Description
On this brief information resolve new venture creation (nvc) is an elective module.
January 2013
New Venture Creation
Aim:
New Venture Creation (NVC) is an elective module aimed at fostering entrepreneurship and entrepreneurial
spirit across the whole university. NVC module is open to MSc students with various academic backgrounds,
experiences and cultures.
NVC is a platform that will inspire MSc students from across the university to take on, cultivate, and apply
entrepreneurial skills and abilities to the creation of new ventures with an opportunity for the best new
ventures to get funded by angel and other potential investors.
Credit: 30 ECTS
Language: English
Field of study: Business and Entrepreneurship
Prerequisites and program level:
? 3
rd
semester (autumn) MSc students from across the university irrespective of their academic
backgrounds, experiences, and cultures
? Eagerness and desire to learn how to start a new venture and what it takes to succeed in such
endeavour
Objectives: The NVC module has the objectives of:
? Providing a hands-on experience on the process of new venture creation
? Developing entrepreneurial skills and abilities in creating, developing and pitching new business ideas
? Providing strategy, marketing, and finance tools to build viable and sustainable business models.
Main topics: During the NVC module the students have the opportunity to develop in the following areas:
1. Opportunity spotting (Identify/create business opportunity; evaluate market potential through user-
driven innovation, customer insight and quantitative data, creative processes and design-thinking)
2. Team work and negotiating (identifying competences and assembling your team; techniques and
methods applied; establishing value chains and strategic partnerships)
3. Business modelling (value creation, value delivery, value capturing)
4. Business planning (strategy, marketing, finance/funding, valuation techniques, analysis of key risk and
scenarios, legal aspects, IP)
5. Reporting, presenting, and pitching (new business idea/business plan to potential investors)
Learning outcomes:
The objective of this module is to help students achieve competences regarding:
? Spotting and creating business opportunities
? Assembling own teams
? Acquiring necessary resources to pursue the identified business opportunity
? Designing a business model to match the identified business opportunity
? Developing a business plan
? Pitching business idea to potential investors
? Negotiating attractive business deals
A student attending this module is anticipated to develop the following subject specific knowledge and skills:
Knowledge-based objectives:
? Assess potential market opportunities
? Understand some of the key drivers that impact upon the successful creation and management of a
new venture
? Know how to acquire the resources required in starting up a new venture
? Appreciate the importance of business planning in new venture creation and growth
Skills based objectives
? Generate new business ideas
? Critically assess a new business idea
? Assess the resources required to pursue an opportunity
? Critically and rigorously evaluate a new business proposal
? Appreciate how to develop a business plan for a new business venture
? Understand the skills and resources needed to create an entrepreneurial organisation
Cognitive skill and non-subject specific skills
? Networking skills
? Team building skills
? Market research skills
? Analytical skills under conditions of uncertainty
? Risk Management skills
? Presentation skills
? Selling skills
Format/structure:
NVC module is based on a mixture of lectures, workshops, seminars, group work and group presentations,
business game simulations, video material, as well as creative and team-based processes, which are facilitated
by staff.
Enrolment: It is expected to attract 20-30 students from across the university
Evaluation: There will be three levels of evaluation:
Level 1. Academic evaluation (70%; evaluation of group business plans and of group business plan
presentations by members of staff)
Level 2. Business evaluation (20%; feedback on group business plans): Pre-springboard 1 to CONNECT Denmark
Level 3. Investor evaluation (10%; feedback on investability): Presenting new ventures and group business plans
to a panel of potential investors.
Organization and staff:
NVC is anchored at the Centre for Research Excellence in Business modelS (CREBS) and will be located
physically in CREBS’ Business Model Lab in Fibigerstræde 11, room 61.
All student teams will have a mentor from CONNECT Denmark on behalf of project type, industry, and
competences in the teams.
NVC will draw on experts from various departments around the university as well as external resources located
at NOVI and visiting professors.
