Developing Novel Business Models - Q3

Participation Prerequisites

No prerequisites present

Course Content

This course aims to provide students an in-depth understanding of the practical challenges of developing novel business models. During the course, the students will deal with the generation and identification of promising entrepreneurial opportunities as well as the systematic evaluation of business concepts. Furthermore, the course provides content on the lean startup methodology and addresses the required skills to pitch an initial business model. Students will apply and gain experience with practical tools for business model development by executing several assignments. 

Instruction Type

Applied theories and methods

Creativity methods and tools

Business idea pitching and business pitch videos

Evaluation methods and tools

Business Model Canvas method

Lean startup approach

Form of Examination

Group assignments and Individual adjustment based on individual contribution

Literature

Module 1: Fundamentals of Business Models and Introduction to Group Assignments

In this first module, we discuss the fundamentals of business model development and introduce the group assignments. Several case examples will be provided to illustrate the nature and content of the different assignments.

Background reading:

- Teece, D.J. (2010) Business Models, Business Strategy and Innovation. Long Range Planning, 43: 172-194.
- Chesbrough, H. (2010) Business Model Innovation: Opportunities and barriers. Long Range Planning, 43: 354-363.

Module 2: Identifying painpoints and formulating value proposition canvas

In this workshop, students will be challenged to identify and develop a particular customer painpoint. Subsequently, students will start developing a value proposition to address this painpoint.

Background reading:

- Osterwalder, A. and Y. Pigneur. 2010: Subsection on Customer Insight (pp 126-133).

Module 3: Developing the Business Model Canvas, formulating hypotheses and testing by means of minimal viable products

In this module, we discuss the different aspects of the business canvas model and resulting business model patterns. We also look into the lean startup approach and evidence based entrepreneurship.

Background reading:

- Eisenmann, T., Parker, G., and Van Alstyne, M.W. (2006) Strategies for two-sided markets, October 2006.
- Osterwalder, A. and Y. Pigneur. 2010: Section on Canvas (pp 10-51) and section on Patterns (pp 52-121)
- Steve Blank. 2013. Why the Lean Start-Up Changes Everything. Harvard Business Review, May.
- Eisenmann, T. R., Ries, E., & Dillard, S. 2012. Hypothesis-driven entrepreneurship: The lean startup. (Harvard Business School 9-812-095)

Module 4: Pitching and defending your business model

In this module, we provide an overview of best practices in pitching and defending a new business models.

Background reading:

- Osterwalder, A. and Y. Pigneur (2010) Subsection on Sorytelling (pp 170-179

Module 5: Mock Pitch

In this session, each group will individually conduct a pitch of their business model in front of a mock jury. Each group will get extensive feedback to prepare for the final pitch.

Module 6: Pitching Business Model

In this module, all groups will conduct an in-class pitch of their business model in front of a professional jury.