Course Syllabus

Strategic Entrepreneurship & Innovation

EBC4041

Academic Year: 2021-2022

Course Period: 1

Coordinator: Dr. Yannick Bammens

School of Business and Economics

Master International Business

© Academic year 2021-2022 Maastricht University School of Business and Economics

Nothing in this publication may be reproduced and/or made public by means of printing, offset, photocopy or
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owner of the copyright.
 Table of Contents

1. Introduction ............................................................................................................................................................... 3
2. Course objectives ...................................................................................................................................................... 4
3. Course structure ........................................................................................................................................................ 6
4. Course schedule......................................................................................................................................................... 8
5. Learning materials and preparation ........................................................................................................................ 9
6. Assessment and grading .........................................................................................................................................20
7. Contact......................................................................................................................................................................23
8. Appendix 1: note on business plans.....................................................................................................................24
9. Appendix 2: SBE regulations ................................................................................................................................25

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 1. Introduction

Entrepreneurship and innovation represent key pillars of economic growth and societal progress.
Entrepreneurship refers to the creation of new business activities that exploit opportunities with economic
value, either by individuals setting up start-up ventures (i.e., independent entrepreneurship) or by established
companies setting up new business lines (i.e., corporate entrepreneurship). Innovation refers to the
development and application of novel (technical) ideas, such as new or significantly improved production
processes or products/services. Clearly, not all types of entrepreneurship involve innovation (e.g., start-ups
copying the business model of other enterprises), nor do all types of innovation involve entrepreneurship
(e.g., existing firms implementing a more efficient production process). Yet, as pointed out by economist
Joseph Schumpeter, it is precisely the combination of entrepreneurship and innovation that is most powerful
in driving economic growth and societal progress. Nowadays, founders of start-ups are highly regarded in
society, and established firms are well aware that they need to be innovative and entrepreneurial to remain
competitive. Not only do these agents of change generate wealth and create jobs, but they also help address
many of the challenges faced by today’s society, including in the area of ecological sustainability. Indeed, as
argued by Michael Porter, few initiatives are as potent in addressing major global challenges as purpose-
driven innovative business ventures.

This period 1 course Strategic Entrepreneurship & Innovation is a compulsory course in the IB master
specialization programmes Entrepreneurship & Business Development and Strategy & Innovation. The term
“strategic” in the title of the course indicates that we will adopt a strategic management perspective
throughout this course, meaning that we will focus on how entrepreneurs and managers can approach these
topics from a strategic point-of-view. As such, we do not focus on the technological aspects of innovation,
or on other business perspectives such as finance (e.g., see period 2 course Entrepreneurial Finance). Moreover,
this course offers a general master-level analysis of strategic entrepreneurship and innovation topics, leaving
a detailed discussion of particular subtopics such as sustainability issues for other courses in the programme
(e.g., see period 5 course Business Innovation and Sustainable Development).

Entrepreneurship and innovation can be viewed as high-risk, high-return strategic options, which means
that many entrepreneurial and innovative business endeavours will fail due to their complexity and inherent
uncertainty, but that – if successful – they generate high returns for both the economic actors themselves
and the society as a whole. The objective of this course is to offer students helpful insights, frameworks and
tools that are grounded in rigorous academic research, and allow them to better manage these high-risk, high-
return options in their future careers. These insights are not only valuable for those students considering a
career as manager in a startup venture or established firm but also, amongst others, for those considering a
career as consultant, policy advisor or academic in the broad field of entrepreneurship and innovation. I
wish you a valuable learning experience!

