A course that explores the topic of Innovation and Commercialisation. Questions as to what role innovation plays in development of new products and services, and in the improvement of existing ones, will be investigated. The course looks at the connection between innovation and the commercialisation of new ideas. Business plans and phases of implementation for the commercial realisation of innovation will be discussed. Other areas covered will include funding of commercialisation, valuing intellectual property, Australia's performance in the area and government support.
Case studies and assessment tasks will be drawn from different fields. Students from all backgrounds are encouraged to enrol.
Not currently offered.
This course replaces the following course(s): GENG6005. Students who have successfully completed GENG6005 are not eligible to enrol in ENGG6005.
On successful completion of the course students will be able to:
1. Introductory knowledge of the conduct and management of enterprises and the structure and capabilities of the workforce.
2. Appreciation of the commercial, financial and marketing aspects of innovation projects and programs and the requirements for successful commercialisation.
3. Ability to realistically assess the scope and dimensions of an innovation project or task, as a starting point for estimating costs and scale of effort required.
4. Understanding of the need to incorporate cost considerations throughout the design and execution of an innovation project and to manage it within realistic constraints of time and budget.
5. General awareness of business principles and appreciation of their significance.
- Research - What is it, why do it, what are the outcomes, how is it applied?
- Innovation - What is it, why innovate, advantages for business?
- Innovation plans
- The role of innovation in commercialisation
- Entrepreneurship - What is it, who does it?
- The stages of intellectual property (IP) development/commercialisation (concept, analysis, pilot prototype, etc.
- Funding IP during the stages of its development
- OECD statistics on 'research expenditure' vs 'commercialisation outcomes'
- Comparison of Australia with other countries
- The key ingredients to commercial success: technology (know-how), funding network, overcoming the hurdles and their respective weightings
- Why don't we commercialise well; how can we do it better?
- Funding commercialisation - raising money, 'first funding', funding sources compared to commercialisation stages, government funding.
- Business Plans/Information Memorandums/Prospectuses/Initial Public Offering (IPO)
Participation: Group/tutorial participation and contribution
Case Study / Problem Based Learning: Case Scenario/PBL exercises
Written Assignment: Essays/Written Assignments
In Term Test: Examination: Class