[CT436]: Week 1 lecture notes + slides

year4/semester1/CT436: Advanced Professional Skills/notes/CT436-Notes.tex

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 \section{Introduction}
+\subsection{Lecturer Contact Information}
+\begin{itemize}
+    \item   Dr. Owen Molloy (\href{mailto://owen.molloy@universityofgalway.ie}{\texttt{owen.molloy@universityofgalway.ie}}
+\end{itemize}
+
+\subsection{Group Project}
+\begin{itemize}
+    \item   Groups of 3 -- 5.
+    \item   Work on an idea that your team is excited about.
+    \item   Take the ideation \& team formation phase very seriously: it can greatly determine your experience
+            within the class.
+    \item   If you find that your idea hits a dead-end, do not be afraid to pivot mid-way through the semester.
+\end{itemize}
+
+Each team will maintain an online portfolio documenting their journey \& linking with or containing their deliverables:
+\begin{multicols}{2}
+\begin{itemize}
+    \item   Idea generation.
+    \item   Market segmentation / analysis.
+    \item   End-user profiling.
+    \item   Customer persona.
+    \item   Lifecycle use case.
+    \item   Quantified value proposition.
+    \item   Product brochure.
+    \item   Business model canvas / business plan.
+    \item   Video (which will be submitted to EI Student Entrepreneur Awards).
+\end{itemize}
+\end{multicols}
+
+\section{Innovation}
+\textbf{Innovation} consists of using new technology \& new ways of thinking to add value to an existing idea or
+product and to make substantial changes in society.
+Innovation = Invention $\times$ Commercialisation.
+
+\subsection{Four Misinterpretations of Innovation}
+\begin{enumerate}
+    \item   \textbf{Innovation $\neq$ Invention}: An invention is a creative idea while an innovation makes that idea 
+            feasible and turns it into a product or service that satisfies the customer's needs.
+
+    \item   \textbf{Innovation $\neq$ New Products and/or Services}: Innovation has rightly been associated with many 
+            cases of new product development.
+            However, innovation can concern other new developments such as new markets or new marketing methods.
+
+    \item   \textbf{Innovation $\neq$ Original}: Innovation often builds on old existing ideas \& resources.
+    
+    \item   \textbf{Innovation $\neq$ One-Off Inspiration}: Unlike the one sudden flash of inspiration, innovation
+            is a gradual process that takes place over a period of time (or incubation).
+\end{enumerate}
+
+\subsection{Sources of Innovation}
+Innovators are generally attentive to changes which give them clues to what opportunities may come in future.
+Would-be innovators must also go out and look, ask, \& listen.
+Above all, innovation is \textit{work} rather than \textit{genius}.
+It requires knowledge, it requires focus, and it often requires integrity.
+
+\begin{figure}[H]
+    \centering
+    \includegraphics[width=0.6\textwidth]{images/druckers_sources_of_innovation.png}
+    \caption{Drucker's Sources of Innovation}
+\end{figure}
+
+\subsection{Types of Innovation}
+\begin{itemize}
+    \item   \textbf{Invention:} Totally new product, service, or process.
+    \item   \textbf{Extension:} New use or different application of an already existing product, service, or process.
+    \item   \textbf{Duplication:} Creative replication of an existing concept.
+    \item   \textbf{Synthesis:} Combination of existing concepts \& factors into a new formulation or use.
+\end{itemize}
+
+\section{Entrepreneurship}
+\textbf{Entrepreneurship} is the formation of a new venture that produces a product or offering that creates some value to 
+make it economically sustainable.
+It has the ability to improve standards of living \& create wealth.
+\\\\
+In contemporary markets, entrepreneurs act as innovators or developers who identify \& capture opportunities, transform 
+the opportunities into merchandisable concepts, create value through multiple stakeholders \& resources, and take risks 
+while seeking rewards for their ventures \& efforts.
+
+\subsection{What do you need to start a successful new venture?}
+\begin{enumerate}
+    \item   Idea.
+    \item   Team.
+    \item   Process.
+\end{enumerate}
+
+Good entrepreneurial business ideas are:
+\begin{enumerate}
+    \item   \textbf{Market-Driven:}
+            \begin{itemize}
+                \item   Solve a problem.
+                \item   Find a market need.
+                \item   Customer-focused, not product-driven.
+                \item   Targets an identified sizeable market segment.
+            \end{itemize}
+    \item   \textbf{Feasible:}
+            \begin{itemize}
+                \item   Attractive: there is a demand.
+                \item   Achievable: it can be done.
+                \item   Durable: it lasts.
+                \item   Value-Creating: it is worth something.
+                \item   Safe.
+                \item   Affordable.
+            \end{itemize}
+    \item   \textbf{Unique:}
+            \begin{itemize}
+                \item   Faster/Better/Cheaper.
+                \item   Differentiated (vs. commodity).
+            \end{itemize}
+    \item   \textbf{Fundable:}
+            \begin{itemize}
+                \item   Revenue stream.
+                \item   Management risk.
+                \item   Sustainable: market exists with frequency of purchase.
+                \item   Scaleable or replicable.
+                \item   Barriers to entry.
+                \item   Growth potential.
+                \item   Product pipeline.
+                \item   Exit plan.
+                \item   Innovative.
+            \end{itemize}
+    \item   \textbf{Innovative:}
+            \begin{itemize}
+                \item   Invention: totally new product/service/process.
+                \item   Extension: new use or different application of an already existing product/service/process.
+                \item   Duplication: creating a replication of an existing concept.
+                \item   Synthesis: combining existing concepts and/or factors into new formula for use.
+            \end{itemize}
+\end{enumerate}
+
+
+
+
+
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+
 
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