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Developing Novel Business Models

Course code
Course type
BSc Course
Weekly Hours
FS 2021
Prof. Dr. Dries Faems
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.
This course aims to provide students an in-depth understanding of the theoretical and practical challenges of developing novel business models. During the course, the students will deal with the generation and identification of promising entrepreneurial opportunities as well as the systematic evaluation of business concepts. Furthermore, the course provides content on the lean startup methodology and addresses the required skills to pitch an initial business model. In the course, students are confronted with state-of-the-art academic and practical insights regarding the topic of business model development. They are expected to absorb theoretical knowledge, apply and gain experience with practical tools and critically reflect on hypes and trends with respect to business model development.
Date Time
Monday, 11.01.2021 08:00 - 11:15
Tuesday, 26.01.2021 08:00 - 11:15
Monday, 08.02.2021 08:00 - 11:15
Applied theories and methods
Creativity methods and tools
Business idea pitching and business pitch videos
Evaluation methods and tools
Business Model Canvas method
Lean startup approach
Module 1: Fundamentals of Business Models and Introduction to Group Assignments (January 11) In this first module, we discuss the fundamentals of business model development and introduce the group assignments. Several case examples will be provided to illustrate the nature and content of the different assignments.Background reading:- Teece, D.J. (2010) Business Models, Business Strategy and Innovation. Long Range Planning, 43: 172-194.- Chesbrough, H. (2010) Business Model Innovation: Opportunities and barriers. Long Range Planning, 43: 354-363.Module 2: Identifying painpoints and formulating value proposition canvas (January 18)In this workshop, students will be challenged to identify and develop a particular customer painpoint. Subsequently, students will start developing a value proposition to address this painpoint.Background reading:- Osterwalder, A. and Y. Pigneur. 2010: Subsection on Customer Insight (pp 126-133).Module 3: Developing the Business Model Canvas, formulating hypotheses and testing by means of minimal viable products (January 26)In this module, we discuss the different aspects of the business canvas model and resulting business model patterns. We also look into the lean startup approach and evidence based entrepreneurship.Background reading:- Eisenmann, T., Parker, G., and Van Alstyne, M.W. (2006) Strategies for two-sided markets, October 2006.- Osterwalder, A. and Y. Pigneur. 2010: Section on Canvas (pp 10-51) and section on Patterns (pp 52-121)- Steve Blank. 2013. Why the Lean Start-Up Changes Everything. Harvard Business Review, May. - Eisenmann, T. R., Ries, E., & Dillard, S. 2012. Hypothesis-driven entrepreneurship: The lean startup. (Harvard Business School 9-812-095)Module 4: Pitching and defending your business model (February 2)In this module, we provide an overview of best practices in pitching and defending a new business models.Background reading:- Osterwalder, A. and Y. Pigneur (2010) Subsection on Sorytelling (pp 170-179Module 5: Mock Pitch(February 8)In this session, each group will individually conduct a pitch of their business model in front of a mock jury. Each group will get extensive feedback to prepare for the final pitch.Module 6: Pitching Business Model(February 16)In this module, all groups will conduct an in-class pitch of their business model in front of a professional jury.
The course consists of six modules. Within these modules, we will conduct both lectures and in-class workshops. For each module, students are expected to read papers and/or book chapters in advance and to prepare particular assignments.
Group assignments and individual assignment
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