Innovation & Entrepreneurship
Faculty: Dr.Mohemmad Naseef
mohemmad.naseef@nmims.edu
Dear Students,
Greetings.
We have completed the first leg of the entrepreneurship and innovation course in Trimester 5.
In the first few sessions, we discussed the fundamental aspects of innovation. We explored critical
questions like
What is innovation, and why does it matter?
Why is innovation important for entrepreneurial success?
How innovation facilitate value creation- both commercial and social.
What are the dimensions of innovation (product/process/position/paradigm)?
How to manage innovation in a globalised world?
How to develop capabilities for innovation?
What are the sources of innovations?
The process model for entrepreneurship and innovation.
How different types of network can contribute to the process of innovation?
How to achieve competitive advantage through innovation?
How to create innovation strategies for the organisation?
Why do many innovations fail?
As a part of the ICA evaluation, the first assignment was on the innovation pursuits of large
multinational companies.
Assignment 1
Each student is assigned with a Fortune 500 company and is expected to prepare a small write-up on
how that company is innovating.
The importance the focal company gives to innovation- (R&D investment, Vision & Mission).
What kind of innovation is the company pursuing in different areas (Product/Process etc.)
How the company culture helps to nurture innovation in that organisation.
The second assignment was to prepare a poster on failed innovations.
Assignment 2
It is a group assignment. Each group is expected to prepare a poster about a failed (innovative)
business idea. Each presentation should contain all the relevant and rational information on the
failure of an innovative business idea.
The failed idea.
Reason for the failure.
Your comments on that idea in terms of desirability, feasibility and viability.
Minimum two pages
In the next stage of our course, we discussed business models, idea generation and validation.
We covered fundamental topics like:
How to identify business opportunities
Problem recognition (customer pain points) and Idea generation.
Developing new products and services.
Minimum Viable Product (MVP)- Proof of concept
Validating business ideas.
Business Models.
Value Proposition Design.
Product-Market Fit.
Go-to-market strategy.
We also discussed how to use Business Model Canvas and Value Proposition Canvas to structure our
business idea.
The first group project was about business idea generation.
Project-1
Idea Generation and Validation: Each team should come up with a business idea.
What are the problem/ customer pain points that you are trying to address?
How will you address the identified problem/ customer pain points?
Why do you think your idea has the potential for a viable business proposition?
We have completed the group presentations, and each team has received feedback from the faculty
and peers about their business idea. In the final leg of the course, each group is expected to take their
business idea forward and develop a comprehensive business plan. You are expected to incorporate
the suggestions given by the faculty in your final presentation.
As we have completed the first ten sessions of the course in Trimester 5 and decided to restart the
course in Trimester 6, I hope you got enough time to work on your comprehensive business plan. In
the final presentation, the teams should be ready to defend their business plan in terms of desirability,
feasibility and viability.
I am not suggesting a particular template for Business plan preparation. You are expected to ensure
that all the fundamental aspects discussed in the class are covered in detail. For that purpose, you can
use the various online resources I suggested in the class.
The following template is indicative of what a typical business plan consists of. You can add (remove)
relevant components to (from) it.
Project-2
Comprehensive Business plan.
Executive Summary
Problem statement
Business Model Canvas:
o Desirability
o Feasibility
o Viability
Value Proposition Canvas- Job to be done
Product Market fit
Go to market strategy
Company Description
o Company Name
o Strategic Goals: Vision and Mission
o Legal Form
o Location
o Management Team & Organization
Organization Chart
Responsibilities and Competencies of the management team
Number of employees
Products and Services
o Product Catalogue
o Product Descriptions and technical specifications
o Advertising and Promotion tools
o Pricing
o Competitive Advantage
o Unique Selling Proposition
o Regulation and Industrial Standards.
o Quality
Market and Competition
o Market size and social trends
o Total Available Market (TAM), Serviceable Available Market (SAM) and Serviceable
Obtainable Market (SOM)
o Positioning.
o Customers and patterns of demand
o Competitor mapping
No competition?- Why has it not been done yet?-be careful, an idea
without a competitor may mean there's not enough traction.
Goals and strategies of individual competitors.
Comparative advantages and disadvantages of your company in
comparison with the main competitors.
o Marketing tools and costs
o Structure of the marketing and sales department
o Customer Acquisition Strategies
o Key Marketing Metrics- what milestones to hit to make this company a success
18 months, 24months (#of customers, downloads, companies to work with)
Development and Production
o Product Development Process/ Strategies/Framework.
o Production locations.
o Key Matrices
Procurement and Logistics
o Information about subcontractors/ Key Partners.
Finance
o Financial planning, forecast with all respective assumptions.
o Revenue stream- core/ancillary
o Required investment and timeline
o Credit lines
o Loan agreements
o Key Performance Indicators
This website will be helpful if you are looking for standard templates for start-up pitch decks.
From the next session onwards, we will start our final presentations. Each group will be allotted 15
minutes for the presentation.
No request for postponing the presentation will be entertained as we have time constraints.
References
https://www.startups.com/library/expert-advice/components-of-a-business-plan
Business Plan Writing 101- Wharton Entrepreneurship Series
https://www.youtube.com/watch?v=zlrb_X6fYZ0
Harvard i-Lab start-up secret
https://www.youtube.com/watch?v=K0Eu6cL0BR8
Business Model Canvas- Explained
https://www.youtube.com/watch?v=QoAOzMTLP5s
Value Proposition Canvas- Explained
https://www.youtube.com/watch?v=aN36EcTE54Q
Validating the business idea: The lean startup by Eric Ries
https://www.youtube.com/watch?v=QaoVWtLX038
Business Model Guide- Y Combinator
https://www.ycombinator.com/library/Gh-business-model-guide
Go-to-Marketing Strategies for Startups [HubSpot]
https://www.youtube.com/watch?v=np45tpDBTN4
