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60904 Innovation, Entrepreneurship and Commercialisation

Warning: The information on this page is indicative. The subject outline for a 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 2020 is available in the Archives.

UTS: Science
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 concept to investors, the media and the general public.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1. Identify and apply the principles of product development.
2. Formulate a strategy on how to take a product to the marketplace.
3. Select and apply principles of intellectual property.
4. Design a strategy to establish a start-up company.
5. Communicate clearly a novel product and business idea to investors, industry, the media and to the public.
6. Work effectively in a collaborative manner to create a new product.

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 marketing potential. You will receive this knowledge from scientists, a designer and business people from the innovation industry. This knowledge will be assessed through each assessment (Assessment tasks 1 - 3) throughout the Session with the pitching of your innovative product in both verbal and written form.

  1. Research, enquiry and critical thinking

In groups you will gather and evaluate information relevant to a scientific problem of your choosing and evaluate and identify the problems still faced in that area. Together as a group you will expand you 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 in the proof of concept, business plan and project pitch (Assessment tasks 1 - 3).

  1. 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 lectures in which you will actively participate. These skills obtained throughout the subject will be applied in assessments including the business plan and business pitch. Self-discipline is also learned through active participation in lectures, which require you to take notes to extend and consolidate your understanding of the subject content. The extent to which you choose to attend lectures, participate and take notes is indirectly assessed through several assessments including proof of concept report, business plan and project pitch. Interpersonal skills will be developed and practiced through teamwork and will be assessed in the aforementioned assessments. Personal skills will also be developed in all the assessments throughout the subject and students will be provided with opportunities for self and peer reflection which will also be assessed.

The development of any Western society today is underpinned by commercialization and entrepreneurship. In that regard, this course 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, business plan and project pitch.

  1. 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, business plan, project pitch and reflection (Assessment tasks 1 - 4).

  1. 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 (Assessment tasks 1 - 4).

Teaching and learning strategies

This subject will consist of five contact hours per week; 1 x 2 hour lecture and 1 x 3 hour workshop. You are expected and encouraged to attend all lectures and workshops.

Online learning:

You will begin the subject by interacting with the online learning environment in Canvas where you will be introduced to what innovation, commercialisation and entrepreneurship really mean. These online independent learning activities are designed to let you engage with the materials before face-to-face classes to help facilitate discussion and collaboration with peers.

Face-to-face learning:

The face-to-face learning will consist of lectures and workshops. The lectures will provide you with the necessary background knowledge for undertaking and developing an innovative project. You will have the opportunity to receive first-hand information from a variety of guest lecturers from industry whom have a wealth of knowledge in the realm of innovation. In the lecture sessions you will have the opportunity to further develop your understanding through lecturer led interactive activities. The lectures 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 the workshop project.

In the workshops you have the chance to develop an innovative project. The workshops (each 3 hours in duration) provide you the setting to work with your class to share ideas and help you to continually evolve and improve this project over the duration of the subject.

Feedback:

You will receive early formative feedback on your proof of concept draft allowing you to adjust your work for your second assessment. You will also receive formative feedback on both the draft of your business plan and your practice pitch so you can further develop your final products before submission.

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: Proof of concept report

Intent:

This assessment task contributes to the development of the following graduate attributes:

  1. Disciplinary knowledge
  2. Research, inquiry and critical thinking
  3. Professional, ethical and social responsibility
  4. Reflection, Innovation, Creativity
  5. Communication
Objective(s):

This assessment task addresses subject learning objective(s):

1, 2, 3 and 6

This assessment task contributes to the development of course intended learning outcome(s):

.0, .0, .0, 1.2 and 2.1

Groupwork: Group, group and individually assessed
Weight: 20%
Criteria:

The assessment will be based on the following:

  • The level of creativity and innovation in the new product and the group’s ability to reflect upon the likelihood of success in developing such a product.
  • Evidence of an assessment of the proof of concept.
  • Quality and clarity of written expression including grammar, spelling and appropriate bibliography.

Assessment task 2: Business Plan

Intent:

This assessment task contributes to the development of the following graduate attributes:

  1. Disciplinary knowledge
  2. Research, inquiry and critical thinking
  3. Professional, ethical and social responsibility
  4. Reflection, Innovation, Creativity
  5. Communication
Objective(s):

This assessment task addresses subject learning objective(s):

1, 2, 3, 4, 5 and 6

This assessment task contributes to the development of course intended learning outcome(s):

.0, .0, .0, 1.2 and 2.1

Groupwork: Group, group assessed
Weight: 20%
Criteria:

The assessment will be based on the following:

  • Quality of the description of the product.
  • A clear understanding of how the product will be marketed and an understanding of the strengths, weaknesses, opportunities and threats so far.
  • A convincing financial plan that would clarify for an investor what makes the product or company worthwhile for investment.
  • Inclusion of relevant references in the body of the report using the Harvard system with a bibliography at the end.

Assessment task 3: Project Pitch

Intent:

This assessment task contributes to the development of the following graduate attributes:

  1. Disciplinary knowledge
  2. Research, inquiry and critical thinking
  3. Professional, ethical and social responsibility
  4. Reflection, Innovation, Creativity
  5. Communication
Objective(s):

This assessment task addresses subject learning objective(s):

2, 5 and 6

This assessment task contributes to the development of course intended learning outcome(s):

.0, .0, .0, 1.2 and 2.1

Groupwork: Group, individually assessed
Weight: 35%
Criteria:

Presentations will be assessed based on:

  • The content and completeness of the presentation as well as its quality.
  • The creativity & innovation of the product, its uniqueness and salability, etc.
  • The quality of the PowerPoint presentation slides, diagrams and enthusiasm.
  • Ability to make contact with the mock panel and convince them to buy into the product/company.
  • You will be assessed on your individual contribution and presentation.

Assessment task 4: Participation, Engagement and Reflection

Intent:

This assessment task contributes to the development of the following graduate attributes:

3. Professional, ethical and social responsibility
5. Communication skills

Objective(s):

This assessment task addresses subject learning objective(s):

6

This assessment task contributes to the development of course intended learning outcome(s):

.0 and .0

Groupwork: Individual
Weight: 25%
Criteria:

Subject engagement will be assessed on the following:

  • Contributions to lecture discussions and activities
  • Completion of pre-lecture materials
  • Continued attendance and contribution to group work
  • Peer assessment on SPARKPLUS

The reflective report will be assessed on the following:

  • In-depth reflection on the critical skills gained in the course. Provide clear detailed examples, as applicable.
  • Ability to reflect upon the experience of working in a group and coming up with an idea for a new product.
  • Quality, structure and clarity of written expression including grammar and spellings.

Minimum requirements

You are expected 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.

References

Will be provided at the start of the subject.