Internal AAU teachers include: Frank Gertsen, Søren Bolvig, Christian Byrge, Søren Smed, Yariv Taran, Morten
Møller, Morten Dahlgaard, Lars Krull, Norman Fraser, Romeo Turcan and Christian Nielsen
Lecture plan:
Theme Aim Delivery Teacher
1. Opportunity spotting Identify/create business opportunity
Evaluate market potential through user-
driven innovation, customer insight and
quantitative data, creative processes
and design-thinking
Here mention how the aim
will be achieved (theme
delivered): Lecture, seminar,
case study, etc
HBS case study
To be
announced
2. Team work and
negotiating
Identify competences and assemble own
team; Negotiate strategic partnerships
Dragons den video
TBA
3. Business modelling Design a business model to create,
deliver and capture the value
Business game simulation
TBA
4. Business planning Develop business strategy, marketing
mix, finance/funding requirements,
Learn valuation techniques, key risk
scenarios, legal aspects, IP
HBS case study
TBA
5. Reporting, presenting,
and pitching
Make a successful presentation
Pitch business idea to potential investors
TBA
6. Semester project Start own venture
Identify/create business opportunity
Assemble own team
Develop business model
Develop business plan
Present/pitch own venture to potential
investors
TBA
Semester project:
For the purpose of the semester project, students will be put in groups on the following criteria:
? 5 students (rationale: optimal size; ensure voting)
? Nationality, education and experience heterogeneity (rationale: at the intersection of fields, disciplines
and cultures existing concepts can be combined into a large number of extraordinary new ideas)
? Behavioural traits via Belbin test (rationale: increase understanding of students’ own talents and
weaknesses and those of other team members; select and develop high-performing teams)
The formed teams will identify/create own business ideas, develop related business models and marketing
plans and submit their ventures for evaluation to the staff (receiving 70% of the mark), to CONNECT Denmark
(receiving 20% of the mark), and to potential investors (receiving 10% of the mark).
Preliminary literature:
Texts on New Venture Creation
Allen, K. (2012). New Venture Creation. South-Western: UK. International edition.
Barringer, B.R. and Ireland, R.D. (2006), Successfully Launching New Ventures, Pearson Prentice Hall.
Rae, D. (2007) Entrepreneurship: From Opportunity to Action, Palgrave.
Timmons, J. and Spinelli, S. (2003), New Venture Creation: Entrepreneurship for the 21st Century. McGraw-
Hill.
Timmons, J., Spinelli, S. & Zacharakis, A. (2004) How to raise capital: techniques and strategies for financing
and valuing your small business. McGraw-Hill.
Wickham, P. (2000), Strategic Entrepreneurship, (2nd edn.), FT Prentice Hall.
Zimmerer, T.W. and Scarborough, N.M. (2005) Essentials of Entrepreneurship and Small Business
Management, Pearson/Prentice Hall.
Articles and readings:
Bhide, A. (1992) Bootstrap Finance: the art of start-ups. Harvard Business Review, November-December.
Bower, J.L. & Clayton M.C. 1995. Disruptive technologies: Catching the wave, Harvard Business Review, Vol. 73,
no.1, pp. 43-53.
Chesbrough, H. 2010 Business model innovation: Opportunities and barriers, Long Range Planning, Vol. 43, pp.
354-363.
Davidsson, P. (2002) What entrepreneurship research can do for business and policy practice. International
Journal of Entrepreneurial Education, 1(1), 5-24.
Hamm, J. (2002) Why entrepreneurs don’t scale. Harvard Business Review, December.
Kim, C. & Mauborgne, R. (2004) Value innovation: The strategic logic of high growth. Harvard Business Review,
July-August.
Kuemmerle, W. (2002) A test for the fainthearted. Harvard Business Review, May.
Kuemmerle, W. (2005) The entrepreneur’s path to global expansion. Sloan Management Review, 46(2), 42-49.
Lam, L. and Harrison-Walker, J. (2003) Toward an objective-based typology of e-business models. Business
Horizons, November-December.
Linton, J. & Walsh, S. (2008) Acceleration and extension of opportunity recognition for nanotechnologies and
other emerging technologies. International Small Business Journal, 26(1), 83–99.
Lovallo, D. and Kahneman, D. (2003) Delusions of success. How optimism undermines executives’ decisions.
Harvard Business Review, July.
Magretta, J. (2002) Why business models matter. Harvard Business Review, May.
Mahadevan, B. (2000) Business models for Internet-based E-commerce: An anatomy. California Management
Review, 42(4), 55-69.
McGrath, R. & MacMillan, I. (2005) MarketBusting: Strategies for Exceptional Business Growth. Harvard
Business Review, March.
Moore, G. (2007) To succeed in the long term, focus on the middle term. Harvard Business Review, July-August.
