60904 Innovation, Entrepreneurship and Commercialisation
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
There are course requisites for this subject. See access conditions.
Description
This subject covers topics that lead to an understanding of the basis for scientific innovation, commercialisation and entrepreneurship. It includes how to come up with new projects, develop a product and establish a start-up company. In addition, the management of intellectual property is presented along with ways in which to pitch a new company or product to investors.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | Identify and apply the principles of design thinking to real world problems. |
|---|---|
| 2. | Formulate a strategy on how to take a product to the marketplace. |
| 3. | Select and apply principles of intellectual property. |
| 4. | Communicate clearly a novel product and business idea to investors, industry, the media and to the public. |
| 5. | Work effectively in a collaborative manner to create a new product. |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of following course intended learning outcomes:
- Demonstrate critical engagement with the appraisal of advanced knowledge and demonstrate advanced application of knowledge and technical skills to conduct research and generate new knowledge relevant to professional practice in science. (1.1)
- Assess, argue for, and conduct appropriate approaches to independent research and solving complex problems and apply a research methodology to address a research need in a relevant professional context. (2.1)
- Develop, prepare, and engage, at times collaboratively, in work practices that demonstrate an understanding of health and safety requirements, ethical conduct, risk management, organisation, record keeping and collaborative skills in the context of science. (3.1)
- Discover, create, and self-reflect on the processes used to determine the value, integrity, and relevance of multiple sources of information to derive innovative solutions to complex science problems. (4.1)
- Present and communicate complex ideas and justifications using appropriate communication approaches from a variety of methods (oral, written, visual) to communicate with discipline experts, scientists, industry, and the general public. (5.1)
Contribution to the development of graduate attributes
1. Disciplinary knowledge
Throughout the duration of the subject, you will develop fundamental disciplinary knowledge about the successful development of an innovative product with market potential. This knowledge will be reviewed through each assessment, with the development and pitch of your innovative product demonstrated in both verbal and written form.
2. Research, inquiry and critical thinking
In groups you will gather and evaluate information relevant to a scientific problem of your choice, and further evaluate and identify the problems still faced in that area. Together as a group you will expand your skills in critical and logical thinking as well as your curiosity and creativity to create a novel solution to this scientific problem. These skills will be assessed throughout the session in both written and oral form.
3. Professional, ethical and social responsibility
You will develop personal organisational skills, teamwork skills, and literacy skills throughout the subject. You will obtain these skills through group work as well as during the workshops in which you will actively participate. These skills obtained throughout the subject will be applied in each of the assessments.
Self-discipline is also learned through active participation in workshops, which require you to take notes to extend and consolidate your understanding of the subject content. The extent to which you choose to attend workshops, participate and take notes is indirectly assessed through all of the assessments. Interpersonal skills will be developed and practiced through teamwork and will be assessed in the each of the assessments. Personal skills will also be developed throughout the subject and students will be provided with opportunities for self and peer reflection.
The development of any society today is underpinned by commercialisation and entrepreneurship. In that regard, this subject will develop skills that will enable you to engage with the key needs of society. The way in which this will be assessed is by identifying an unmet need in society and developing an appropriate solution to it and translating this in the form of a proof of concept report and project pitch.
4. Reflection, innovation and creativity
This subject will enhance your innovative ability and promote an attitude of positive thinking and a willingness to take risks in initiating new projects, products and start-up companies. Entrepreneurship requires a keen willingness to initiate and implement new innovative ideas. These innovative abilities will be assessed throughout the subject via the proof of concept, team development and project pitch.
5. Communication
The ability to communicate science to both professionals and lay people is a key attribute required by all science students and is a key focus in this subject and is developed through all assessment tasks. Development of communication skills will be fostered by academics and experts in this area continually throughout the subject. You will be assessed on several criteria including clarity of thought development, logical flow and innovation in all assessments.
Teaching and learning strategies
This subject will consist of three contact hours per week in the form of a combined short lecture and an interactive workshop. You are strongly encouraged to attend all workshops throughout the session as this is key to your learning and capacity to complete your assessments
Workshops:
The interactive workshops will predominantly consist of two parts. The first part of the workshops will consist of a short lecture to provide you with the necessary background knowledge for undertaking and developing an innovative project. These sessions will provide you with vital information from both scientific and business perspectives on how to take a product from bench to bedside and this knowledge will translate directly into your workshop project.
The second half of the workshops, you will have the chance to develop an innovative project. These interactive sessions will provide you the setting to work with your group to share ideas and help you to continually evolve and improve this project over the duration of the subject.
Online learning (Canvas content):
You will be provided with additional learning material on Canvas to complement your learning in the workshops. These online independent learning activities are designed to let you engage with the materials to help facilitate discussion and collaboration with peers.
Feedback:
You will receive early formative feedback on your initial ideas development task allowing you to adjust your work for your proof of concept report. You will also receive formative feedback on your elevator pitch so you can further develop your final products before your final pitch. You will have continuous opportunities for one-on-one formative feedback from the subject coordinator and teaching associates on a weekly basis.
Content (topics)
The teaching and learning sessions will address the following topics:
- What the terms scientific innovation, commercialization and entrepreneurship really mean.
- The strategy for developing a new idea and project.
- How to go from the lab bench to the marketplace in terms of product development.
- How to establish a new start-up company.
- How to manage intellectual property.
- How to present your idea, project or company to investors, industry and the public.
Assessment
Assessment task 1: Developing your ideas
| Intent: | This assessment task contributes to the development of the following graduate attributes:
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|---|---|
| Objective(s): | This assessment task addresses subject learning objective(s): 1, 2, 3 and 5 This assessment task contributes to the development of course intended learning outcome(s): 1.1, 2.1, 3.1, 4.1 and 5.1 |
| Type: | Project |
| Groupwork: | Group, group and individually assessed |
| Weight: | 35% |
| Criteria: | The assessment will be based on the following:
|
Assessment task 2: Building a start-up
| Intent: | This assessment task contributes to the development of the following graduate attributes:
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|---|---|
| Objective(s): | This assessment task addresses subject learning objective(s): 1, 2, 3, 4 and 5 This assessment task contributes to the development of course intended learning outcome(s): 1.1, 2.1, 3.1, 4.1 and 5.1 |
| Type: | Project |
| Groupwork: | Individual |
| Weight: | 35% |
| Criteria: | Subject engagement will be assessed on the following:
The Business Model Canvas (BMC) will be assessed on the following:
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Assessment task 3: Pitching your idea
| Intent: | This assessment task contributes to the development of the following graduate attributes:
|
|---|---|
| Objective(s): | This assessment task addresses subject learning objective(s): 2, 4 and 5 This assessment task contributes to the development of course intended learning outcome(s): 1.1, 2.1, 3.1, 4.1 and 5.1 |
| Type: | Presentation |
| Groupwork: | Group, group and individually assessed |
| Weight: | 30% |
| Criteria: | Presentations will be assessed based on:
|
Minimum requirements
You are strongly encouraged to attend all scheduled classes.
You must obtain an overall mark of 50 or greater to pass the subject.
Recommended texts
This subject will not use a textbook. However, in order to get the projects up and running, there will be clear guidance provided enabling students to rapidly develop their own ideas.
In addition, advice (and suggested reading material) will be provided throughout the subject for each group of students as they develop their specific projects.