Theory of innovation, entrepreneurship and strategy (Solvay Chair of Innovation)

Innovation and entrepreneurial mindset have historically been a key success factor for global economic progress and renewal. Success stories in both small and large firms are frequently acclaimed in main newspapers and business magazines. This course consists of three major tracks following specific learning objectives:

1° On Strategy

• Clarify what the concept of strategy is about
• Introduce the key concepts and theories of strategy, with focus on industry analysis, company analysis, business definition & corporate strategy
• Illustrate key concepts & theories through interactive case studies

2° On innovation and circular economy:

• Understanding technological progress and the socio-economic barriers to change.
• The role policy making in general and of science and technology policies in particular.
• Sustainable innovation with a focus on circular economy and circular business models.
• Formulate an appropriation strategy, use patent search tools and perform an IP valuation exercise.

3° Although there are multiple definitions of entrepreneurship, there is a consensus about a set of key ideas helping to define the scope in the field of entrepreneurship that will be discussed during the course:

• Entrepreneurship is about identifying, assessing, and exploiting new opportunities. 
• Entrepreneurship is about starting with limited - sometimes no - resources at hand.
• Entrepreneurship requires dealing with very uncertain situations, and limited access to relevant quantitative data about future markets and trends.
• Typical entrepreneurial context is when people do things that are new to the market (innovation) and/or new to them (first time).

This course is part of the Sustainable Development initiative of the Solvay Brussels School of Economics and Management, and more particularly the “circular economy” track.

At the end of the course, students will be able to:

• Understand why strategy, innovation, entrepreneurship and sustainable development matter for individuals, firms, governments and society in general;
• Understand key concepts related to strategy, including business definition, value chain analysis, SWOT analysis, 5 forces of porter analysis and apply theoretical concepts to case studies
• Master new tools and techniques that are part of the ‘entrepreneurial toolbox’;
• Perform a technology profile based on patent data; run an IP valuation simulation;
• Identify the main issues associated with the launch of a new venture, and be able to deal with them;
• Design the business model of a new sustainable venture (i.e. matching two of the 17 United Nations Sustainable Development Goals) and assess its key assumptions based on facts and evidences from the field;
• Master the financial dynamic of the venture and translate it into a financial plan and funding strategy.

Required and corequired courses

The course combines multiple teaching methods:

4.1. The body of knowledge of the three tracks of class sessions.  They will be complemented on UV with series of papers, videos, and slide decks.  More than half the material comes from recent research output (academic publications) and best practices from practitioners.

4.2. To practice the tools, techniques, and framework introduced above, students will have to build their own sustainable start-up project and will be regularly coached during its development.  During this group assignment, students will have to spot, develop, and assess one opportunity of sustainable new business. It serves as final assignment for the course.

The opportunity can be about any kind of new venture (for-profit, social, non-profit…), in any industry (incl. services, hi-tech or low tech), anywhere in the world as long as it fits with at least 2 of the 17 UN sustainable development goals. The project should be realistic, but you may end up with a ‘no go’ conclusion.

The development process of the project will be monitored by a team of faculty members who will organize regular coaching sessions and track the development of the project.  Guidelines will be posted on UV.

The class will be divided into 24 groups of 6 students based on a random allocation of self-formed subgroups of 3 students. A detailed process and specific guidelines for this assignment will be posted on UV.

4.3. Student will also deliver an IP valuation assignment. It focuses on the valuation of intellectual property rights (IP). Per groups (same as for the sustainable startup project), students will be tasked with applying the methodology discussed in class to evaluate a specific IP asset they can choose. Guidelines will be posted on UV.

Contacts

Faculty:

• Francois Faelli

E. francois.faelli@ulb.be

• Bruno Van Pottelsberghe

E. bruno.vanpottelsberghe@ulb.be

• Olivier Witmeur

E. olivier.witmeur@ulb.be

Teaching assistants:

For the innovation part:

• Clement Soens

E. Clement.Soens@ulb.be

For the individual coaching of the groups:

• Maximilien Loiseau

E. maximilien.loiseau@gmail.com

• Sam Wattenbergh

E. sam.wattenbergh@ulb.be

Campus

Solbosch

Method(s) of evaluation

• written examination
• Group work
• Other

written examination

Group work

Other

The evaluation will be based on:

• 50% based on one individual written exam covering the content described at section 4.1..
  • 40% for Strategy (Organized in Term 1)
  • 40% for Innovation  (Organized in Term 2)
  • 20% for Entrepreneurship (Organized in Term 2)
• 50% based on the quality of a group assignment and the preparation and implication during coaching sessions (group grade except in case of free riding). See 4.2

(No more IP valuation exercise, can be in the exam and coaching grade, can be included the assignment grade).
 

Detailed guidelines will be regularly provided on UV.

Written exams includes:

• open questions (short in Entrepreneurship and long in Strategy and Innovation)
• multiple-choice questions

Resit:

If the final course grade (i.e. all components taken into account) is below 10, students have the possibility (1°) to improve the Sustainable project assignment, alone or in (sub)group if the project grade is below 10/20 and/or (2°) to retake an oral version of the exam on the course content in Strategy, Innovation and Entrepreneurship (if the individual exam grade is below 10/20).

Language(s) of evaluation

• english