TMGT604 Innovation and Entrepreneurship

Students must have successfully completes 6 subjects from Year 1, which must include TSTA601 Business Research Methods.

MBA Prerequisite: Successfully complete 6 units from the first 2 terms.

This subject introduces students to the nature and characteristics of entrepreneurship and innovation and explores the interrelationship between the two within contemporary economies. The nature of enterprise behavior and the characteristics of entrepreneurs in both large and small organizations are examined, as are the policy issues associated with encouraging enterprise and innovation within the wider community. The fundamentals of opportunity recognition and screening of new venture ideas are examined from both a macro and micro perspective. 
Entrepreneurship is frequently associated with innovation. For example, entrepreneurs have been identified within society as the drivers of ‘creative destruction’, frequently leading radical changes within business markets through the introduction of innovations. However, while innovation is often associated with entrepreneurs it remains a separate concept with its own dynamics. Innovations can involve radical or evolutionary changes and may or may not involve technology. Within business, innovation is usually associated with product or process technologies that serve to add value or lower costs. Innovation can also involve enhancements to the way a business system is structured, work places are designed, markets are accessed or finances are managed. Innovators can be equally diverse and those who can blend innovation together with entrepreneurship are likely to profoundly shape the future of their industries.