Developing Novel Business Models - Q3

Participation Prerequisites

IMPORTANT NOTE FOR EXCHANGE STUDENTS:

This is not a basics entrepreneurship course. Students need already to have accomplished a basic entrepreneurship course during their studies. 

Exchange students cannot combine this course with the Entrepreneurship course 

Exchange students will need a ChatGPT Plus account when participating in this course

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

Literature

Module 1: Introduction to Group Assignments + Workshop on painpoint and value proposition exploration

In this first module, we discuss the set up of the assignments. In addition, we will introduce several tools to ideate on painpoint and value proposition.

Obligatory material

Video on prompting basics for entrepreneurship:

https://youtu.be/JlGNWctwjIQ

Video on creating creative value propositions with chatgpt:

https://www.youtube.com/watch?v=wSseut1MG7Q

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: Workshop on business model canvas

In this module, students will receive input to develop the essential parts of the business model canvas.

Obligatory material

Video on building business model canvas with generative ai:

https://youtu.be/bHvFFgz31Xg

Video on competitor research with generative ai:

https://youtu.be/ti6LyCZG1Zc

Video on startup research with generative ai:

https://youtu.be/f8KmhoXCnlk

Background reading:

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

Module 3: Conducting experiments

In this module, we discuss the formulation and testing of hypotheses.

Obligatory material

Video on synthetic A/B experiments:

https://youtu.be/Z-GOd_7XOG4

Video on exploring willingness to pay:

https://youtu.be/_YBljPeaK14?si=R6-kPN_exQi1dcUt

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: Online speed dating  

In this module, the students will present their current business model ideas to mentors in an online speed dating session.

Obligatory material

Video on how to pitch with generative AI:

https://youtu.be/HflZEgtyV2k

Background reading:

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

Module 5: Mock Pitch

In this session, each group will individually conduct a mock pitch of their business model. 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.