This course introduces students to new venture creation and design thinking tools for identifying new and better ways of providing products and services that meet customer expectations. In Part 1, the opportunity recognition process is introduced. We will look at how external factors (context, available resources) and intrinsic factors (motivation, network, risk propensity) interact to create opportunities that an entrepreneur then chooses to seize.
In Part 2, the qualitative design thinking process (based on the IDEO/Stanford Design School process) is introduced (empathize, define, ideate, prototype, test). Applications of design thinking to product and service innovation will be discussed, along with varying of the design contexts, including the private sector, government and social sectors. Participants learn to think like innovators, from the initial idea to managing resources, building partnerships with committed stakeholders and dealing with contingencies. In parallel, participants are encouraged to consider their individual accomplishments and how these might support new venture creation. Participants will work on past accomplishments, chartering the skills, knowledge and abilities that create a unique set of means with which to drive their own innovation projects.
By the end of this course, students will be able to:
• Apply design methodologies to designs “things”.
• Develop an understanding of how businesses can be “designed” using the same design methodologies in order to implement the designed “things”.
• Develop an appreciation of how to create designs for broader and varying contexts, that is, to be sensitive to human, societal needs and the physical environment.