To stay ahead of the game, organisations must confront and engage with 'novelty', either externally in the form of 'entrepreneurship' or internally in the form of 'innovation'. In order to successfully engage with 'novelty', managers require strategic frameworks that guide them through their new venture creation or innovation journeys. They must improve their processes, launch new products and services, move into adjacent markets, and even launch breakthrough new businesses. Thus, the main focus of this module is on understanding of the role and importance of developing new ventures and innovations as an integral part of business strategy.
The importance of this module’s content is reflected in the fact that over 90% of businesses (as well as non-profit organisations) struggle because they fail to implement their plans effectively; either because the 'plans' never come into being implemented or get distorted, or the implementation is more costly and time consuming than anticipated. However laudable the new venture idea or innovation intentions may be, if they do not become a reality, they usually are not worth the paper on which they are written. Conversely, high-performing organisations (including new ventures) excel at planning and execution. This module will provide students with concepts, frameworks, and tools to help them gain that ‘realisation advantage’ while engaging in innovation or venture creation. The module will be of particular interest to those interested in creating new ventures or those interested in managing the invention’s development and commercialisation.