In the E&I InnoLab course, students work in (interdisciplinary) teams to develop a new product concept including a functional model/ prototype to address a real-world problem. Students learn about needs and trend analysis tools and methods and idea generation techniques and develop innovative ideas, possible approaches and functional models. The course focuses on design thinking, a creative method developed by Stanford University and the IDEO creative design company and used in a wide variety of fields. InnoLab students work on real-world innovation projects that range from new product and services development to new business model generation. In collaboration with private-sector partners (such as Airbus, Magna, Red Bull,IKEA and Vienna International Airport in past semesters), students develop creative ideas and concepts and design functional models and prototypes that are extensively field tested. Students profit in particular from the mutual exchange of knowledge and experience across fields of study and learn to view innovations from different viewpoints and perspectives. Project partners provide additional information and detailed project descriptions at the kick-off event. InnoLab partners are generally established companies interested in exploring the new perspectives our structured methods opens up on successful systems, products, services, and approaches.
The E&I InnoLab course provides students with insight into selected areas in the entrepreneurship and innovation field. After successfully completing the course, students will be able to:
Technical and professional skills:
· Employ the design thinking method to generate innovative product, service and business model ideas and concepts.
· Take a structured approach to identifying needs not being met.
· Apply various creative techniques to generate ideas.
· Use iterative testing and feedback loops to review and advance approaches and assumptions.
· Visualize and transform ideas into functional models.
· Experience and reflect on group processes and dynamics in heterogeneous teams.
· Independently structure and execute complex innovation projects in teams.
· Create and effectively present and defend results-oriented presentations and reports.
· Identify and take advantage of the synergy effects of interdisciplinary cooperation.
Additionally participants have:
· Learned how to deal with an open-ended project and experienced ambiguity tolerance.
· Honed and expanded their professional ability to communicate project content in writing and orally.
· Practiced using complex and effective tools (e.g. databases) for research and to obtain information and data for an assignment.
To complete this course with a positive grade, students must attend 80% of scheduled classes (exception: 100% attendance at literature test, kick-off and E&I Touchdown – event)
· Real-world projects completed with mentoring from course instructor and external coaches
· Design thinking (an interdisciplinary, user-centered innovation process)
· Periodic presentations and discussions of results
· Summary of results in a final, results-oriented project report
· Project review and milestone meetings with project partners
· Skills workshops to hone presentation skills and creative techniques
The final grade in the course will depend on:
· 10% literature test (in English / literature according to Learn@WU)
· 20% engagement in the project (attendance, contribution to classes, coachings and workshop, ability and willingness to implement feedback)
· 10% mid-term pitch
· 45% project result (quality of working papers, final business proposal and final pitch)
· 5% Touchdown (adherance to deadlines, implementation of feedback and quality of pitch)
· 10% reflection paper
Additionally, there will be mid-term and end of term peer ratings of the team members which may result in individual up- or downgradings.
Literature test: The aim of the compulsory literature test (1.10.2019 betweeen 8.00am and 9.00am) is to examine the necessary basic as well as specific knowledge in order to successfully work on your project.
If the literature test is not successfully passed, the Analyst Support Program (ASP) will be automatically applied. Within the Analyst Support Program, an individual performance has to be carried out in the further semester course, instead of the group work. In case of non-participation (only due to illness), a medical certificate must be presented. An alternative date will be offered for this purpose. You will receive detailed information about the content and location of the test after registration to the course.
Attendance: In order to successfully pass this course, your absence is limited to 20% of our appointments. Please note that the attendance of the literature test, the kick-off and the E&I Touchdown is obligatory!
Students enrolled in the Entrepreneurship and Innovation Specialization Program.
Please note that course registration is binding. The moment your registration is received, it is regarded as a clear commitment on your part. Students cannot transfer to another course (once the add/drop period is over) with no exceptions, as it would be unfair to other students (who might not have gotten into the course of their choice because of the spot you registered for). The number of students accepted to the course will only be expanded if there is no space in any other course 4/5.