SCI07014 2020 Enterprise in Biomedical Sciences

Appraise how the entrepreneurial process can be applied for improved practice within biomedical sciences’ employer organisations

Display skills in creativity, opportunity analysis, resource management and communication.

Plan a new venture for a life sciences marketable product or tradable service.

Evaluate and critically reflect on team work and enterprise skills’ development through participation in a new venture planning project.

A range of learning and teaching methods are used, including:

• • Online lectures
  • Tutor supported online activities and discussions
  • Directed reading
  • Self-assessment quizzes
  • Group business planning project

Presentation [25%]

Lecture material introduces students to sources of creativity and aids to creativity. Each student then has to generate a new venture idea OR an improved practice proposition in the broad field of biomedical sciences through interaction with his or her network of professional contacts and peers or observation/reading/ research. New venture ideas may come through serendipitous discovery (job into a business, wanted yourself, read or hear about it, or observe on the TV, internet or travels), a previous or current job or a research project.

Improved practice propositions will arise out of a student's previous or current work or studies. The American term "elevator pitch" comes from the notion that the entrepreneurial person has the time it takes to travel up in an elevator (e.g. 60 seconds) to convince those around him or her that he or she has a marketable idea or improvement proposition.

Each student will develop their elevator pitch, present it orally, capture it on video and submit the video of their elevator pitch. The marking criteria are weighted 70% to content (new venture- the product/service; the target customers; the benefits; why it is a killer idea? OR improved practice - existing organisation; limitations of existing practice; the improved practice; why it is a killer idea?) and 30% to delivery (within 60 seconds; structure, fluency and clarity; enthusiasm and confidence). Students are provided with guidelines and examples, including assessment criteria, and written feedback is provided by the tutor against the set criteria.

Project [75%]

Students will form groups comprising 3 to 5 members. Each group is required to select

one of the new venture propositions created by its members, and then carry out the Project to plan to bring that new product or tradeable service to the life sciences market.

The Project comprises 3 sections: Individual minutes of a group meeting; Individual reflection on development of team working and enterprise skills; and Group outline new venture plan

Individual minutes of a group meeting (20%)

Each member in a group is required to share leadership of the group's new venture planning work. Each member of the group will arrange one group Project meeting, set the agenda for that meeting and then write a brief set of minutes arising from that meeting. The marking criteria for the submitted meeting minutes are weighted 70% to content (Key discussions points and actions, responsibilities and deadlines are concisely and clearly stated) and 30% to presentation (structure, writing style and < 400 words). Feedback is provided by the Lecturer on a pro forma in line with the marking criteria.

Individual reflection on development of team working and enterprise skills (25%)

On the penultimate week of the Project, each student will write a reflection, stated in 400 words or less, on "Working on a group new venture planning project helped develop my team working and enterprise skills". The marking criteria are weighted 70% to content (demonstrate an understanding of what team working and enterprise skills; emphasising evaluation over description, grounding the reflection on experiences and learning to date) and 30% to presentation (structure, writing style and < 400 words). Feedback is provided by the Lecturer on a pro forma in line with the marking criteria. This element of the Project has a weighting of 25 of the 75 marks.

Group outline new venture plan (30%)

On the final week of the Project, each group will submit their written new venture outline plan. The marking criteria are weighted 80% to content (Market or Community opportunity; competitive differentiation; business model or community action model; management team; finance) and 20% to delivery (Structure, fluency and clarity; in less than 1000 words).

Feedback is provided by the tutor on a pro forma in line with the marking criteria. Each member of the group will also anonymously complete and submit a peer and self assessment of team work form to the tutor. Normally each member in the group will get the same mark for the outline new venture plan but if a student was identified as not contributing adequately to the group a mark deduction for that team member could be made, with the addition of an equal proportion of the deducted marks to other group members.

Feedback will be written and detailed against each criteria as appropriate

Not Applicable.

CONTENT

Entrepreneurial process: The entrepreneur - qualities and role models. The opportunity - constituents of entrepreneurship and analysis. The resources - human, physical and financial. Myths about entrepreneurs. Different frameworks for innovation driven entrepreneurship. An approach to bring ideas to fruition sooner and with less risk of failure. The entrepreneurial team.

Creativity: Sources of creativity and creativity techniques - brainstorming. Protection of creative endeavour - intellectual property. Communicating ideas - elevator pitch.

Team work: Steps in forming teams. Cultural influences. Effective team work. Chemistry between team members and conflict resolution.

New venture planning: The new venture plan. Marketing research - secondary and primary data. Financial forecasting.

Local regional, national and global case study examples: Within pathology services - projects to add value through service rationalisation and new service introduction. In life sciences technology transfer - bench to beside. In new venture within the life sciences' sector.