluation Phase”: assessments
SDG: Sustainable Development Goals
8 Decent Work and Economic Growth
9 Industry, Innovation and Infrastructure
12 Responsible Production and Consumption
FURTHER INFORMATION
Further Information
Valid 01.08.2020-31.07.2022:
The maximum number of students admitted to the course is 150. Priority is given to students studying in BSc Electrical Engineering.
Applies in this implementation:
Navigation in MyCourses
MyCourses is an essential part of this course, and students are required to use it frequently.
Course Homepage:
- Table with submission deadlines
- Group choice module
- Final MC exam will be posted here
- Results of the final MC exam will be posted here
Section Materials:
- Article for MC Questions
- Articles for Group Assignment
- 4 lecture Videos in which the essential knowledge is explained
- Lecture Slides
Assignments:
- Assignment Uploaded MC-Questions
- Assignment “Development Phase”: essays and presentations and assessments
- Assignment “Evaluation Phase”: assessments
Details on the schedule
Applies in this implementation:
Lectures, Formats, Content & Submission Deadlines
Lecture date
Format
Content
04.03.
Zoom lecture
(9:15-12:00)
- Practicalities
- Basics of Entrepreneurship
- Creativity, Idea Development &
Innovation
11.03.
MyCourses, self-study, group work
- Watching and understanding the videos
about the essential entrepreneurship and innovation management knowledge - Preparation of intermediate
assignment (group work, assigned cohorts/articles applied to a freely chosen Finish
enterprise or an enterprise from https://blog.thehub.io/blog/15-impact-startups-in-finland-to-keep
-an-eye-on-in-2019/)
18.03.
Zoom lecture
(9:15-11:30)
- Discussion of the effectuation
model in smaller groups - 5 audience response system questions (randomly selected from the pool) + discussion afterwards
- Audience response system questions on the videos
- Opportunity to ask questions about
the videos
25.03.
MyCourses, self-study
- Watching and understanding the
videos about the essential entrepreneurship and innovation management
knowledge
01.04.
Zoom lecture
(9:15-11:30)
- Presentation and feedback of
presentations à max. 20 minutes - Opportunity to ask questions about
the videos and the exam
08.04.
MyCourses
(9:15-10:15)
- MC-Online Exam
21.04.
MyCourses
(9:15-10:15)
- MC-Online Re-Exam
Deadlines
Tasks to Pass the Course (details see below)
08.03. at 23:59 pm
Indicate team formation in Group Choice Module in MyCourses
11.03. at 23:59 pm
Submission of 3 MC-Questions about the article “Sarasvathy, 2001”
22.03. at 23:59 pm
Submission of essays: 1500-2000 words + 5 PPT slides (excl. cover page and references)
29.03. at 23:59 pm
Submission of Evaluations: Review criteria + Grades of the essays and presentations + 3 suggestions for improving the presentation
01.04. at 09:15 am
Presentation of the Essay from the Development Round
08.04. at 09:15 am
Final exam
15.04. at 23:59
Submission of Technology – and Innovationmanagement group work.
- Teacher: Gartner Johannes
- Teacher: Kroeger Arne