Innovation & Entrepreneurial Mindset

As the foundation course in Entrepreneurship, this course covers: idea generation, opportunities screening, and, entrepreneurial characteristics. This course outlines a critical evaluation process used by successful entrepreneurs to prioritize new venture ideas. The focus of this course is on the technical and market evaluation of very early-stage ideas when information is greatly lacking, and the time and money to research such answers is also limited. Students, in group format, generate and filter their own ideas and evaluate them based upon technical merit, business challenges, and early market indicators. Teams present their idea-filtering rationale to a panel for review and feedback. Behind this evaluation process, the class review reference material on the subject and several accomplished entrepreneurs will share their personal experiences. While the nomenclature align most directly to high-technology for-profit start-up companies, parallels to low-tech- no-tech, intra-preneurship, non-profits, and social entrepreneurship will be discussed.

The focus of ENT 423 is learning how to prepare an effective business plan that will communicate the inherent value of the concept. Among the critical issues that will be addressed are: competitive conditions and industry trends, sustainable competitive advantages, management team, marketing plan, financial plan, exit possibilities, franchising, legal entities. The approach used is appropriate for start-ups and for corporate venturing. It is also suitable for both profit and for not-for-profit organizations. Also included is a social entrepreneurship module. At the same time plans are prepared, other entrepreneurial issues are studied, such as assembly resources, launching and building new ventures and harvesting results. Lectures, cases and guest speakers are utilized. The speakers will address a range of new venture topics from the development of management teams, marketing, finance,venture capitalists and legal issues. The completion of a business plan for a pro- posed new venture is required.

This course provides an opportunity to examine the management practices associated with technical innovation and new business development. The analysis of entrepreneurship is evaluated primarily from the perspective of a start-up venture that requires equity capital investment. Management issues discussed include organizational development, analysis of market opportunities, market engagement, financial planning and control, capitalization, sources of funds, the due-diligence process, and valuing the venture. An important reason for taking this course is to learn how to develop a business plan. Therefore, a significant component of a student’s final grade will be based on this. In too many instances, a new venture does not become a viable entity because either there is no plan, or if there is, it is poorly conceived. Furthermore, a good plan is an effective communications tool for the investment community. An additional benefit is learning to work in multidisciplinary teams.

Teams of three to four students collaborate in the preparation of a business plan. The course includes time for students to share business ideas and identify possible team members. In general, each team includes two students and two science/technology graduate students. Other team configurations are possible with instructor approval. Each team’s business plan will receive a grade and that grade will apply to each individual on the team. Each team has a coach who is an experienced business person. The coach is available to provide feedback to the team. This course is cross listed as OPT 481 and is taught by a faculty member at Simon and who is from Engineering.

This course surveys the law of contracts, agency, and business associations—with the objective of developing familiarity with selected laws, regulations, legal principles, and legal processes that govern (a) efficient exchange, generally; and (b) how and in what ways managers and entrepreneurs organize and interact to facilitate exchange. Although emphasis will be on United States law, there will be selected reference throughout the course to issues related to international transactions and to pertinent differences in legal systems of countries outside the United States. The course has a distinct transactional focus, with heavy reliance upon contemporary cases, commercial practices, and issues. Particular attention will be given to the impact of the legal framework upon sound managerial decision making, business risk management, commercial rights and responsibilities,and ultimately business valuation.

With the loss of vital economic drivers, Rochester is a prime example of an urban environment experiencing infrastructure distress and stagnation with a marked decrease of quality of life for its
inhabitants. Like any urban environment, promoting a virtuous cycle of economic growth is vital for the recovery of Rochester. Social entrepreneurs play a critical role by engaging business tactics and an understanding of market-efficient forces that deliver savvy and creative solutions to address core urban issues, such as reducing poverty (through job creation and other means), increasing access to capital (community banking and microfinance), promoting business growth (incubators, accelerators and the role of the university), residential and retail development, effectively delivering public health services, education for its populace and future work force (i.e. Khan Academy and charter schools) and ensuring a safe and healthy environment. By encouraging new entity formation and re-engineering existing organizations, these challenges create opportunities for the social entrepreneur. Understanding the fundamental pieces of the urban puzzle is essential for an urban social entrepreneur to come up with effective and relevant solutions.

