New Venture Creation

COURSE OBJECTIVE
In this course students create a business plan for a start-up venture based on knowledge provided in the previous courses of the Entrepreneurship minor (bridging theory and practice).

The student will first learn to systematically identify and evaluate entrepreneurial opportunities. A business opportunity is developed using the business model canvas. The student is able to use brainstorming and creativity in the process. The student teams will test the business idea by collecting and analysing data to support the idea in the business plan and validate a possible investment in the business (quantitative skills). As part of the validation of the idea the concepts of sustainability, valorisation and technology will be used to categorise and demonstrate the economic feasibility of the idea. The course results in a business plan critical for successfully introducing a knowledge-driven innovation to the market.

The student cooperates with others in a team and presents and defends the business idea. Interviews and discussions with stakeholders of the business like investors, possible customers and partners gives insight in the context and validity of the idea. (social skills). The student will present the business plan to a panel of experts and entrepreneurs and learn to judge and evaluate different business plans (bridging theory and practice). Reflection on the process of developing a plan at the end of the course will result in feedback on what the student learned, what choices he/she made and how he/she was learning in the group (self awareness).

The course will challenge the student to use the skills and knowledge from previous courses and experiences. The course expects the students to interact with professionals from the community of entrepreneurs and business developers and society at large.

COURSE CONTENT
What is a startup and what does the entrepreneur do and what characterizes good, structured and effective business development?

In this course studeents work to create a business plan to validate a business idea in an iterative process. During this process business- and entrepreneurial theories are used in a context specific application.

In order to invest in a plan (this investment can be time, energy, knowledge, network and money) an entrepreneur needs to constantly learn and reflect and put this experience in his business and his business plan. A start-up will iterate, get feedback and change course during its development. These iterations are part of the course where feedback from professionals and coaches are integrated.

Business model version 4.0 is presented by Prof Enno Masurel and used to create a valid strategy to connect the needs of the customer with the value proposition and the required resources. Also the aspects of competition and sustainability are researched and connected to the overall aim of the business. Students will use valorization of new technology and academic knowledge to bridge the gap between research and practice. In the course students are challenged to think of alternative forms of financing such as crowd funding, subsidies and business angels to finance the business.

As the investors expect the business to create a return on investment the students will generate market knowledge about the customer needs, the product market fit and the growth potential. To make the business plan ready for evaluation by investors and stakeholders Investment analysis is an essential part of the business plan development.

The students will present to a panel of experts, entrepreneurs and investors. They will give feedback with a market perspective and based on their experience.

TEACHING METHODS
Lectures and tutorials.

TYPE OF ASSESSMENT
individual and group assessment

RECOMMENDED BACKGROUND KNOWLEDGE
Basics of business administration or economics.