Morris, L. 2003. Business Model Warfare: The Strategy of Business Breakthroughs, InnovationLabs White Paper,
prepared & published jointly with A-CASA, The University of Pennsylvania
Nielsen, C. & M. Lund (Eds.) 2012. Business Models: Networking, Innovating and Globalizing (1
st
Ed.),
BookBoon.com
Ogilvy, J. & Schwartz, P. (2004) Plotting Your Scenarios. Global Business Network.http://portals.wdi.wur.nl/files/docs/ppme/GBNDocumentDisplayServlet2.pdf
Osterwalder et al. 2009. Business Model Generation
Sahlman, W. (1997) How to write a great business plan. Harvard Business Review, July-August
Schoemaker, P. (1991) When and how to use scenario planning: A heuristic approach with illustration. Journal
of Forecasting, 10(6), 549-564.
Shafer, S., Smith, J. and Linder, J. (2005) The power of business models. Business Horizons, 48, 199-207.
Spenser, A., Kirchhoff, B, and White, C. (2008) Entrepreneurship, Innovation and Wealth Distribution.
International Small Business Journal, 26(1), 9
Spors, K. (2007) Do Start-ups really need Formal Business Plans? Wall Street Journal Jan 10; available athttp://online.wsj.com/article/SB116830373855570835.html
Turcan, R. (2008) Entrepreneur-venture capitalist relationships: mitigating post-investment dyadic tensions.
Venture Capital, 10(3), 281-304.
von Hippel, E. 2005 Democratizing Innovation: The evolving phenomenon of user innovation. Journal für
Betriebswirtschaft, Vol. 55, pp. 63-78
Wasserman, N. (2008) The founder’s dilemma. Harvard Business Review, February.
Wilkinson, L. (1995) How to build scenarios: planning for “long fuse, big bang” problems in an era of
uncertainty.http://ptv-agc.org/RRM-HowToBuildScen1.pdf
Williams, D., Duncan, J. & Ginter, P. (2006) Structuring deals and governance after the IPO: Entrepreneurs and
Venture Capitalists in High Tech Start-Ups. Business Horizons, 49, 303-311.
Zider, B. (1998) How venture capital works. Harvard Business Review, November-December.
Zott, Amit & Massa 2011. The Business Model: Recent Developments and Future Research
doc_223636647.pdf
On this brief information resolve new venture creation (nvc) is an elective module.
January 2013
New Venture Creation
Aim:
New Venture Creation (NVC) is an elective module aimed at fostering entrepreneurship and entrepreneurial
spirit across the whole university. NVC module is open to MSc students with various academic backgrounds,
experiences and cultures.
NVC is a platform that will inspire MSc students from across the university to take on, cultivate, and apply
entrepreneurial skills and abilities to the creation of new ventures with an opportunity for the best new
ventures to get funded by angel and other potential investors.
Credit: 30 ECTS
Language: English
Field of study: Business and Entrepreneurship
Prerequisites and program level:
? 3
rd
semester (autumn) MSc students from across the university irrespective of their academic
backgrounds, experiences, and cultures
? Eagerness and desire to learn how to start a new venture and what it takes to succeed in such
endeavour
Objectives: The NVC module has the objectives of:
? Providing a hands-on experience on the process of new venture creation
? Developing entrepreneurial skills and abilities in creating, developing and pitching new business ideas
? Providing strategy, marketing, and finance tools to build viable and sustainable business models.
Main topics: During the NVC module the students have the opportunity to develop in the following areas:
1. Opportunity spotting (Identify/create business opportunity; evaluate market potential through user-
driven innovation, customer insight and quantitative data, creative processes and design-thinking)
2. Team work and negotiating (identifying competences and assembling your team; techniques and
methods applied; establishing value chains and strategic partnerships)
3. Business modelling (value creation, value delivery, value capturing)
4. Business planning (strategy, marketing, finance/funding, valuation techniques, analysis of key risk and
scenarios, legal aspects, IP)
5. Reporting, presenting, and pitching (new business idea/business plan to potential investors)
Learning outcomes:
The objective of this module is to help students achieve competences regarding:
? Spotting and creating business opportunities
? Assembling own teams
? Acquiring necessary resources to pursue the identified business opportunity
? Designing a business model to match the identified business opportunity
? Developing a business plan
? Pitching business idea to potential investors
? Negotiating attractive business deals
A student attending this module is anticipated to develop the following subject specific knowledge and skills:
Knowledge-based objectives:
? Assess potential market opportunities
? Understand some of the key drivers that impact upon the successful creation and management of a
new venture
? Know how to acquire the resources required in starting up a new venture
? Appreciate the importance of business planning in new venture creation and growth
Skills based objectives
? Generate new business ideas
? Critically assess a new business idea
? Assess the resources required to pursue an opportunity
? Critically and rigorously evaluate a new business proposal
? Appreciate how to develop a business plan for a new business venture
? Understand the skills and resources needed to create an entrepreneurial organisation
Cognitive skill and non-subject specific skills
? Networking skills
? Team building skills
? Market research skills
? Analytical skills under conditions of uncertainty
? Risk Management skills
? Presentation skills
? Selling skills
Format/structure:
NVC module is based on a mixture of lectures, workshops, seminars, group work and group presentations,
business game simulations, video material, as well as creative and team-based processes, which are facilitated
by staff.