Assoc. Prof. Dr. Yannick Bammens, course coordinator

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 2. Course objectives

This course combines insights from two related streams of academic research, namely (a) the management
literature on entrepreneurship, which centres on how economic agents develop new business ideas and launch
and scale start-ups, and (b) the management literature on corporate entrepreneurship and innovation, which centres
on how established companies remain entrepreneurial and manage their innovation process. It is important
to note that both literature streams are interlinked, in the sense that insights from the entrepreneurship
stream also inform research on corporate entrepreneurship and innovation, and vice versa. For instance,
several approaches studied and described in the entrepreneurship literature (e.g., lean start-up methodology)
are increasingly being picked up by established firms, whereas processes that are mainly discussed in the
literature on corporate innovation (e.g., open innovation, intellectual property protection) are also useful for
independent entrepreneurs. By combining knowledge and insights from these two related streams of
academic research, students gain a deep and holistic understanding of the strategic entrepreneurship and
innovation process.
Specifically, the following learning objectives will be covered in this course:
1. Gaining insight in the early stages of the entrepreneurial process in which individuals identify a
business opportunity that fits their profile, develop their ideas into a profitable and actionable
business model through an iterative design with early customer involvement, and assemble and
make the best use of a limited set of initial resources;
2. Learning how new ventures can move
from a search mode (i.e., identifying
the right business opportunity and
business model) to a growth mode;
going from start-up to scale-up is a
very challenging stage in the
development of new firms, one in
which entrepreneurs have to address
issues related to the internal
organisation of their venture and the
growing need for financial resources;
3. Developing an understanding of how
established companies can try to avoid
becoming irrelevant when new disruptive technologies and business models enter the market, and
how they can optimally balance the exploration of new opportunities (ensuring future growth) with
the exploitation of current capabilities and routines (ensuring efficiency and near-term profitability);
4. Gaining insight into how established companies approach and manage their research and
development (R&D) operations, open innovation activities (incl. engagement with start-ups), and
intellectual property portfolio.
Learning objectives 1 and 2 are primarily anchored in the literature on entrepreneurship dealing with start-ups
and scale-ups, and learning objectives 3 and 4 are largely anchored in the literature on corporate entrepreneurship
and innovation.

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 The above learning objectives will be realized through a combination of:

• Academic articles
• Practitioner articles
• Online video resources
• Case discussions
• Class exercises

A note on academic articles: Many academic articles have a methods section in which the authors
describe their sampling procedure, measurements, and applied statistical techniques. Students are
expected to also read through this section. Indeed, having an understanding of the sample that was used
(e.g. what type of firms?) and the adopted measures and techniques (e.g., how were the main variables
measured and modelled?) is important to be able to interpret and evaluate the study’s results correctly
and to be aware of the empirical limitations of the study.

A note on cases: As in real life, the situations presented in cases are often ambiguous and complex,
with no single correct course of action; there are only choices, and the reasons behind them – some
better, some worse than others. When reading a case, try first to get a quick sense of the whole case.
What can you learn from the title, headings, and outline? What do the introduction and conclusion (if
present) reveal about the problem? What are the key issues that need to be tackled? Then go through
the case again, underlining or highlighting key facts, and sorting out the relevant information for each
relevant issue. When discussing the case questions with your classmates, feel free to present your ideas
with conviction, and to support them with as much care and persuasion as you can. But at the same
time, be equally prepared to listen to the ideas and comments of your fellow classmates. Keep an open
mind, and do not hesitate to incorporate ideas of others when you find them persuasive. Try to be alert
to keep the team discussion moving toward constructive solutions to the case. Try to find opportunities
to build on the comments of others. (Source: L. Ortmayer & B. Mandell)

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 3. Course structure

Next to the opening and closing tutorial sessions (with task assignments and final presentations, resp.), we
will have 10 regular tutorials. These tutorial sessions will typically consist of two parts, namely:

• Part 1: One or two students present, and facilitate a class discussion on, the main elements of
the literature for that session. Part 1 is thus a combination of presentation and facilitation:
students present (with slides) the highlights of the literature, and throughout the session involve
the other students by facilitating interactive parts such as discussion questions, quizzes, and the
like (you can be creative here). Elements of the online videos can be included in the presentation,
but these videos serve mainly as complementary information and the focus of the presentation
should be on the articles. Yet, students’ presentation should also move beyond offering a mere
recap of the prescribed literature – that is, presenters should try to offer extra illustrations or
include other relevant items not included in the reading materials to add something novel beyond
what we have all read. Students can switch back and forth between presentation and facilitation
mode, and they decide themselves about the time allocated to each mode. In short, students are
expected to offer an insightful, engaging and interactive session covering the main ideas from
the literature with some fresh items beyond that literature (approx. 55 min.). Students will be
allocated to presentation slots in the opening session;
• Part 2: After a 10-minute break, we continue with the case/exercise (these should not be covered
in part 1 by the presenters). Details on the case discussions or class exercises per tutorial can be
found in section 5 of the course syllabus. Your tutor will take the lead in structuring and
facilitating part 2 of the tutorials (approx. 55 min.).
All students (not only those presenting) come prepared to class, meaning that they have read the prescribed
literature, watched the suggested online videos, and prepared the case or class exercise (unless otherwise
indicated for the exercise).
A schematic overview of the course structure can be found on the next page. The dates for each activity
can be found in the course schedule in section 4 of this course syllabus. The prescribed literature, videos,
and cases/exercises can be found in section 5.

A note on the coronavirus: The COVID-19 coronavirus may require us to quickly switch gears from
physical class meetings to virtual Zoom meetings. Please make sure you have Zoom installed on your
device: UM has a license which you can use free of charge by logging into Zoom with your UM email
account. When relevant, more information will be provided by the course coordinator on how we move
certain elements of this course to a virtual Zoom setting if needed.

