Introduction to Entrepreneurship
This course is about how to create an entrepreneurial business. It will provide a basic understanding of the entrepreneurial or new venture process. Students will discuss the critical role that opportunity recognition and creation plays in that process. They will examine how entrepreneurs and investors create, find, and differentiate money-making and robust opportunities from “good ideas.”
The emphasis in this course is on applying and synthesizing concepts and techniques from the functional areas of accounting, finance, managerial economics, marketing, operations management, and organization behavior in the context of new venture development.
Entrepreneurial Finance
Entrepreneurial Finance is designed to help managers make better investment and financing decisions in entrepreneurial settings. The course covers all stages of the process, from startup to harvest. Though the course is called Entrepreneurial Finance, it differs in philosophy and style from a course like First Year Finance. Entrepreneurial Finance integrates people into the equation by taking into account their capabilities, their incentives, and the cognitive biases they bring to decision making It also focuses more attention on deal structuring and incentives.
International Entrepreneurship
The objective of the course is to inspire students with the vision and opportunities inherent in international entrepreneurship. The course emphasizes that differences among national contexts create specific types of entrepreneurial opportunities. It will introduce students to new concepts and ideas associated with international opportunities, to help them identify, evaluate, and analyze these opportunities, the factors critical to their success, and their attendant challenges, and how these challenges can be overcome. The course will equip students with tools and frameworks with which to assess these issues, avoid common mistakes, and execute opportunities successfully.
Managing Innovation
Managing Innovation introduces students to the critical elements of designing and developing innovative products and services, how these can be configured, and how the results are managed. These elements include the pivotal roles played by experimentation, prototyping, and learning; product/service development process design and improvement; the understanding and integration of customer needs; development strategy and project management; and the powerful challenge of designing and managing development networks. Along the way the students will encounter many of the best management practices, tools, and frameworks currently in use.
Strategy and Entrepreneurship in the Online Economy:
Online businesses attract entrepreneurs with their low capital requirements, ease of experimentation, well-known successes, and possibility of quickly achieving scale. These opportunities are equally attractive to existing businesses seeking growth and innovation potential in the internet. Yet online ventures pose distinctive management challenges. For one, they are often grounded in network effects, requiring mobilizing many participants in order to deliver value. Second, while payoffs can be spectacular for winners, network effects also invite strategic blunders. When network effects are strong, industries have room for only a few platforms; often, a single platform prevails. Rivals sometimes persist in fighting too long. Likewise, firms miss chances to profitably share their platforms with rivals. This course offers a perspective to capture these opportunities and avoid similar mistakes.
In many industries, powerful firms already control key online platforms: Google, Facebook, Apple, Amazon, Microsoft, and others. This course will explore two opposing perspectives on market power: how dominant providers can expand their positions and respond to threats, and how upstarts can find opportunities in the face of seemingly-omnipotent incumbents.
Online businesses are also unusual in their revenue sources, as users often receive service for "free." For some businesses, advertising can sustain no-charge service. Others support free or subsidized service to one set of users by attracting another group willing to pay to reach the first. But these free and subsidized strategies have their limits: All too many online businesses have failed due to business models grounded in unrealistic revenue plans. This course arms students with a framework to identify realistic revenue sources.
Growing, Financing, and Managing Family and Closely Held Firms
Most companies around the world are controlled by their founders or founding families, including not only private firms but also many of the public corporations. Closely held ownership and family control create unique opportunities and challenges for these companies. This course introduces students to the unique corporate finance, valuation, and governance issues faced by these companies, and to the ways in which value can be created for both the controlling and minority shareholders. These issues are analyzed from the perspective of different stakeholders in these companies, including family and non-family managers, family and minority shareholders, joint-venture partners, investment bankers, and private equity partners.
Launching Technology Ventures
This course is designed for students who will work at startups and at established companies launching information technology products - in particular, new businesses in the Internet, mobile, and enterprise software sectors. It examines "lean startup" management practices and asks when they make sense. New information technology businesses often face significant uncertainty about both customer demand and about how solutions should be built. Lean startups address this uncertainty through rapid cycles of hypothesis-driven experimentation, constantly improving their products based on near-immediate customer feedback. This course will focus on the integration of marketing and engineering functions and will emphasize implementation rather than strategy issues.
Real Estate Development, Design, and Construction
This course focuses on students who expect to be leaders in the real estate industry and its related specialties. This course introduces students to the basic tools and concepts needed to be thoughtful users of design, and effective project managers and leaders in the built environment. The analytical tools address a set of management skills that grow from the project level to the firm level to the regional and industry levels. Skills range from understanding pro formas and schedules; to managing architects and contractors; to strategies for the real estate practice; to analyzing and anticipating impacts of major trends in real estate development, design, and construction.
Commercializing Science
This course has two objectives. First, it gives the student the managerial insights to increase the chances that her organization will invent a breakthrough. Second, it gives the students an understanding of today's increasingly complex innovative landscape. In the past, firms invented, developed, manufactured, and marketed their products internally. Today, firms are working - and competing - with universities, other firms, and open innovation communities. This course will discuss the strategic, operational, and ethical issues that arise on such a landscape.
Entrepreneurship and Venture Capital in Healthcare
The course is intended primarily for students who have a career interest in either leading or investing in healthcare ventures (biotechnology, medical devices, and healthcare services) . It will also be of interest to students who plan to work in Business Development functions either in or outside the health care sector. In recent years, biotechnology, medical device, and health care service investments have represented between 25 to 30 percent of all venture capital funding. Moreover, because of the role of universities and other research institutions in producing new intellectual property and because of the financial and distribution power of the major publicly traded healthcare companies, new ventures in healthcare often include licensing and joint venturing arrangements. The course thus has the following learning objectives: To be able to assess the viability of proposed new healthcare ventures; To learn what and where the major sources of intellectual property for healthcare ventures are; To learn the basic elements of licensing and joint venture agreements; To understand who the major institutional and strategic investors are in creating new healthcare ventures and what their goals and motivations are; To understand what the business development function is in both large and small healthcare companies.