Enrolment: It is expected to attract 20-30 students from across the university
Evaluation: There will be three levels of evaluation:
Level 1. Academic evaluation (70%; evaluation of group business plans and of group business plan
presentations by members of staff)
Level 2. Business evaluation (20%; feedback on group business plans): Pre-springboard 1 to CONNECT Denmark
Level 3. Investor evaluation (10%; feedback on investability): Presenting new ventures and group business plans
to a panel of potential investors.
Organization and staff:
NVC is anchored at the Centre for Research Excellence in Business modelS (CREBS) and will be located
physically in CREBS’ Business Model Lab in Fibigerstræde 11, room 61.
All student teams will have a mentor from CONNECT Denmark on behalf of project type, industry, and
competences in the teams.
NVC will draw on experts from various departments around the university as well as external resources located
at NOVI and visiting professors.
Internal AAU teachers include: Frank Gertsen, Søren Bolvig, Christian Byrge, Søren Smed, Yariv Taran, Morten
Møller, Morten Dahlgaard, Lars Krull, Norman Fraser, Romeo Turcan and Christian Nielsen
Lecture plan:
Theme Aim Delivery Teacher
1. Opportunity spotting Identify/create business opportunity
Evaluate market potential through user-
driven innovation, customer insight and
quantitative data, creative processes
and design-thinking
Here mention how the aim
will be achieved (theme
delivered): Lecture, seminar,
case study, etc
HBS case study
To be
announced
2. Team work and
negotiating
Identify competences and assemble own
team; Negotiate strategic partnerships
Dragons den video
TBA
3. Business modelling Design a business model to create,
deliver and capture the value
Business game simulation
TBA
4. Business planning Develop business strategy, marketing
mix, finance/funding requirements,
Learn valuation techniques, key risk
scenarios, legal aspects, IP
HBS case study
TBA
5. Reporting, presenting,
and pitching
Make a successful presentation
Pitch business idea to potential investors
TBA
6. Semester project Start own venture
Identify/create business opportunity
Assemble own team
Develop business model
Develop business plan
Present/pitch own venture to potential
investors
TBA
Semester project:
For the purpose of the semester project, students will be put in groups on the following criteria:
? 5 students (rationale: optimal size; ensure voting)
? Nationality, education and experience heterogeneity (rationale: at the intersection of fields, disciplines
and cultures existing concepts can be combined into a large number of extraordinary new ideas)
? Behavioural traits via Belbin test (rationale: increase understanding of students’ own talents and
weaknesses and those of other team members; select and develop high-performing teams)
The formed teams will identify/create own business ideas, develop related business models and marketing
plans and submit their ventures for evaluation to the staff (receiving 70% of the mark), to CONNECT Denmark
(receiving 20% of the mark), and to potential investors (receiving 10% of the mark).
Preliminary literature:
Texts on New Venture Creation
Allen, K. (2012). New Venture Creation. South-Western: UK. International edition.
Barringer, B.R. and Ireland, R.D. (2006), Successfully Launching New Ventures, Pearson Prentice Hall.
Rae, D. (2007) Entrepreneurship: From Opportunity to Action, Palgrave.
Timmons, J. and Spinelli, S. (2003), New Venture Creation: Entrepreneurship for the 21st Century. McGraw-
Hill.
Timmons, J., Spinelli, S. & Zacharakis, A. (2004) How to raise capital: techniques and strategies for financing
and valuing your small business. McGraw-Hill.
Wickham, P. (2000), Strategic Entrepreneurship, (2nd edn.), FT Prentice Hall.