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 Opening tutorial
Introduction and assignments

Module 1 Module 2
Effectuation and design thinking Lean startup and bricolage

Module 3 Module 4
Business model design Business model challenge

Module 5
Business venture scaling

Module 6 Module 7
New technology and disruption Organizational ambidexterity

Module 8 Module 9
Intrapreneurship and R&D Open innovation

Module 10
Intellectual property

Closing tutorial
Consultancy presentations

Blue boxes: entrepreneurship literature

• Entrepreneurial decision models (module 1 + 2)
• Business models (module 3 + 4)
• Scaling (module 5)
Red boxes: corporate entrepreneurship and innovation literature
• Disruption and ambidexterity (module 6 + 7)
• Internal and external innovation strategies (module 8 + 9)
• Intellectual property (module 10)

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 4. Course schedule

Mon. 30/08 Opening tutorial Introduction and task assignments

Wed. 01/09 No class Study and preparation time

Mon. 06/09 Module 1 Effectuation and design thinking

Wed. 08/09 Module 2 Lean startup and bricolage

Mon. 13/09 Module 3 Business model design

Wed. 15/09 Module 4 Business model challenge

Mon. 20/09 Module 5 Business venture scaling

Wed. 22/09 Module 6 New technology and disruption

Mon. 27/09 No class Study and preparation time

Wed. 29/09 Module 7 Organizational ambidexterity

Mon. 04/10 Module 8 Intrapreneurship and R&D

Wed. 06/10 Module 9 Open innovation

Mon. 11/10 Module 10 Intellectual property

Wed. 13/10 Closing tutorial Consultancy presentations

Mon. 18/10 Exam assignment Submission deadline research proposal

Tip: there is little time between Monday and Wednesday sessions, so plan your preparations accordingly.

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 5. Learning materials and preparation

On the next pages you can find an overview per tutorial session of the learning materials (i.e., articles, online
videos, cases) and questions that need to be prepared before coming to class.

• Articles can be found (free-of-charge) via Canvas course page → Files → Course materials, or via
the UM Online Library’s Business Source Complete (EBSCO) database;
• Cases can be bought (in total $17 for 4 cases) via the Harvard Business Publishing website by
clicking on the following link which takes you directly to the relevant case package for this course:
https://hbsp.harvard.edu/import/855877

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 Module 1: Effectuation & design thinking

Articles • Sarasvathy S. (2001). “Causation and effectuation: Toward a theoretical

shift from economic inevitability to entrepreneurial contingency”,
Academy of Management Review, vol. 26: pp. 243-263.
• Kerr J. & Coviello N. (2020). “Weaving network theory into
effectuation: A multi-level reconceptualization of effectual dynamics”,
Journal of Business Venturing, vol. 35: pp. 1-20.
• Brown T. (2008). “Design thinking”, Harvard Business Review, June: pp.
84-92.
Online videos • Saras Sarasvathy, “Effectuation” (25 min.):
https://www.youtube.com/watch?v=t5HZW4NqZ-E
Case/exercise • Before coming to class, read the case “IDEO: Human-centered service
design” and prepare the following case questions:
1. Which characteristic elements of design thinking (e.g.,
concepts, stages, approaches) can you identify in this case?
2. Moving beyond this case which deals with an established
company, how can the design thinking approach be useful for
startup entrepreneurs? Based on your personal experience, are
there any areas where you think a design thinking approach can
significantly improve the “customer experience” and which can
be tackled by entrepreneurs?
3. Which difficulties or risks could be associated with design
thinking for startup entrepreneurs?

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 Module 2: Lean startup & bricolage

Articles • Blank S. (2013). “Why the lean start-up changes everything”, Harvard
Business Review, May: pp. 64-72.
• Shepherd D. & Gruber M. (2020). “The lean startup framework:
Closing the academic-practitioner divide”, Entrepreneurship Theory &
Practice, online first.
• Baker T. & Nelson R. (2005). “Creating something from nothing:
Resource construction through entrepreneurial bricolage”, Administrative
Science Quarterly, vol. 50: pp. 329-366.
Online videos • Eric Reis, “The lean startup” (58 min.):
https://www.youtube.com/watch?v=fEvKo90qBns
• Marc Gruber & Sharon Tal, “The market opportunity navigator” (6
min.): https://www.youtube.com/watch?v=N4ZUMr70-0w
Case/exercise • Before coming to class, read the case “Rent the Runway” and prepare
the following case questions:
1. Create a timeline of the main actions undertaken by Rent the
Runway’s co-founders. Do you agree with the decision to
pursue each action?
2. Which actions were important in validating business model
hypotheses and refining the concept? Can you suggest different
actions that the co-founders could have taken toward that end?
3. At the end of the case, what would be your next step as co-
founder?

