Creativity and Venturing (minor)

Code: SCI3089

Extent: 20-25 cr

Language: English

Organizing department: Industrial Engineering and Management

Teacher in charge: Marina Biniari, Peter Kelly

Administrative contact: Tarja Timonen

Target group: All master's students with sufficient prerequisite knowledge

Application procedure: Open for all students of Aalto University

Quotas and restrictions: No quotas

Prerequisites: -

Learning Outcomes

Upon completion of this minor, the student can demonstrate knowledge and comprehension in design thinking/doing and in the lean-start up methodology, as the core processes enabling the exploration and exploitation of new opportiumities. Further, the student can demonstrate knowledge and comprehension on how the process of exploring and exploiting new opportunities takes place in the context of an existing company, by drawing on the corporate innovation, corporate venturing, and corporate entrepreneurship literatures.

Further, the student graduating from this minor can gain deeped understanding of this process by analyzing, evaluating, and reflecting upon:

1. how new business opportunities can be identified and vetted within existing companies or in collaboration with third parties in the broader ecosystem of an existing company;
2. How resources are harnessed in companies to incubate identified opportunities; and
3. How those new business models (or opportunities) can be championed and launched into the market.

Lastly, the student can apply his/her knowledge in creativity and ventutring and develop practical experience by prototyping and validating new business models from business opportunities in existing established companies, and by enabling the integration of new ventures within existing companies. Along these lines, the student of this minor can also reflect upon the capabilities that he/she needs to develop as an individual to pursue entrepreneurial opportunities and champion them by building viable and valuable new initiatives for an existing company.

Content and structure of the minor

Success in new business development for established organizations requires: a) the identification and refinement of unique growth opportunities (ideation and creativity); b) the deployment of appropriate resources needed to build new business models from those opportunities (incubation); and c) the championing and launching of those new business models to market, with the intent to merge them successfully with the incumbent company (acceleration and integration).

The Creativity and Venturing minor provides students with the knowledge, concepts, and tools to develop knowledge and capabilities that enhance their effectiveness in creating, nurturing and exploiting new business opportunities from within existing organizations and/or through the collaboration with parties in the broader ecosystem of an organization. Such expertise is required is required in leading and transforming existing organizations by building and championing growth-oriented new business.

Thus, this minor enables the students to understand the important linkage between creativity, organizational innovation, corporate venturing, and corporate strategy for the successful creation of sustainable new businesses from within incumbent organizations. It prepares graduates for a holistic understanding of how business opportunities can be successfully explored and exploited by established organizations. As a result, the minor prepares the student for many career options including new business development, venturing, and innovation functions in corporations; management consulting; founders/CEOs in startups, positions in venture capital and private equity firms or other organizations building and transforming technology-based business.

 ^{*) to be agreed in advance with professor in charge of the minor.}

Code: SCI3089

Extent: 20-25 cr

Language: English

Organizing department: Industrial Engineering and Management

Teacher in charge: Marina Biniari, Peter Kelly

Administrative contact: Tarja Timonen

Target group: All master's students with sufficient prerequisite knowledge

Application procedure: Open for all students of Aalto University

Quotas and restrictions: No quotas

Prerequisites: -

Learning Outcomes

Upon completion of this minor, the student can demonstrate knowledge and comprehension in design thinking/doing and in the lean-start up methodology, as the core processes enabling the exploration and exploitation of new opportiumities. Further, the student can demonstrate knowledge and comprehension on how the process of exploring and exploiting new opportunities takes place in the context of an existing company, by drawing on the corporate innovation, corporate venturing, and corporate entrepreneurship literatures.

Further, the student graduating from this minor can gain deeped understanding of this process by analyzing, evaluating, and reflecting upon:

1. how new business opportunities can be identified and vetted within existing companies or in collaboration with third parties in the broader ecosystem of an existing company;
2. How resources are harnessed in companies to incubate identified opportunities; and
3. How those new business models (or opportunities) can be championed and launched into the market.

Lastly, the student can apply his/her knowledge in creativity and ventutring and develop practical experience by prototyping and validating new business models from business opportunities in existing established companies, and by enabling the integration of new ventures within existing companies. Along these lines, the student of this minor can also reflect upon the capabilities that he/she needs to develop as an individual to pursue entrepreneurial opportunities and champion them by building viable and valuable new initiatives for an existing company.

Content and structure of the minor

Success in new business development for established organizations requires: a) the identification and refinement of unique growth opportunities (ideation and creativity); b) the deployment of appropriate resources needed to build new business models from those opportunities (incubation); and c) the championing and launching of those new business models to market, with the intent to merge them successfully with the incumbent company (acceleration and integration).

The Creativity and Venturing minor provides students with the knowledge, concepts, and tools to develop knowledge and capabilities that enhance their effectiveness in creating, nurturing and exploiting new business opportunities from within existing organizations and/or through the collaboration with parties in the broader ecosystem of an organization. Such expertise is required is required in leading and transforming existing organizations by building and championing growth-oriented new business.

Thus, this minor enables the students to understand the important linkage between creativity, organizational innovation, corporate venturing, and corporate strategy for the successful creation of sustainable new businesses from within incumbent organizations. It prepares graduates for a holistic understanding of how business opportunities can be successfully explored and exploited by established organizations. As a result, the minor prepares the student for many career options including new business development, venturing, and innovation functions in corporations; management consulting; founders/CEOs in startups, positions in venture capital and private equity firms or other organizations building and transforming technology-based business.

 ^{*) to be agreed in advance with professor in charge of the minor.}

Code: SCI3089

Extent: 20-25 cr

Language: English

Teacher in charge: Marina Biniari, Peter Kelly

Target group: All master's students with sufficient prerequisite knowledge

Application procedure: Open for all students of Aalto University

Quotas and restrictions: No quotas

Prerequisites: -

Content and structure of the minor

The minor provides students with the knowledge, concepts, and tools to develop capabilities and enhance their effectiveness in creating, adding to, on investing in new businesses from within existing organizations and/or through the collaboration with parties in the broader ecosystem of an organization. Such expertise is required is required in leading and transforming existing organizations by building and championing growth-oriented new business.

Success in new business development for incumbent organizations requires: a) the identification and refinement of unique growth opportunities (ideation and creativity); b) the deployment of appropriate resources needed to build new business models from those opportunities (incubation); and c) the championing and launching of those new business models to market, with the intent to merge them successfully with the incumbent company (acceleration and integration).

Thus, this minor enables the students to understand the important linkage between creativity, organizational innovation, corporate venturing, and corporate strategy for the successful creation of sustainable new businesses from within incumbent organizations. The minors draws its knowledge basis on design thinking, the lean-start up methodology, and the corporate innovation, corporate venturing, and corporate entrepreneurship. It prepares graduates for a holistic understanding of how business opportunities can be successful explored and exploited by incumbent organizations.

The primary learning outcomes of the Creativity and Venturing minor are to:

• Develop capabilities in how new business opportunities can be identified and vetted within existing organizations or in collaboration with third parties in the broader ecosystem of an existing organization
• Develop capabilities to prototype and validate new business models from business opportunities in existing established organizations
• Develop capabilities to analyze sources of competitive advantage in new business models
• Develop capabilities to (re)design agile, growth-focused, entrepreneurial-oriented organizations by facilitating the integration of new ventures within existing organizations

The capabilities developed in the minor are valuable for many career options including business development, venturing, and innovation functions in corporations; management consulting; founders/CEOs in startups, positions in venture capital and private equity firms or other organizations building and transforming technology-based business.

 ^{*) to be agreed in advance with professor in charge of the minor.}