Developing Novel Business Models

This course aims to provide students an in-depth understanding of the 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. Students will apply and gain experience with practical tools for business model development by executing several assignments. In the end, students will present their novel business model in front of a jury of professional experts.

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 + Ideation of PainpointIn 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: Conducting customer interviews and formulating value proposition canvasIn 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: Conducting quantitative experimentsIn 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 + Online speed datingIn 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 PitchIn 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 ModelIn 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. The first module provides a general introduction. The subsequent modules consist of in-class workshops, where students will work on particular aspects of the group assignments.

Group assignments and individual adjustment based on peer review

For this course, it is expected that students are familiar with the following concepts: 'value proposition canvas', 'business model canvas', and 'lean analytics'

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