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 Module 3: Business model design

Articles • Zott C. & Amit R. (2007). “Business model design and the performance
of entrepreneurial firms”, Organization Science, vol. 18: pp. 181-199.
• Guo H., Wang C., Su Z. & Wang D. (2020). “Technology push or
market pull? Strategic orientation in business model design and digital
start-up performance”, Journal of Product Innovation Management, vol. 37:
352-372.
• Hagiu A. (2014). “Strategic decisions for multisided platforms”, MIT
Sloan Management Review, Winter: pp. 70-80.
Online videos • Alexander Osterwalder, “Business model canvas” (53 min.):
https://www.youtube.com/watch?v=8GIbCg8NpBw
• Bernard Marr, “9 successful business models” (18 min.):
https://www.youtube.com/watch?v=DL6myRFdC_g
Case/exercise • No preparation prior to class required; during class, in team get started
with the following question:
1. Using the internet (e.g., company websites; press items), select
a European company (or one of its business units) which you
like and try to fill in the main parts of its business model (BM)
canvas.

See Appendix 1 “Note on business plans” at the end of this course syllabus dealing with the relationship
between business models and business plans.

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 Module 4: Business model challenge

Articles /
Online videos /
Case/exercise • Before coming to class, finalize the exercise of the prior session; during
class in the first hour, in team continue with the following questions for
the same company:
1. Which of the BM choices that the company made, do you
think were critical for its success?
2. Using a lean start-up approach, think about what they could do
differently (i.e., formulate new BM hypotheses) and how they
could test these hypotheses?
3. Prepare some slides to be able to present your answers to class
during the second hour of this session.

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 Module 5: Business venture scaling

Articles • Desantola A. & Gulati R. (2017). “Scaling: Organizing and growth in

entrepreneurial ventures”, Academy of Management Annals, vol. 11: pp.
640-668.
• Hoffman R. & Sullivan T. (2016). “Blitzscaling”, Harvard Business Review,
April: pp. 45-50.
• De Clercq D., Fried V., Lehtonen O. & Sapienza H. (2006). “An
entrepreneur’s guide to the venture capital galaxy”, Academy of
Management Perspectives, August: pp. 90-112.
Online videos • Sam Altman & Reid Hoffman, “From startup to scaleup” (41 min.):
https://www.youtube.com/watch?v=PB64IQrkID8
• James Currier, “Network effects” (7 min.):
https://www.youtube.com/watch?v=aoeal3ljnqw
Case/exercise • Before coming to class, read the case “N12 Technologies” and prepare
the following case questions:
1. From an organizational and management perspective, what
were the main changes throughout N12’s scaling up process?
2. In your opinion, how well did the company manage the
transition from 4 to 27 employees?
3. What was N12’s strategic approach to business development?
Do you see any risks or weaknesses with this approach?

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 Module 6: New technology and disruption

Articles • Hill C. & Rothaermel F. (2003). “The performance of incumbent firms

in the face of radical technological innovation”, Academy of Management
Review, vol. 28: pp. 257-274.
• Christensen C., Raynor M. & McDonald R. (2015). “What is disruptive
innovation?”, Harvard Business Review, December: pp. 44-53.
• Brynjolfsson E. & McAfee A. (2017). “The business of artificial
intelligence: What it can – and cannot – do for your organization”,
Harvard Business Review, digital article @ HBR.org: pp. 3-11.
Online videos • Clay Christensen, “Disruptive innovation and how to escape the
innovator’s dilemma” (59 min. + 14 min.):
▪ https://www.youtube.com/watch?v=rpkoCZ4vBSI
▪ https://www.youtube.com/watch?v=gfr3uLbC22Y
• Kevin Kelly, “TED talk on AI” (14 min.):
https://www.youtube.com/watch?v=IjbTiRbeNpM
Case/exercise • No preparation prior to class required; during class in the second hour,
in team address the following question:
1. Take the company you analysed in the Business Model
sessions; which disruptive technology could potentially disrupt
their business model and how?
Note: for this exercise you can use the strict definition of disruptive innovation as per
Christensen, or a broader definition as used in everyday language referring to game-changing
innovations.

