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ENTREPRENEURSHIP AND INNOVATION

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MODULE 3 - ANALYSIS AND FORECASTING

 

Aim

The aim of this module is to provide the student with a way of looking into the future in order to see opportunities for innovation and entrepreneurship more clearly

 

General Objectives

 

The module will:

  • Briefly consider Growth and Innovation future possibilities for Trinidad and Tobago
  • Examine key trends in relevant sectors over the next ten years; Global Caribbean
  • Trinidad and Tobago
  • Identify and evaluate various forecasting and foresighting tools
  • Identify and analyse the viability of particular new products and services
  • Consider the profit potential of new products and services

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Content

All entrepreneurship and wealth creation depends on identifying a need that exists in the marketplace, which may or may not be being met by existing products and services. The course will identify and analyse the need, and establish that this customer need will still be valid in the future.  The course will provide an understanding of Forecasting and Foresighting.

 

Students will learn some forecasting and foresighting tools which they will be able to use during the course (and afterwards) to assist in evaluating possible opportunities for new venture start-ups.

 

The Module is a Three Hour Seminar/Workshop. It comprises two sessions, including one 2-hour lecture session on Monday and one 1-hour lecture/tutorial session on Tuesday. Case studies and class discussions are incorporated into the lectures. Course materials include lecture notes and supplementary handouts (e.g. articles from journals).

 

Learning Objectives

 

By the end of this module students will be able to:

  • Describe key megatrends affecting economic sectors relevant to Trinidad and Tobago
  • Identify key innovation areas offering opportunities to budding entrepreneurs
  • Explain the Basic relationships between innovation, technology, and IPR law as it affects the creation of a new enterprise
  • Use specific techniques to look into the future
  • Read trends from weak signals (newspapers etc)
  • Scan trends using Google tools
  • Connect possible new products and service with key trends
  • Demonstrate confidence about the future, and the power of standing in the future, and looking back to the present
  • Display confidence in the creativity of ‘picking winners’ as an entrepreneur

Assignment

A multiple choice questionnaire will be administered at end of module

 

Assessment

Students will be awarded Pass upon gaining a score of at least 50%

 

Evaluation

A written evaluation form will be administered at the end of the module- this will measure the perceived value, and quality of the learning content and teaching method. It will allow for suggestions to be made to the teacher for improvement which will be incorporated into future planning

 

Teaching/Learning Strategies

  • PowerPoint presentation (in a workbook which each student will have)
  • An action learning interactive team simulation in which students will play out the exploration and viability testing of particular new products
  • Facilitated small group discussion and feedback

 

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Resources:

Readings

  1. Text: ‘Strategic Foresight- The Power of Standing in the Future’
    Nick Marsh, et al (Crown 2002, Melbourne , Australia)
    Chapter 1 -The Power of Standing in the Future- Strategic Foresight
    Chapter 6- ‘Reconceiving your business’
  2. ‘The Trinidad and Tobago Foresight Project- Food and Beverage – Innovation and Entrepreneurship ‘Best Bets’, Larry Placide, Dorian Scott, and Nick Marsh NIHERST 2006

 

Equipment:

Multimedia equipment

 

 

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