Program Overview

Unit Overview

The unit ENTR302 - Product Creation in Start Ups focuses on the development and launch of new products and services in start-ups. It aims to enhance students' knowledge and practical skills in strategic R&D management, emphasizing the interaction between R&D and marketing to create value for customers and the community.

Unit Rationale and Description

A start-up's survival and long-term profitability depend on its ability to develop and launch groundbreaking products and services. Despite significant investments in R&D, many start-ups experience high failure rates due to the failure of their first product. This unit addresses the need for better management of new product and service processes and R&D projects in start-ups.

Learning Outcomes

To successfully complete this unit, students will be able to:

1. Evaluate the key theories and concepts associated with strategic R&D management and new product development in start-ups.
2. Apply strategic and critical thinking to R&D and new product development issues in start-ups.
3. Examine the ethical and social issues intertwined with start-ups' R&D and new product development activities.
4. Utilize technological and market information relevant to key new product and R&D decisions in start-ups.
5. Appraise factors that impact new product and service development and R&D decisions in start-ups through effective communication skills.

Unit Content

Topics covered include:

• Strategic new product development: definition, evolution, and impact
• Practical new product launch in start-ups
• Application of innovation models in start-ups' R&D projects
• Different stages of new product development
• Evaluation of key R&D management theories and concepts
• Service innovation in start-ups
• Communication in the R&D context
• Innovation strategies for new ventures
• Product concept and prototype development
• First product commercialization for start-ups
• Product development issues: marketing R&D collaboration in start-ups
• High-tech start-ups' survival
• Ethical and social issues in R&D management
• The role of customer involvement in R&D projects

Assessment Strategy

The assessment strategy allows students to sequentially develop their knowledge and skills in strategic R&D and new product development. Assessments include:

1. Analytical Research Report: A 1500-word report evaluating theories associated with R&D management and new product development in start-ups.
2. Quality New Product Development Report: A team presentation and written transcript developing an R&D idea and applying strategic thinking to demonstrate understanding of new product development and R&D processes.
3. Case Study Report: A 1700-word report analyzing concepts and practices relating to R&D and new product development in real-world business situations, considering social and economic well-being.

Learning and Teaching Strategy

This unit adopts a multimodal learning approach, including workshops, guest speaker sessions, and a variety of learning materials. Students will actively participate in developing knowledge both individually and in team settings, with deep learning realized through exposure to a variety of learning tasks.

Representative Texts and References

Key texts include:

• Crawford, C.M. and DiBenedetto, A. (2020). New products management.
• Trott, P. (2017). Innovation Management and New Product Development.
• Kahn, K.B. (2012). The PDMA handbook of new product development.
• Mohr, J., Sengupta, S., & Slater, S. (2010). Marketing of high technology products and innovations.
• Kshetri, N. (2018). Global Entrepreneurship: Environment and Strategy.
• Matthews, C.H. & Brueggeman, R. (2015). Innovation and Entrepreneurship: A Competency Framework.

Locations and Credit Points

This unit is offered online and is worth 10 credit points.