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 Module 7: Organizational ambidexterity

Articles • Teece D. (2014). “The foundations of enterprise performance: Dynamic

and ordinary capabilities in an (economic) theory of firms”, Academy of
Management Perspectives, vol. 28: pp. 328-352 (you can browse through this first
article since most of you will already have seen the dynamic capabilities framework in
their bachelor; make sure you refresh your understanding of the difference between
ordinary and dynamic capabilities, and between sensing, seizing, and transforming).
• O’Reilly C. & Tushman M. (2013). “Organizational ambidexterity: Past,
present, and future”, Academy of Management Perspectives, vol. 27: pp. 324-
338.
• Ossenbrink J., Hoppmann J. & Hoffmann V. (2019). “Hybrid
ambidexterity: How the environment shapes incumbents’ use of
structural and contextual approaches”, Organization Science, vol. 30: pp.
1319-1348.
Online videos • Charles O’Reilly, “How can established companies avoid falling prey to
disruption” (7 min.):
https://www.youtube.com/watch?v=K0PKrECNSVE
• Domenico Traverso, “Ambidexterity @ Danfoss” (2 min.):
https://www.youtube.com/watch?v=M7rFgMAt5T0
Case/exercise • Before coming to class, read the case “3M India: In India for India” and
prepare the following case questions:
1. How has 3M built ambidexterity into the organization? How
do the various elements of its system support innovation at
3M?
2. Why did 3M not provide a thrust for innovation in 3M India
until 2011? What has promoted the change in strategy?
3. How can the creation of R&D units or other types of venturing
units (e.g., start-up programs) in emerging markets help
Western firms manage the threat of disruptive innovation (cf.
Christensen in prior session)? In the Indian setting, what
challenges would need to be overcome to realize this potential?

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 Module 8: Intrapreneurship and R&D

Articles • Dess G. & Lumpkin G. (2005). “The role of entrepreneurial orientation

in stimulating effective corporate entrepreneurship”, Academy of
Management Executive, vol. 19: pp. 147-156.
• Rigtering J., Weitzel G. & Muehlfeld K. (2019). “Increasing quantity
without compromising quality: How managerial framing affects
intrapreneurship”, Journal of Business Venturing, vol. 34: pp. 224-241.
• Mudambi R. & Swift T. (2014). “Knowing when to leap: Transitioning
between exploitative and explorative R&D”, Strategic Management Journal,
vol. 35: pp. 126-145.
Online videos • Kapil Kane, “Don’t quit your job to change the world – be an
intrapreneur” (14 min.):
https://www.youtube.com/watch?v=AnCc9_uQOkg
• Chuck Robbins et al., “Strategic update: the future of innovation” (62
min.): https://www.youtube.com/watch?v=Q6Lzm-gFZ7E
Case/exercise • Before coming to class, in team prepare a 10-minute talk on your
chosen company or business unit (if needed, you can choose a different
one than the one you analysed in the business model sessions),
addressing the following 3 aspects:
1. Assess its overall level and frequency (e.g., sporadic,
fluctuating, consistent) of R&D activities (e.g., based on R&D
spending, patents, new products/services).
2. Assess the nature (e.g., mainly incremental vs. radical) of its
R&D activities.
3. Besides its R&D activities, what other internal corporate
entrepreneurship activities can you identify (e.g., idea contests,
incubation programs for employee initiatives)?
Note: whenever possible, put your discussion of the above items in perspective by comparing to
their main competitor(s) and/or the sector average.

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 Module 9: Open innovation

Articles • Weiblen T. & Chesbrough H. (2015). “Engaging with startups to

enhance corporate innovation”, California Management Review, Winter: pp.
66-90.
• Ryu W., McCann B. & Reuer J. (2018). “Geographic co-location of
partners and rivals: Implications for the design of R&D alliances”,
Academy of Management Journal, vol. 61: pp. 945-965.
• Stettner U. & Lavie D. (2014). “Ambidexterity under scrutiny:
Exploration and exploitation via internal organization, alliances, and
acquisitions”, Strategic Management Journal, vol. 35: pp. 1903-1929.
Online videos • Henry Chesbrough, “Open Innovation: A new model of industrial
innovation” (48 min.):
https://www.youtube.com/watch?v=oHVz61O3YYg
• Wendell Brooks, “Inside the brain of Intel Capital” (14 min.):
https://www.youtube.com/watch?v=ybeTycU48Nw
Case/exercise • Before coming to class, in team prepare a 10-minute talk on your
chosen company or business unit, addressing the following 3 aspects:
1. What type of open innovation (OI) activities is the company
involved in?
2. Does the company have OI activities that are specifically
focused on building connections with the startup scene?
3. If yes (no), why do you think that is (not) the case?
Note: whenever possible, put your discussion of the above items in perspective by comparing to
their main competitor(s) and/or the sector average.

