• TFIE4005
• Innovation & Entrepreneurship

The process of innovation and entrepreneurship are interrelated. Innovation is the process by which an idea about a new product, service or production method is developed. Entrepreneurship is about pursuing opportunities beyond the immediate control of the entrepreneur or innovator. This module covers the basic principles and practices of these two aspects. It also aims to develop an awareness of the climate for enterprise and the entrepreneurial process for nutraceutical and functional food sector. This module provides students with a systematic framework for innovation and entrepreneurial skills required for successful new venture creation. It also aims to develop an awareness of the climate for enterprise and the entrepreneurial process of the nutraceutical and functional food sector.

Drucker's seven sources for innovative opportunity. The entrepreneurial process: From idea conception to offering of product/service, business plan, planning for growth, entrepreneur's objectives Guest lecturer/Entrepreneur Bringing functional foods to market:
Enterprise policy and funding and supports for new entrepreneurs Human resource management:
Guest lecturer Entrepreneurship exercises: start-up, growth audit
Innovation and Entrepreneurship: the definition, role and characteristics of modern entrepreneurs The relationship between entrepreneurship, innovation and new product development Frameworks for innovation:
Legal issues: managing technology and intellectual property, patents, trademarks and copyright. Climate for enterprise:
Opportunities and challenges Marketing and financial issues: developing a marketing plan, types and sources of finance, estimating financial needs, financial projections.
Recruitment and selection practices, training and development practices, building an employee involvement culture, performance management practices.