Zimmerer, T.W. and Scarborough, N.M. (2005) Essentials of Entrepreneurship and Small Business
Management, Pearson/Prentice Hall.
Articles and readings:
Bhide, A. (1992) Bootstrap Finance: the art of start-ups. Harvard Business Review, November-December.
Bower, J.L. & Clayton M.C. 1995. Disruptive technologies: Catching the wave, Harvard Business Review, Vol. 73,
no.1, pp. 43-53.
Chesbrough, H. 2010 Business model innovation: Opportunities and barriers, Long Range Planning, Vol. 43, pp.
354-363.
Davidsson, P. (2002) What entrepreneurship research can do for business and policy practice. International
Journal of Entrepreneurial Education, 1(1), 5-24.
Hamm, J. (2002) Why entrepreneurs don’t scale. Harvard Business Review, December.
Kim, C. & Mauborgne, R. (2004) Value innovation: The strategic logic of high growth. Harvard Business Review,
July-August.
Kuemmerle, W. (2002) A test for the fainthearted. Harvard Business Review, May.
Kuemmerle, W. (2005) The entrepreneur’s path to global expansion. Sloan Management Review, 46(2), 42-49.
Lam, L. and Harrison-Walker, J. (2003) Toward an objective-based typology of e-business models. Business
Horizons, November-December.
Linton, J. & Walsh, S. (2008) Acceleration and extension of opportunity recognition for nanotechnologies and
other emerging technologies. International Small Business Journal, 26(1), 83–99.
Lovallo, D. and Kahneman, D. (2003) Delusions of success. How optimism undermines executives’ decisions.
Harvard Business Review, July.
Magretta, J. (2002) Why business models matter. Harvard Business Review, May.
Mahadevan, B. (2000) Business models for Internet-based E-commerce: An anatomy. California Management
Review, 42(4), 55-69.
McGrath, R. & MacMillan, I. (2005) MarketBusting: Strategies for Exceptional Business Growth. Harvard
Business Review, March.
Moore, G. (2007) To succeed in the long term, focus on the middle term. Harvard Business Review, July-August.
Morris, L. 2003. Business Model Warfare: The Strategy of Business Breakthroughs, InnovationLabs White Paper,
prepared & published jointly with A-CASA, The University of Pennsylvania
Nielsen, C. & M. Lund (Eds.) 2012. Business Models: Networking, Innovating and Globalizing (1
st
Ed.),
BookBoon.com
Ogilvy, J. & Schwartz, P. (2004) Plotting Your Scenarios. Global Business Network.http://portals.wdi.wur.nl/files/docs/ppme/GBNDocumentDisplayServlet2.pdf
Osterwalder et al. 2009. Business Model Generation
Sahlman, W. (1997) How to write a great business plan. Harvard Business Review, July-August
Schoemaker, P. (1991) When and how to use scenario planning: A heuristic approach with illustration. Journal
of Forecasting, 10(6), 549-564.
Shafer, S., Smith, J. and Linder, J. (2005) The power of business models. Business Horizons, 48, 199-207.
Spenser, A., Kirchhoff, B, and White, C. (2008) Entrepreneurship, Innovation and Wealth Distribution.
International Small Business Journal, 26(1), 9
Spors, K. (2007) Do Start-ups really need Formal Business Plans? Wall Street Journal Jan 10; available athttp://online.wsj.com/article/SB116830373855570835.html
Turcan, R. (2008) Entrepreneur-venture capitalist relationships: mitigating post-investment dyadic tensions.
Venture Capital, 10(3), 281-304.
von Hippel, E. 2005 Democratizing Innovation: The evolving phenomenon of user innovation. Journal für
Betriebswirtschaft, Vol. 55, pp. 63-78
Wasserman, N. (2008) The founder’s dilemma. Harvard Business Review, February.
Wilkinson, L. (1995) How to build scenarios: planning for “long fuse, big bang” problems in an era of
uncertainty.http://ptv-agc.org/RRM-HowToBuildScen1.pdf
Williams, D., Duncan, J. & Ginter, P. (2006) Structuring deals and governance after the IPO: Entrepreneurs and
Venture Capitalists in High Tech Start-Ups. Business Horizons, 49, 303-311.
Zider, B. (1998) How venture capital works. Harvard Business Review, November-December.
Zott, Amit & Massa 2011. The Business Model: Recent Developments and Future Research
doc_223636647.pdf