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 Module 10: Intellectual property

Articles • Reitzig M. (2004). “Strategic management of intellectual property”, MIT

Sloan Management Review, Spring: pp. 34-40.
• Henkel J. & Reitzig M. (2008). “Patent sharks”, Harvard Business Review, June:
pp. 129-133.
• Belderbos R., Cassiman B., Faems D., Leten B. & Van Looy B. (2014). “Co-
ownership of intellectual property: Exploring the value-appropriation and
value-creation implications of co-patenting with different partners”, Research
Policy, vol. 43: pp. 841-852.
Online videos • Peter McDermott on “Building your IP strategy” (3 min.)
https://www.youtube.com/watch?v=XgF_k4uGUtk consisting of:
▪ “Patents” (5 min.):
https://www.youtube.com/watch?v=bleme1yyLgk
▪ “Copyright” (5 min.):
https://www.youtube.com/watch?v=Tux0Xc589Ps
▪ “Trademarks” (6 min.):
https://www.youtube.com/watch?v=QJheM-nIQD0
▪ “Trade secrets” (3 min.):
https://www.youtube.com/watch?v=qUms654mK4w&t=118s
• Jonathan Markham, “Patenting software-related inventions” (5 min.):
https://www.youtube.com/watch?v=N9_seDMfy0k
• Bastian Best, “How the EPO examines software patents” (28 min.):
https://www.youtube.com/watch?v=va0iuFsNP0k
Case/exercise • Before coming to class, in team prepare a 10-minute talk on your chosen
company or business unit, addressing the following 3 aspects:
1. Try to get a sense of its IP strategy; for which of the above 4 IP
forms can you find examples at your company?
2. Now focus on patents and trade secrets; which of these does your
company seem to rely on predominantly? Why do you think this is
the case?
3. Now focus on patents; does your company have many patents, or
hardly any? What are some examples of products or processes that
it recently patented?
Note: you can have a look at the search engine on patent office websites, like the one of the
European Patent Office (EPO): https://www.epo.org/

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 6. Assessment and grading

The course Strategic Entrepreneurship & Innovation has an attendance requirement and 3 graded deliverables.
Further details can be found here below:
A. Tutorial presentation (30%): Your presentation/facilitation during one of the tutorial sessions
represents a first graded component in this course. Note that for presenting teams, individual grades
can differ. The following criteria will be used when evaluating presentations/facilitations:
o Content: Were all relevant concepts and frameworks clearly explained? Did the presenters
focus on the main ideas and findings? Where applicable, were connections built with other
articles from this or previous sessions?
o Interactivity: It is important to ensure a sufficient level of interactivity by involving your
audience through thoughtful facilitation; Did the presenters try to adequately involve their
fellow students (e.g., by asking discussion questions, using short quizzes, asking for their
input etc.)?
o Novelty: Try to add a few new elements to your presentation that were not included in the
mandatory articles/videos; Did the presents include some extra materials such as, for
instance, (additional) real-life examples, press items etc.?
o Form: Giving a smooth presentation (esp. in teams) requires adequate preparation and
coordination. Did the presentation run smoothly without hiccups that could have been
avoided? Did the presenters have a fluent style? Were the slides clear and professional?
Was there good time management?
B. Team consultancy presentation (30%): Your work for the class exercises culminates in a
consultancy presentation that your team has to give in the final session. The various exercises
throughout the course lay the foundation for the consultancy presentation; you are therefore
advised to carefully select the European company you will analyse for these class exercises – and
preferably you find a single company that you can use across all exercises such that you can use
your earlier ideas and findings for the consultancy presentation, which has to be centred on one
particular European company. However, switching companies between these earlier exercises and
the final consultancy presentation is possible if you feel, with hindsight, that you cannot find
sufficient information on the previously selected company. Note that you are free to select a start-
up firm, an SME or a large (multinational) company – the only key consideration is that you can
find sufficient information on the chosen business to execute this consultancy assignment, and that
judgement is up to you as a team. For smaller privately-held firms, less info may be available on the
internet etc.; for such firms, you can complement desk research with doing interviews with its
managers. If you go for a multi-business company, you may opt to focus on a particular business
unit. For the consultancy presentation, your team takes on the role of a strategic consultant and
critically examines the entrepreneurship and innovation (E&I) profile of the chosen European
company. You are free in choosing which E&I aspects you want to focus on as consultants, since
some aspects will be more relevant than others for a particular company. Yet, your consultancy
presentation should include the following sections:

