Course Description
This dynamic, marketing-driven course empowers students to navigate the exhilarating journey of new product venture development, blending marketing savvy with innovation to transform ideas into viable business opportunities. Through a hands-on approach, participants will master the art of navigating a development of new idea by identifying market opportunities, assessing viability, implementing strategic pivots for optimization, and validating their concept through the development of an initial Minimum Viable Product (MVP). Ultimately, students will refine their vision into an investor-ready pitch, presented to a panel of industry experts.
Means of Assessment
Assessment will be based on course objectives and will be carried out in accordance with the Douglas College Evaluation Policy. An evaluation schedule is presented at the beginning of the course. This is a graded course.
Participation 5-10%
Assignments 30-65%
Pitches 20-30%
Total 100%
STUDENTS MUST COMPLETE ALL COMPONENTS OF THE COURSE AND ACHIEVE A MINIMUM AVERAGE GRADE OF AT LEAST 50 PERCENT ON THEIR TOTAL NON-GROUP EVALUATIONS TO OBTAIN CREDIT FOR THE COURSE.
Note: No single assignment to be worth more than 40%.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
Learning Outcomes
At the end of the course, the successful student should be able to:
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Analyze Market Opportunities: Students will critically analyze market trends and consumer needs to identify viable opportunities for new product ventures, employing advanced market and competitive analysis techniques to establish a differentiated value proposition.
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Develop Strategic Business Models: Students will construct comprehensive business models that integrate desirability, feasibility, and viability considerations, demonstrating the ability to apply strategic planning principles to real-world scenarios.
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Design and Validate MVPs: Participants will design, develop, and validate a Minimum Viable Product (MVP) based on in-depth customer feedback and iterative design processes, showcasing proficiency in agile development methodologies and customer-centric design thinking.
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Evaluate Business Sustainability and Scalability: Students will evaluate the sustainability and scalability of their business models, employing critical thinking to assess long-term viability and potential environmental, social, and economic impacts.
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Synthesize Feedback for Iterative Improvement: Through iterative cycles of feedback and refinement, students will synthesize critiques from peers, instructors, and industry professionals to iteratively improve their product concepts and business strategies.
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Craft and Deliver Persuasive Pitches: Students will craft compelling pitch presentations that effectively communicate their business model's value proposition, market potential, and investment appeal to a panel of experts, demonstrating advanced skills in persuasive communication and storytelling.
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Negotiate and Secure Early Commitments: Students will demonstrate the ability to negotiate with potential customers and secure early commitments, showcasing advanced negotiation skills and an understanding of customer acquisition strategies.
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Reflect on Ethical and Social Implications: Students will critically reflect on the ethical, social, and environmental implications of their new product ventures, demonstrating a commitment to responsible entrepreneurship and sustainable business practices.
Textbook Materials
Maurya, Ash., Running Lean – Iterate from Plan A to a Plan That Works. O'Reilly Media Inc. Latest edition or equivalent as approved by the Department.