IRF23513 Innovation and Economy (Spring 2022)

The course is connected to the following study programs

The course is compulsory for the Bachelor of Engineering:

• Civil, Construction and Environmental Engineering (including Tress and Y-veien)

• Electronics and Green Energy (including Tress and Y-veien)

Lecture Semester

4th semester (spring)

The student's learning outcomes after completing the course

The student

• Has knowledge of technological innovation and innovation

• Has a theoretical background and understanding to be able to perform entrepreneurship as an active participant in a modern organization

• Has built up competence and self-confidence to carry out projects

• Has through his work trained in working in teams in a systematic way according to recognized methods and models for problem solving and project management

• Has acquired knowledge of a company's costs, revenues and market adaptation as well as accounting and budgeting systems

Skills:

The student

• Can help identify and generate new ideas and solutions

• Can evaluate ideas using systems, innovation and economics concepts

• Has competence in using a set of methods, techniques, IT tools and models to carry out the start-up and liquidation of a company

• Can read simple accounts and make various profitability assessments

• Can prepare simple company and project accounts 

General competence:

The student

• Can contribute to the development of new processes and systems

• Can contribute knowledge in systems thinking in interdisciplinary work

• Can assess financial information

• Has an understanding of the ethical obligations it entails to run one's own business - both towards employees and society

Content

The course connects various concepts and methods related to innovation, economics and entrepreneurship. Students will develop system understanding in technological innovation work and business development, The course will also provide students with basic business economics knowledge.

The course will focus on interdisciplinary and holistic thinking on the topic of innovation, economics and entrepreneurship. Process-systems thinking is central to technological innovation. Students will develop their own business plan, implement it and report their results in a final report. Students are also given a basic understanding of financial prerequisites for a role as an engineer / entrepreneur.

• Innovation - product and system

• Teamwork / Interdisciplinary organization

• Choice of business idea

• Project work as a form of work

• Registration of student company

• Cost and revenue theory

• Business plan building with the following main themes: Idea, Market, Budgeting, Organization and Financing

• Success factors for entrepreneurship

Forms of teaching and learning

The course is a project subject that requires active group participation and follow-up. The process is demanding, but at the same time very educational. Supervision and self-study are central to the subject.

• Lecture

• Student business as a method

• Teamwork

Workload

250-300 hours

Coursework requirements - conditions for taking the exam

• 2 compulsory group assignments that form the basis for a final report

• Participation in Østfold Championship for student companies

Examination

Report (group exam) and oral exam.

Oral exam is based on the submitted final report from the project. The grade is set on the basis of oral exam in a group. It can be given an individual grade. Letter grades A-F are used.

Examiners

External and internal sensor or two internal sensors.

Conditions for resit/rescheduled exams

New / postponed exam takes place at the next ordinary exam. At the examination, both a new report must be submitted and a new oral hearing must be conducted.

Course evaluation

Ongoing evaluation of the teaching throughout the semester, where the method of evaluation is agreed between the subject teacher (s) and students. Written final evaluation of the course.

Literature

Aulet, B. (2013). Disciplined entrepreneurship: 24 steps to a successful startup. John Wiley & Sons.

Gerber, M. E., & Gerber, M. E. (2005). The E-myth revisited. Harper Collins Publishers.