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 1. Background information on the company (e.g., offerings, sector, firm size, etc.);
2. A SWOT analysis of the company’s E&I profile. As mentioned, you are free in choosing
the specific E&I aspects you want to focus on, but you should cover both the firm’s
internally-oriented activities (e.g., incubation programs for own employees, internal R&D
activities) and those that are more externally-oriented (e.g., innovation alliances, CVC
investments). Offer a well-structured and insightful analysis, and refer to relevant learning
materials used in class where appropriate;
3. Based on the SWOT analysis, develop and present three key strategic recommendations in the
area of E&I. For each of your recommendations, give clear arguments and implementation
milestones and, again, refer to relevant learning materials used in class where appropriate.
The consultancy presentation takes place during the final tutorial session of the course on
Wednesday 13 Oct. These presentations (with slides) should take max. 15 minutes per team. Please
provide your tutor with a handout of your slides. You receive a group grade for this consultancy
presentation (unless in case of free-riding behaviour of a student; if this occurs, notify your tutor).
C. Individual research proposal (40%): Throughout this course, you will get familiarized with
various entrepreneurship- and innovation-related topics and research articles. However, this
academic research field is in constant development and various topics still require further research.
Based on the insights you develop in this course and your personal interest, you will be asked to
write a research proposal in which you define and motivate a problem statement and outline how the problem
can be examined. Note that this is a proposal, therefore the actual empirical study does not need to
be completed within the scope of this course – a research proposal merely identifies a topic in need
of further research and clarifies how it can be examined. Your research proposal should deal with
a topic in the field of strategic entrepreneurship and innovation, and it should address the following
five questions:
o Q1: What is your problem statement?
o Q2: Why is this problem statement academically intriguing? Academically intriguing means that the
answer to your problem statement is not overly straightforward or obvious, but that it
requires deep conceptual thought and analysis.
o Q3: Why is the problem statement practically relevant? Practically relevant means that the answer
to your problem statement is useful – in a meaningful manner – for practitioners (e.g.,
entrepreneurs, investors), policy-makers, and/or the society at large.
o Q4: Which gap in the existing academic literature are you addressing? You are not expected to offer
a comprehensive literature review in relation to your problem statement, but you are
expected to position your research proposal within the existing literature in terms of the
gap it is addressing. In other words, how will your research proposal – when effectively
executed – advance the academic literature and what exactly will it contribute to that
literature? To position your proposal, it will help to read review articles as well as the
introductory and discussion sections of recent academic studies related to your topic.
o Q5: What empirical approach is most appropriate to examine your problem statement? Which broad
empirical approach – qualitative research (for deriving models from data) or quantitative
research (for testing models with data) – makes most sense, and why? What can you tell us
about possible data sources (e.g., which database in case of secondary data, who as targeted
respondent in case of interview/survey data, how do you get in contact with them etc.)?

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 As mentioned, you will not be asked to actually execute the empirical study, but the reader
of your research proposal should get an accurate idea of how the empirical study can be
designed in terms of broad approach (qualitative or quantitative) and sources of data. Make
sure you offer arguments for every choice you make and that you convince the reader that
the empirical study will be feasible.
In the research proposal, make reference to relevant literature wherever appropriate; it should
contain a minimum of 10 academic references, of which at least 5 new academic references which
are not listed as learning materials in this course syllabus (to avoid confusion: only articles published
in academic journals will count). Maximum length of the research proposal is 5 pages (single line
spacing, Times New Roman, 12 pt font) excluding title page, table of contents, and references.
Every research proposal should have the following structure (adhere to this structure and use titles
in bold for every section/paragraph to facilitate assessment by your tutor):
o Title page
o Introduction and problem statement (Q1)
o Q2 / Q3 / Q4 / Q5: every question should be addressed in a separate paragraph
o Conclusion
o Reference list: put those academic references that are not listed as learning materials in this
course syllabus under a separate heading
The deadline for submitting your research proposal is the first day of the period 1 exam week on
Monday 18 Oct. (6 pm). You will have to upload your research proposal in Canvas and send a
version via email to your tutor (note that you have to do both!). All submissions will be checked
for plagiarism.
D. Attendance requirement (pass/fail): In principle, students are expected to be present at all
tutorial sessions. If you cannot attend a particular session due to reasons beyond your control (e.g.,
illness), please notify your tutor in advance. There is a minimum attendance requirement: if students
miss more than 2 tutorial sessions, they fail the minimum attendance requirement and thus the
overall course.
In order to pass the course, your overall weighted score (30% component A + 30% component B +
40% component C) must be at least 5.5/10. If you fail component D (attendance requirement), your
score will be set to the lowest of your overall weighted score and 5 [i.e., min. (overall weighted score; 5)].
If you fail the first sit of this course, you will be offered a resit option in the resit week of period 1 (first
week of January). The resit option consists of an individual course assignment in the form of a written consultancy
report. Essentially, you will have to redo the consultancy assignment (see above), but then for a different
company, in written form, and in greater detail. The course assignment will have a minimum of 10 pages
(single line spacing, Times New Roman, 12 pt font) excluding title page, table of contents, and references.
As with the consultancy presentation, it will cover (a) background information on the company (min. 2
pages); (b) a SWOT analysis of its E&I profile (min. 4 pages); and (c) a set of strategic E&I recommendations
(min. 4 pages). Where appropriate reference should be made to the articles discussed in class. Deadline: first
day of the resit week of period 1, namely Monday 3 Jan. 2022 (6 pm); submit your course assignment on
that specific day to the course coordinator and not prior to that date. All submissions will be checked for
plagiarism.

