Entrepreneurship - Rapid Prototyping in High-Growth Knowledge Based Ventures

• Course Name: Entrepreneurship – Rapid Prototyping in High-Growth Knowledge Based Ventures, Department of Economics, University of Copenhagen, Summer School 2012 (English)
• Location: University of Copenhagen, CSS Campus. Lectures: CSS 7.0.34 Group study rooms: CSS 7.0.44, 7.0.38, 7.0.32, 7.0.26, 7.0.20
• Chronology: Graduate and post-graduate students only
• ECTS: 7,5 ECTS points (also 7,5 ECTS for students on the 04/05 curriculum)
• Faculty: Course coordinator: Soren P. Hovgaard, soren.p.hovgaard@econ.ku.dk, External Associate Professor, Head of Entrepreneurial Development Unit, Department of Economics, University of Copenhagen. Guest lecturer: Thomas J. Kosnik, Fenwick and West Consulting Professor, Stanford Technology Ventures Program, Stanford University.

In addition to the faculty, students will receive lectures, guidance and training from experts on creating effective teams, presentation skills as well as inspiration and interaction with practitioners. Previous partners for the course comprise; Danfoss Universe/Lego Serious Play, US and Nordic Venture capitalists, Entrepreneurs, Lund University, the Next Generation Project, Foundation for Entrepreneurial Management, London Business School, Kaufman Foundation and Oresund Entrepreneurship Academy.

Academic Aims: In many entrepreneurial processes - in enterprise as well as start up settings - a key task for decision makers is to select among different mutually exclusive options in terms of value generation potential, business model, needs covered and technologies under time, information and resource constraints. Rapid prototyping is often used as an effective means of testing new ideas, to ensure timely and economically efficient feedback, eliminate low value added solutions and to execute on tested assumptions. The aim of the course is to provide students with opportunities to work in small teams using experiential learning techniques and rapid prototyping to experience firsthand the cycle from idea to deliverable within severe time and resource constraints, and thus for students to be better prepared to contribute to innovation processes and entrepreneurial activity.

Course Content: The course is structured in Four Parts covering two weeks of full time work as follows, and an individual oral exam: Part One: Kick off seminar, comprising lectures on innovation, entrepreneurship and rapid prototyping as well as group formation and various group exercises, will provide the students with the appropriate academic framework as well as providing for experiential learning experiences and other group exercises. Part One will set the stage for the innovation challenge, which the students will take on in teams of three to five students each. Duration: Four days. Part Two: The students will work in teams on the practices of identifying value generating ventures, select among alternative solutions through rapid prototyping and develop group findings. Students may draw on assistance and guidance based on a constrained resource-and-supply model. Students will also receive instruction and practice in preparing and executing “elevator pitch” –type presentations. Duration: Five days. Part Three: Each team of students will get a chance to present their results to a panel comprising academics and practitioners. Practitioners will represent financing providers such as venture capitalists as well as experienced entrepreneurs and advisors. Projects will be assessed according to potential for value creation, resource requirements, likelihood of success and risk factors. Duration: One day. Part Four: During Part Four each student will independently produce a two page write up on their experience and insights gained from the course based on the course literature, the kick off in Part One, the group work in Part Two and the pitch presentations in Part Three. Duration: Two Days.

To comply with university requirements, each student will be awarded a pass/fail grade based on the write up in Part Four and upon an individual oral exam. No relative weighting on the exam components will be made available.

Literature: Focus will be literature on innovation and entrepreneurship and teaching methodologies on idea generation, project prioritization and value creation. Required reading: (later editions will be accepted)

1. “What I Wish I Knew When I Was 20: A Crash Course on Making Your Place in the Workd, Tina Seelig, HarperCollins 2009
2. “Getting to Plan B; Breaking Through to a Better Business Model, John Mullins anss Randy Komisar, Harvard Business Press 2009
3. “Good Capitalism, Bad Capitalism” by Baumol et. al., Yale University Press; 1 edition, May 22, 2007, or later editions
4. “Entrepreneurship & Innovation”, Peter F. Drucker, BH 2007

The books by T. Seelig and J. Mullins and R. Komisar address issues related to rapid prototyping and innovation, Drucker and Baumal address public policy implications of fostering innovation and entrepreneurship.

In addition to the required reading, students will receive e-copies of extensive course notes designed exclusively for this course.

Language: English only

Prerequisites: Bachelor degree from accredited institution.

Teaching Methodology: The course will incorporate a mixture of teaching methodologies incorporating lectures, group exercises and group as well as limited individual counseling and guidance. Although most of the work will be performed in groups, students will be graded on an individual basis according to their contributions through the preparation and submission of write ups and upon an individual oral exam. Formal Requirements: Active participation in class and group work as well as the presentation of group projects required. Students will submit a two page exam paper as well as take an individual oral exam as the basis for grading. Examination: Pass/fail based on exam paper and oral exam. No relative weighting on the exam components will be made available. (See formal requirements).