MMM123-New Venture Start-Up

Module Provider: Leadership, Organisations and Behaviour
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn / Spring / Summer module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2021/2

Module Convenor: Mr Keith Heron
Email: keith.heron@henley.reading.ac.uk

Type of module:

Summary module description:

New venture start-up involves more than generating a creative idea…it involves starting-up or taking action.ÌýÌý

In thisÌýmoduleÌýweÌýexpect a student to have done something to test out their start-up hypothesis, in order to build their own and potential investor confidence, prior to venture launch.Ìý

A start-up business plan is not a measure of entrepreneurial capacity. This module will not require a Business PlanÌýas one of the task assessmentsÌýbut it will require students toÌýdesign ‘tests’ of the Value Proposition thinkingÌýand explain the learning fromÌýtheir progress towards start-up.Ìý

It is taught over 3 modules and often in parallel with Level 6 module, Entrepreneurial Project, to allow time for the discovery of the venture idea, its incubation and finally its feasibility-testing inÌýSummerÌýtermÌýwith an audience of tutors and peer students.Ìý

This module also provides an option for students to test and develop an idea generated by an external entrepreneur, thus enabling greater engagement with a real business situation. This will only occur where the module convenor has assessed the client idea as being suitable for conforming to the aims and assessment specification of this module.Ìý

Aims:

"The success of [a module] can be captured by the extent to which "it enables participants to behave like an entrepreneur, think like an entrepreneur, feel like an entrepreneur, communicate like an entrepreneur, organise like an entrepreneur and learn like an entrepreneur (Gibb, 2008).Ìý

This module will provide the knowledge, encouragement, and support for students to:Ìý

• 
  

  discover an opportunity for a business idea and generate their creative ideaÌý

  
  

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  package that idea into a ‘value proposition’ and thenÌýÌý

  
  


• 
  

  take some ‘risk’ in testing out their value proposition hypothesis to receive feedback and reactions from fellow students as well as the tutorÌý

  
  


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  learn from feedback to enhance the value proposition hypothesisÌýand devise a final customer engagement pre-launch testÌý

  
  

The module aims to simulate the experience of entrepreneurs in start-up incubators who receive supportÌýfrom fellowÌýstart-ups alongside more formal coaching and mentoring.ÌýÌý

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The limitations of this module are that we areÌýnot permittingÌýyou to develop a new App.ÌýThere is neither the time for its simulated development and testing, nor the imaginary budget to allow you to do this.ÌýÌýInstead you are encouraged to focus on identifying existing technology (including digital technologies) and be entrepreneurial (rather than inventive) in devising innovative combinations of existing technology/product/serviceÌýthat can beÌýbrought to life by ‘human middleware’ to provide new value to customers.Ìý

The term is from the MC reflecting how new software connects to important legacy software inside organisations through special software called ‘middleware’.ÌýÌý

InÌýthis module we are challenging you to be the ‘human middleware’.Ìý

Assessable learning outcomes:

Theoretical Knowledge:Ìý

By the end of the module students should:Ìý

Ìý

Be able to understand and use concepts in entrepreneurship to describe, discuss and appraise an opportunityÌýÌýÌý

Be able to create the innovative idea matched to the opportunityÌýÌý

Understand what is a Value Proposition, with its component partsÌý

Ìý

Application of Theory:Ìý

By the end of the module students should:Ìý

Ìý

Have demonstratedÌýthe application of theoryÌýwhichÌýis used to formÌýthe idea and its purpose for an intended customerÌýinto a testableÌýValue PropositionÌýÌý

Have analysed and understood the results of the testingÌý

Have demonstrated an understanding of the feasibility factors that support the VP- usually represented within a model known as the Business Mo del CanvasÌý

Have created and then refined their original idea – modified by reflecting on feedback received- to produce a Value Proposition that they have more confidence in, and which may be launched, post degreeÌý

Personal development:Ìý

By the end of the module students should:Ìý

Have acquired (in a portfolio) demonstrable evidence for potential investors and enhanced their employability.Ìý

International Awareness:Ìý

By the end of the module students should:Ìý

Ìý

Have interacted with students of different nationalities and exchanged and learned from culturalÌýandÌýmarket intelligence.Ìý

Additional outcomes:

Enhanced personal confidence and competence for ‘start-up’.

Organisation, competence and confidence in presenting to a large classroom cohort.

Demonstrated enhanced reflection capabilities which are essential at Masters (Level 7) learning.