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 Component Weight Date

A. Tutorial presentation 30% of overall grade During tutorial sessions

B. Team consultancy presentation 30% of overall grade Wed. 13 Oct. 2021
C. Individual research proposal 40% of overall grade Mon. 18 Oct. 2021
D. Attendance requirement Pass/fail; if fail, overall grade is set During tutorial sessions
to max. 5/10
Resit course assignment (if first Resit grade replaces first sit grade Mon. 3 Jan. 2022
sit overall grade < 5.5/10)

7. Contact

Unless otherwise indicated, students should address any questions or remarks they may have in relation to
this course to their own tutor (not the course coordinator). Tutors will share their contact information
(UM email address) during the opening tutorial session. This course is organized by the SBE department
Organization, Strategy & Entrepreneurship (OSE) of which the secretarial office can be found in the A2-
wing of the SBE main building (Tongersestraat 53, Maastricht). Course coordinator is Dr. Yannick
Bammens (office A2.10 after appointment). A list of the teaching staff involved in delivering this course
can be found on the Canvas course page → Home → Contact.

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 8. Appendix 1: note on business plans

Business models (BMs) have become more popular among entrepreneurs as a planning tool than traditional
business plans (BPs). Nonetheless, external stakeholders (e.g., potential investors) will often demand a BP
in which the entrepreneur’s ideas and tactics are worked out in greater detail. The core of a BP is a validated
BM; in addition, the right-hand side of the BM canvas is worked out in a marketing plan, the left-hand side
in an operational plan, and the bottom-side in a financial plan. Next to these 4 BP components (BM,
marketing plan, operational plan, financial plan), several other components can be added; there is no one-
size-fits-all here, and many examples can be found on the internet. One such example of a BP structure can
be found below. Most students have covered BPs during their Bachelor education, so we will not cover
them again in this master-level course.

From business model to business plan:

BM canvas right-hand side → worked out in a marketing plan
BM canvas left-hand-side → worked out in an operational plan
BM canvas bottom-side → worked out in a financial plan

A possible BP structure:
• Executive summary
o first and often only part investors read
• Origins and validation
o how did the original idea arise and how was it validated
• Business model
o value proposition, the overall logic and competitiveness of your business model
• Marketing plan
o customer analysis and segments, 4 Ps, CRM
• Operational plan
o tangible and intangible resources (incl. IPP), operational activities, supply chain
• Financial plan
o revenue model and cost structure, financial projections, financing needs
• Founding team and other key professionals
o investors are very attentive to this
• Company structure
o legal form, share ownership, organization chart
• Milestones
o important milestones that you reached so far (e.g., patents, first sale)
• Critical risk factors
o list critical risks and formulate ways of responding to these

Note that a business plan is not a static document, but that it needs to be adapted as new information arises.

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 9. Appendix 2: SBE regulations

Fraud and Plagiarism

In order to protect the reputation of the degrees that you – as students – receive, instances of cheating or
plagiarism are treated extremely seriously. Fraud, including plagiarism, is understood as a student’s act or
failure to act that makes it partially or fully impossible to correctly assess his/her knowledge, insight and
skills. Plagiarism is understood as the presentation of one’s own or other people’s ideas or words without
adequate reference to the source. Any form of plagiarism is strictly forbidden. If the Board of Examiners
concludes that anything has occurred in an examination that makes it partially or fully impossible to correctly
assess a student’s knowledge, insight and skills, they may impose a sanction in accordance with SBE’s policy
on fraud, including plagiarism. More information can be found on the SBE Intranet:
https://intranet.maastrichtuniversity.nl/en/cheating-and-plagiarism.

Comments, objections and appeal

Students can find detailed information on these procedures on the SBE Intranet:
https://intranet.maastrichtuniversity.nl/en/comments-complaints-and-appeal as well as the EER:
https://intranet.maastrichtuniversity.nl/en/education-and-examination-regulations.

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