This course provides an introduction to financial theories and tools an entrepreneur needs to start, build, and harvest a successful venture. Lectures and case studies cover financial planning, business valuation (including the venture capital and the real option approach), financing, venture capital funds, compensation structures, and exit strategies.

Prerequisites: FIN 402

This course provides an introduction to, and an overview of, real estate as a capital asset and as a major component of our financial markets. The course will focus on the basic economics of real estate markets, market analysis, and real estate finance. Concepts used in the real estate industry will be covered throughout the course. The course will specifically consider market analysis, valuation, capital structure, and risk analyses for income-producing (commercial) properties. The securitization of both commercial and residential properties has been a critical factor in our current economy, and the structure of real estate securities and investment vehicles such as real estate investment trusts will be studied. The course also introduces real estate development and current trends in the market.

The course is subtitled “Bargaining for Value” because the notion of “bargaining” implies interaction and communication among self-interested players of diverse backgrounds and styles. “Bargaining for value” implies that the quantum of value extracted in a deal may vary within a range of potential values. “Negotiation” is a commonly-accepted term that captures the essence of these processes in a competitive or cooperative environment. This course surveys the theoretical and behavioral underpinnings of negotiation practices and develops skills that enhance the ability to capture value in cooperative and competitive bargaining scenarios.

Same as GBA 435

This course will focus on the creation of value through deal architecture—that is, transaction design and implementation. The goals of the course are to survey how private parties order significant commercial interactions and to understand the theoretical underpinnings of how they might maximize value in these interactions. In this sense, the course develops a heightened awareness and sophistication with commercial transacting, as well as a set of general skills that enhance the ability to create and preserve value in these circumstances.

Innovation is central to most modern businesses. This course introduces frameworks to analyze and develop strategies for innovative firms: What determines the profitability of a technological innovation? Which risks are more worth taking? How do firms transform innovation into a competitive advantage? When should incumbents buy an innovative entrant? How does internal firm structure adapt to innovation? The course is designed for students anticipating taking product or development management positions in innovative firms, new-technology analyst positions in investment firms, or management consultant or strategy positions for such firms. Throughout the quarter, we will develop concepts and frameworks grounded in economic and business strategy principles to address these and related questions. By the end of the quarter, you will
be able to identify and discuss:
· The form and function of good innovation strategy
· The “Technological S-curve” and the emergence of dominant design
· Disruptive and Sustaining innovation
· Business eco-systems and the role of enabling technologies
· Strategy for Data Products
· Commercialization strategies for innovation: collaboration, licensing, patenting and entrepreneurship
· Acquiring and integrating innovative firms
· Open vs. Closed innovation
· Outsourcing and crowdsourcing innovation

Creativity is our only unlimited resource. Time, money, and physical resources are restricted and limited, but creativity is not. As a leader, it then follows that the creativity of the people you serve is the only unlimited resource that a company has, and it is the leader’s responsibility to maximize it. This course teaches leaders how to tap into creativity, through the purposeful development of culture as it occurs in the language, context, experience, and mindsets of the people you lead. The goal is to maximize the innovation that occurs on your teams because of your leadership. The focus of this course is on developing an understanding of the language of leadership, the integration of different forms of empathy into leadership practices, and the criticality of crisp language constructs for building the shared context which enhances innovation. We will study the leadership behaviors that lead to innovation and those that impede it. We will leverage the sciences of human intrinsic motivation, social intelligence, group motivation, business leadership and culture building. The intention is to develop capacities that will help students understand and deploy leadership behaviors that will help the teams and companies that they lead be more resilient and adaptable in the face of complexity, uncertainty, volatility, and incessant technological change.

This course examines the issues involved in the planning, justification, and development of new products. We will fold in best practices from organizations like Pragmatic Marketing and Strategyzer (Business Model Canvas/ Value Proposition Design), along with the standard go-to processes and approaches followed in the business world today. The course explores the fundamentals of understanding market and customer needs to ensure products are developed based on market reality. We study the processes associated with the ideation, iteration and development of value propositions and explore how these value propositions must fit into a broader business model to find true success. Leading from this, we study new product development(NPD) processes, and explore the impact of disruptive innovation on crafting new solutions. We conclude with the exploration of the unique leadership skills required in a new product role. Select cases will be analyzed and discussed to embellish critical learnings. A term long project will have teams develop a value proposition and its associated business model.

Prerequisites: MKT 402 and GBA 412 or GBA 462