Outline content:

Entrepreneurs and Entrepreneurship, sources of opportunity, personal alertness, creativity and idea generation, marketing, selling, team building and team dynamics, social capital, business model analysis, crowdfunding as a source of customer interest.Ìý

Brief description of teaching and learning methods:

This course is highly interactive and reliant upon personal initiative and action taking.ÌýLecture classesÌýare not traditional lecturesÌýas theyÌýare comprised of a combination of mini-lectures and interactive group work.?Ìý

ÌýThe Autumn classes provide the theoretical information and resources to help in the discovery of the problem/opportunity and the incubation of your initial idea to solve the problem with a ‘value proposition’, which is to be presented in Task 1 asÌýyour individual business hypotheses- or versionÌý1 Value Proposition.Ìý

Subsequently in Spring, students are required to beÌýproactive in risking their personal credibility by presenting their VP hypothesis,Ìýin order toÌýreceive feedback and reactions fromÌýfellowÌýstudents and tutor and respond to that feedback by enhancing their VP.?Ìý

In Task 2 the enhanced VP will again be risked in front of peers and tu tors, again to provide feedback for learning to inform the final test in Task 3.ÌýÌý

Task 3 will be undertaken in Summer term providing time for students to produce thorough primary research and engage with potential ‘earlyÌýadopters’.ÌýThis will involve a classroom test toÌýan audience of tutors and peer students.Ìý

ÌýThe majority of the learning will be self-guided in response to the particular needs of the chosen project under the guidance and mentoring of yourÌýlecturer/module convenor.Ìý

Summative assessment- Examinations:

Summative assessment- Coursework and in-class tests:

Entrepreneurs have limited resources and this module aims to replicate the experience of limited resources.ÌýÌý

To repeat:ÌýÌý

We are challenging you to be the ‘human middleware’Ìýto create a novel concept that can be tested with your intended target customer audience within the financial limits that are provided for your Task 3Ìýcustomer engagement test (£3000).ÌýÌý

It is recognised that more than £3000 will usually be required to fund the actual launch, but this module is intended to build confidence, through demonstrated tests, to go on and launch the idea post-module completion.ÌýÌý

Hence £3000 is the budget for ‘conceptually’ creating a prototype and designing a customer engagement testÌýof your product/service/experience.ÌýÌý

The specification for the VP and the engagementÌýtest will be informed by learning from Task 2 andÌýfrom primary research prior to Task 3.Ìý

In real life, a successful customer engagement test, showing your risk of £3000, should produce confidence for investors to multiply your risk capital by 3x for the next (beyond this module) test.Ìý

3Ìýassessment tasks:Ìý

Task 1 (0Ìý%). ThisÌýis compulsoryÌýif you wish to receive feedback from the tutor.ÌýÌý

ItÌýinvolves the testing ofÌýyour initial business idea (value proposition.Ìý

At this early stage of development,Ìýreceiving feedback from the tutor and fellow module membersÌýhelps you gain different perspectives forÌýyou to refine this into aÌýTask 2Ìýcrowdfund test.Ìý

This is an individual task.Ìý

SubmissionÌýSpring Week 1.ÌýÌý

Task 2Ìý(40Ìý%) isÌýan ‘offline’ crowdfund campaignÌýshown to peer students in designated ‘presentation’ classes (depending upon size of the cohort).Ìý

This can be completed in teams of up to 4 people.Ìý

Task 2Ìýinvolves 10% of the marks based upon a ranking from other students’ allocation of funds and 90% from tutor evaluation of the campaign.?Ìý

SubmissionÌýSpringÌýterm WeekÌý8 for viewing in small seminar groups in week 9.Ìý

Task 3Ìý(60Ìý%) isÌýan individual (even if you were in a team for Task 2)Ìýpresentation toÌýan audience of tutors and peer studentsÌýthat asksÌýstudents to reflect upon Task 1Ìýand 2Ìýand use imagination toÌýdesign of the ‘what next’ customer engagement test.ÌýÌý

It requires an explanation ofÌýhowÌýyourÌýimaginary £3000Ìýfunding will be allocatedÌýto create aÌýcustomer engagementÌýtest ofÌýtheÌýenhancedÌýVP.?Ìý

This is an individual task.Ìý

SubmissionÌýSummer TermÌýin presentation atÌýend of JuneÌý

Formative assessment methods:

LecturerÌýand peer observation and comments from informal presentations made in classes.Ìý

In addition there are self-reflection learning opportunities:Ìý

Ìý

1-Reflecting on the words you used in your presentation of Task 1 andÌýyourÌýTask 2ÌýcampaignÌýand your immediate and delayed responses to those words- this isÌýactually theÌýmost important of your feedback. You need to practice your words until your confidence grows and you are authentic in your communication- when under pressure.Ìý

Ìý

2- Reaction from your peers is the second type of feedback which indicates if your Value Proposition was understood. Unless they understand it, they can't support it, or buy it, or invest in it.Ìý

Ìý

3-There is feedback based on the ranking order from the votes of other students.Ìý

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4- There is feedback from the tutor in the form of summative marks and formative comments.Ìý

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspxÌý

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Assessment requirements for a pass:
50%

Reassessment arrangements:

By individual submission of a new task, by September of the same year.Ìý

Additional Costs (specified where applicable):

Specialist equipment or materials -Ìý up to £100.ÌýFor video editing software for Task 3 – although free versions with fewer capabilities are available.

Last updated: 14 September 2021