Innovation: From Plan to Product from edX

Business models are regarded as a form of innovation and not merely just a vehicle for commercialization. In this course, students will learn about multiple business model innovation avenues and metrics for assessing on-going market fit and sustainability.

This course introduces an evidence-based approach to innovation management with the aim of providing students with the capability to understand the strategic value of information and the tools and techniques that can be used to analyze and use that information to improve decision-making. Tools include: customer discovery, prototyping, financial modeling, business plans and forecasts.

Students will learn how to apply the most effective tools in developing sustainable business models by exploiting viable, validated opportunities in rapidly changing environments where traditional strategic management approaches are less effective.

What you'll learn

How design techniques can help businesses to develop market relevant ideas,
How to use financial decision-making techniques to improve innovation outcomes,
Adapt and apply strategic and operational management frameworks and tools necessary for innovation leadership,
Overview of planning and problem solving methods,
Relationship between and use of business models and business plans.

What's inside

Learning objectives

How design techniques can help businesses to develop market relevant ideas,
How to use financial decision-making techniques to improve innovation outcomes,
Adapt and apply strategic and operational management frameworks and tools necessary for innovation leadership,

Overview of planning and problem solving methods,
Relationship between and use of business models and business plans.

How design techniques can help businesses to develop market relevant ideas,
How to use financial decision-making techniques to improve innovation outcomes,
Adapt and apply strategic and operational management frameworks and tools necessary for innovation leadership,
Overview of planning and problem solving methods,
Relationship between and use of business models and business plans.

Syllabus

Week 1: Why do innovations fail? Analyze the factors that lead to the failure of innovation

Week 2: Business models and innovation Explain and apply the role of the business model in capturing value from innovation

Week 3: Value chains and Industry Networks Introduce value chains and their use for innovation including within industry networks and multi-business projects

Week 4: Designing and testing innovation options Identify how design thinking can help innovation, including technologies that can be used during the designing and testing of innovation concepts

Week 5: Managing for now and the future Describe how portfolio approaches can be used to scale up innovation

Week 6: Introduction to valuing innovation Introduce valuation, discounted and dynamic cash flow modeling and the relationship between financial tools and innovation

Week 7: Managing implementation projects Outline project management tools for use in innovation projects including stage gate, network and knowledge management

Week 8: Structured problem solving for planning Demonstrate competence in adapting and applying the strategic and operational managerial frameworks and tools necessary for innovation

Week 9: Business plans Identify the value of innovation business plans

Week 10: Managing uncertainty and risk in innovation Explain how organizations respond to shifting workplace dynamics, customer expectations or technological advances

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Taught by Tim Kastelle, Anna Jenkins, and Rachel Fitzgerald, who design and deliver online courses on business and technology

Develops innovation and management skills, which are highly valuable in industry and academia

Examines business model innovation, a newer take on generating value from business ventures

Provides an evidence-based approach to innovation management, which aligns with best practices in industry and academia

Explores the relationship between business models and business plans, which is key for sustainable business growth

Offers an overview of planning and problem-solving methods, which are essential skills in business and management

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Innovation: From Plan to Product with these activities:

Read 'The Innovator's Dilemma' by Clayton M. Christensen

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Gain insights into the challenges and opportunities of innovation by reading Clayton M. Christensen's seminal work.

View The Disruptive Innovation Set (2 Books) on Amazon

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Read the book thoroughly
Summarize key concepts and examples
Reflect on the implications for business model innovation

Participate in Design Thinking Exercises

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Enhance your problem-solving and innovation skills through hands-on participation in design thinking exercises.

Browse courses on Design Thinking

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Identify a problem or challenge
Ideate and generate solutions
Prototype and test potential solutions

Explore SuccessMetrics Innovation Best Practices

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Enhance your understanding of successful business model innovation techniques by delving into the SuccessMetrics Innovation Best Practices.

Browse courses on Best Practices

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Access the SuccessMetrics Innovation Best Practices guide
Review case studies and examples
Extract key best practices

Five other activities

Expand to see all activities and additional details

Show all eight activities

Design a Value Chain Map for Your Business

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Strengthen your understanding of value chains by creating a visual map that outlines key activities and flows within your business.

Browse courses on Value Chains

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Identify key business activities
Map out the flow of materials, information, and resources
Analyze and optimize the value chain

Develop a Business Model Canvas for a New Venture

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Gain hands-on experience in business model development by creating a Business Model Canvas for a hypothetical or real-world venture.

Browse courses on Business Model Canvas

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Identify the key components of the business model
Fill out each section of the Business Model Canvas
Validate and refine the business model

Apply Financial Modeling Techniques to Innovation Projects

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Develop your financial analysis skills by applying modeling techniques to evaluate the financial feasibility of innovation projects.

Browse courses on Financial Modeling

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Gather financial data
Build financial models (e.g., discounted cash flow, dynamic cash flow)
Analyze and interpret financial results

Organize and Summarize Course Materials

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Enhance your retention and understanding of course materials by organizing and summarizing notes, assignments, and other resources.

