Creating Innovative Business Models

Course 2 of 4:Professional Certificate in Innovation and Entrepreneurship 4 Weeks 2 - 3 Hours per week recommended
3822

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About this course

This course was created to guide aspiring and active startup entrepreneurs and corporate innovators that feel…

  • Overwhelmed by the tasks of creating a new venture
  • Frustrated with finding the right team at the right time
  • Disappointed by the widespread failure of bringing good ideas to market

It’s common to desire…

  • Innovative approaches and tools to help create a startup company or corporate venture
  • Intelligence on what customers really want, and are willing to pay for
  • Insights on the big picture of crafting a startup company, and how the puzzle pieces fit together

This course will help you to…

  • Understand the theory and practice of value creation
  • Determine how to build the right team for your startup company or corporate venture
  • Avoid wasting time with startup ideas with limited commercial potential
  • Raise the right financial capital at the right time for the right purpose By the end of this course, you will be positioned to…
  • Effectively design value propositions that directly align with your target customers’ interests
  • Assemble and lead an well-comprised team to produce results that create value for your customers
  • Pursue big ideas that really matter to customers
  • Craft a financial model that minimizes risks and maximizing your success

What you’ll learn

The course provides an innovative model to create the value proposition, team strategy, market strategy, and financial strategy to:

  • Effectively design value propositions that directly align with your target customers’ interests;
  • Assemble and lead an well-comprised team to produce results that create value for your customers;
  • Pursue big ideas that really matter to customers; and
  • Craft a financial model that minimizes risks and maximizing your success.

With these skills, you will be equipped to lead customer discovery and customer validation, understand business strategy and customer segmentation, create innovative products, enter new markets, design revenue models with predictable revenue stream, and achieve a sustainable competitive advantage.

Syllabus

Module 1: Value Proposition

A value proposition describes the benefits customers can expect from your product or service. You must understand and validate the set of customer needs and wants before launching the venture. Before assuming that these needs and wants are true, it’s important to validate that they do indeed exist. To understand value propositions, we’ll examine how to define the problem, understand competition, and achieve product-market fit.

Module 2: Team Strategy

Building your startup team is one of the most important activities that you will engage in as a startup entrepreneur or corporate innovator. We’ll discuss how to identify and engage the founding team.

Advisers can also assist in reaching your goals quicker, and achieving more sooner. We’ll discuss how to establish adviser relationship, and how to leverage their skills and relationships.

Beyond founders and advisers, partners are often a fundamental element of the team equation. We will explore how to establish and manage partnerships. We’ll also discuss how outsourcing can improve your success.

Module 3: Market Strategy

Marketing may be basically defined as “putting the right product in the right place, at the right price, at the right time”. While simple in concept, significant research, analysis, and planning is required to develop and implement the strategy.

In this segment, we will introduce the Four Ps (product, price, placement, and promotion), the history and purpose of the marketing mix concept and terminology, key features of the marketing mix, and how to develop the marketing mix.

Module 4: Financial Strategy

In the final segment of the course, we’ll explore the financial strategy with attention to the revenue model, cost model, sales model, and funding model. We will discuss developing your revenue model, types of revenue streams, ways to generate revenue streams, selling strategies, and the pros and cons of various funding mechanisms.

Meet your instructor

James Green

Dr. James V. Green leads the education activities of the Maryland Technology Enterprise Institute as the Director of Entrepreneurship Education. He is responsible for designing and teaching undergraduate and graduate courses in entrepreneurship and technology commercialization, leading seed funding programs, and managing residential entrepreneurship programs for students. He directs the Master of Professional Studies in Technology Entrepreneurship, an innovative online degree program enrolling students worldwide. In 2011, he earned first prize in the 3E Learning Innovative Entrepreneurship Education Competition presented at the United States Association for Small Business and Entrepreneurship (USASBE) annual conference to recognize college educators who have created new and challenging learning activities that actively involve students in the entrepreneurial experience. Dr. Green's research interests include entrepreneurship education and the psychology of entrepreneurship. He is a national presenter on entrepreneurship education with refereed papers and presentations at conferences for the Academy of Management (AOM), the United States Association for Small Business and Entrepreneurship (USASBE), the American Society for Engineering Education (ASEE), and the National Collegiate Inventors and Innovators Alliance (NCIIA). Dr. Green serves as the Editor for the ASEE Entrepreneurship Division and as an evaluator for annual conference submissions. Prior to the University of Maryland, Dr. Green held founder, executive, and operational roles with multiple startups to include WaveCrest Laboratories (an innovator in next-generation electric and hybrid-electric propulsion and drive systems), Cyveillance (a software startup and world leader in cyber intelligence and intelligence-led security), and NetMentors.Org (the first national online career development eMentoring community). Dr. Green earned a Doctor of Management and an MS in Technology Management from the University of Maryland University College, an MBA from the University of Michigan, and a BS in Industrial Engineering from the Georgia Institute of Technology. Connect with Dr. Green on LinkedIn.
3822

Duration

4 Weeks

Experience Level

Introductory

Learning Partner

University System of Maryland

Program Type

Professional Certificate