26834 Venture Lab

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 2024 is available in the Archives.

UTS: Business
Credit points: 6 cp

Subject level:

Postgraduate

Result type: Grade and marks

There are course requisites for this subject. See access conditions.

Note

Enrolment into the subject requires approval by the subject coordinator. To register your interest please send an email to: business.mba@uts.edu.au

Description

In this subject, students learn how to evaluate a business opportunity or venture idea and develop it towards an operational business model for early-stage ventures. While working on their venture, students study critical entrepreneurial processes and methods, examine business strategy, and develop markets, products/services, business models, financial performance and measurement design. The subject integrates knowledge and skills of the Lean Startup methodology with strategy, accounting, and finance concepts. Students are introduced to reflection, accountability, and peer learning practices, which support them in planning and prioritising activities and help them validate various aspects of their venture. The subject's objective is to enable students to make an evidence-based decision about whether to continue or pivot.

Subject learning objectives (SLOs)

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

1.	Research and synthesise data to identify and develop business opportunities
2.	Apply relevant startup methods and processes for the creation of an early stage venture
3.	Make a decision about the viability of a business opportunity
4.	Appreciate the role and importance of diverse perspectives and values in the growth and development of entrepreneurial opportunities

Course intended learning outcomes (CILOs)

This subject also contributes specifically to the following program learning objectives:

Reflect on Indigenous perspectives and values in the growth and transformation of organisations and processes (3.2)

Contribution to the development of graduate attributes

This subject is designed to integrate and apply knowledge of emerging entrepreneurial strategies and commercial opportunities. Students learn and apply new knowledge and skills to their real venture situations and practice critical, analytical and creative thinking to develop or reject an entrepreneurial opportunity based on evidence. Through experiential learning activities and industry embedded research, students develop and practice new knowledge and skills.

This subject contributes to the development of the following graduate attribute(s):

Professional and technical competence

This subject also contributes specifically to develop the following Program Learning Objective(s):

Synthesise evidence-based judgement, analytical and creative skills to evaluate and solve complex business problems (1.1)
Communicate ideas, decisions and strategies clearly and apply interpersonal skills that are sensitive to diverse people, cultures and contexts (2.1)
Practice ethical leadership and responsible decision-making to create culturally contextualised and sustainable economic, social and ecological business outcomes (3.1)
Integrate complex business concepts and practices with professional integrity to critically evaluate the purpose and management of businesses for transformation and growth (4.1)

Teaching and learning strategies

The subject is offered in intensive block mode over two full days and two evening classes using a mix of a case study and best practice approach. Delivery of teaching and learning materials, lectures, webinars and discussions are supported by online learning and communication tools and the UTS learning management system. The face-to-face classes engage students in group work, discussions and exercises to reflect upon and revise the content.

It is recommended that students engage with a broad range of materials, including relevant chapters in books, videos, practitioner literature, news articles, academic journal articles as well as online learning material. Each learning module provides a collection of readings and background materials. It is expected that students engage with this material before attending class.

Content (topics)

Lean Canvas and business models
Reflection and accountability
Markets and customer segments
Problem solution fit
Key metrics
Value proposition
Channels and go to market strategy
Cost structures and revenue streams
Budgeting and forecasting
Organisational design and governance
Opportunity valuation

Assessment

Assessment task 1: Venture Case and Reflection (Individual)

Objective(s):	This addresses subject learning objective(s): 1, 2 and 4
Weight:	60%
Length:	Minimum 1,000 words for parts 1-3, minimum 3,500 words for venture case
Criteria:	Analysis of industry and macroeconomic trends Analysis of market, segmentation and customer needs Analysis of competition Evaluation of business model options Evaluation of operating and cash budgets models Evaluation of market strategy options Communication and format Reflection

Assessment task 2: Video Pitch (Individual)

Objective(s):	This addresses subject learning objective(s): 1, 2 and 3 This addresses program learning objectives(s): 3.2
Weight:	40%
Length:	3 minutes
Criteria:	Evaluation of problem/opportunity and solution/market fit Ask and Plan, Next Steps Communication, presentation and production quality

Minimum requirements

Students must achieve at least 50% of the subject’s total marks.

References

Alvesson, M., Karreman., D., 2004. Interfaces of control. Technocratic and socio-ideological control in a global management consultancy firm, Accounting, Organisations and Society, 434-444

Clegg, S., Schweitzer, J., Whittle, A., Pitelis, C., 2020. Strategy: theory and practice 2020, Third edition

Langfield-Smith, K., Smith, D., Andon, P., Hilton, R., Thorne, H., 2018. Management accounting: information for creating and managing value, 8th edition

Maurya, A., 2022. Running Lean: Iterate from Plan A to a Plan That Works, Third Edition.

Malmi, T., Brown, D.A., 2008. Management control systems as a package: Opportunities, challenges and research directions. Management Accounting Research 19, 287-300

Osterwalder, A., Pigneur, Y., 2010. Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers. John Wiley & Sons Inc., Hoboken, NJ.

Osterwalder, A., Pigneur, Y., Tucci, C.L., 2005. Clarifying business models: Origins, present, and future of the concept. Communications of the Association for Information Systems, 16(1), 1-25.

Ouchi, W.G., 1979, ‘A Conceptual Framework for the Design of Organizational Control Mechanism’, Management Science 25, 9: 833–848