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Gather and organize materials
Create summaries and outlines
Review and revise materials regularly

Volunteer as a Peer Mentor for Innovation

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Reinforce your learning and contribute to the community by mentoring other students in innovation-related concepts and skills.

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Contact the course instructor or relevant organizations
Prepare materials and activities
Meet with mentees regularly

Career center

Learners who complete Innovation: From Plan to Product will develop knowledge and skills that may be useful to these careers:

Innovation Consultant

Innovation consultants help businesses develop and implement innovative strategies and solutions. This course provides a comprehensive understanding of the innovation process, from idea generation to market validation and financial planning. You will learn how to use design thinking, business model innovation, and project management tools to drive innovation and create sustainable value for clients.

See salaries and explore the career path for Innovation Consultant

Product Manager

Product managers are responsible for managing the development and launch of new products and features. The course's emphasis on customer discovery, financial modeling, and business plan development can equip you with the knowledge and skills to effectively manage product lifecycles, prioritize features, and drive product success.

See salaries and explore the career path for Product Manager

Entrepreneur

Entrepreneurs start and manage their own businesses. The course's focus on business model innovation, financial planning, and problem-solving methods can provide you with the knowledge and tools to develop and launch innovative business ventures, manage risk, and achieve business success.

See salaries and explore the career path for Entrepreneur

Research and Development Manager

Research and development managers lead and manage research and development activities to create new products, processes, or technologies. The course's emphasis on innovation management, design thinking, and financial modeling can provide you with the understanding of innovation processes, risk management, and resource allocation to drive successful R&D initiatives.

See salaries and explore the career path for Research and Development Manager

Strategy Consultant

Strategy consultants develop and implement strategic plans for organizations. The course's emphasis on strategic planning, business model innovation, and financial analysis can provide you with the knowledge and skills to analyze industry trends, evaluate market opportunities, and develop growth strategies.

See salaries and explore the career path for Strategy Consultant

Business Analyst

Business analysts play a crucial role in identifying and analyzing business needs and translating them into technical requirements. The course's focus on business models, financial decision-making, and problem-solving methods can provide you with the analytical skills and understanding of business processes necessary to excel in this field. By learning how to evaluate and improve innovation outcomes, you can develop innovative solutions that drive business growth.

See salaries and explore the career path for Business Analyst

Management Consultant

Management consultants provide advice and support to businesses on strategy, operations, and organizational change. The course's focus on strategic planning, business model innovation, and problem-solving methods can provide you with the analytical skills and understanding of business dynamics to help clients improve performance and achieve their goals.

See salaries and explore the career path for Management Consultant

Project Manager

Project managers plan, execute, and control projects to achieve specific objectives. The course's coverage of project management tools, portfolio approaches, and risk management can provide you with the foundational knowledge and practical skills to successfully manage innovation projects and drive project outcomes.

See salaries and explore the career path for Project Manager

Venture Capitalist

Venture capitalists invest in early-stage businesses with high growth potential. The course's focus on business model innovation, financial analysis, and risk management can provide you with the knowledge and skills to evaluate investment opportunities, manage portfolio risk, and drive investment returns.

See salaries and explore the career path for Venture Capitalist

Business Development Manager

Business development managers identify and develop new business opportunities for organizations. The course's focus on business model innovation, value chain analysis, and strategic planning can provide you with the insights and tools to explore new markets, build partnerships, and drive revenue growth.

See salaries and explore the career path for Business Development Manager

Technology Manager

Technology managers plan and oversee the development and implementation of technology solutions for organizations. The course's emphasis on design thinking, business model innovation, and project management can provide you with the understanding of technology trends, innovation processes, and resource management to drive successful technology initiatives.

See salaries and explore the career path for Technology Manager

Sales Manager

Sales managers lead and manage sales teams to achieve revenue targets. The course's focus on customer discovery, value chain analysis, and business model innovation can provide you with the insights and tools to understand customer needs, develop sales strategies, and drive sales growth.

See salaries and explore the career path for Sales Manager

Operations Manager

Operations managers plan and oversee the day-to-day operations of an organization. The course's coverage of business process optimization, project management, and strategic planning can provide you with the knowledge and tools to improve operational efficiency, manage resources, and drive organizational success.

See salaries and explore the career path for Operations Manager

Marketing Manager

Marketing managers develop and execute marketing strategies to promote products and services. The course's emphasis on customer discovery, design thinking, and business model innovation can provide you with the understanding of customer needs, market trends, and creative problem-solving skills to develop effective marketing campaigns and drive brand growth.

See salaries and explore the career path for Marketing Manager

Financial Analyst

Financial analysts evaluate and provide insights on financial data and investments. The course's emphasis on financial decision-making, business model analysis, and forecasting can provide you with the analytical skills and understanding of financial markets to make informed investment decisions and contribute to financial planning and strategy.

See salaries and explore the career path for Financial Analyst