SMU MASTER OF SCIENCE IN INNOVATION

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MASTER OF SCIENCE IN INNOVATION

Programme Overview

Programme Features

Main Learning Goals of the MI Programme

Singapore Management University (SMU) offers the Master of Science in Innovation (MI) programme by coursework. This new programme delivers a relevant curriculum and innovative pedagogy applied to the heart of Singapore and the region’s need for new business creation and innovation. Providing a 12-month weekend-based engagement, the programme offers a cross-disciplined and practical innovation and entrepreneurship education through world-class faculty, regular engagement with thought-leading practitioners, a study stint abroad at a globally leading business school, and practical innovation projects. It is designed to engage, challenge and grow Asia’s next generation of innovation and entrepreneurial leaders.

The MI programme is designed to ensure that our students acquire knowledge and competencies that are relevant to successfully tackling today’s and tomorrow’s innovation challenges in various sectors, such as services or manufacturing. You will benefit from the expertise and experiences of a wide range of resource persons, such as SMU’s outstanding and award-winning faculty, visiting professors, successful innovators, competent industry

The Master of Science in Innovation programme aims to equip students with a good conceptual understanding of the principles and action steps of effective innovation management in business and society, including entrepreneurship, creative arts, science & technology, social enterprises, etc. The programme will prepare graduates so that they can apply newly gained insights and acquired competencies to real-world innovation management challenges across the four major stages of the innovation value chain (see ‘Phases of Innovation Value Chain and Core Module Topics’ on the next page) from strategy development and idea generation to commercial concept and product development and successful market establishment, as well as sustainable growth in various contexts.

The Master of Science in Innovation (MI) programme is designed to allow working professionals to complete the (part-time) programme in four terms over 12 months. The MI programme commences in the month of August, and there will only be one intake each year. Candidates are required to complete Modules, including several Innovation Seminars, a Capstone Innovation Project, and an International Residency in order to be awarded the Master of Science in Innovation degree. Our partner for the international residency segment will be a premier university in the US or Europe with a reputable Entrepreneurship and Innovation education programme (between 2012 and 2014, it was Babson College in the USA).

professionals, visionary entrepreneurs and your peers. Pedagogical approaches include pre-course assignments, case analyses, team activities, e-learning, industry talks, site visits and field trips. Students are also expected to complete a Capstone Innovation Project on a relevant topic of interest in order to hone their innovation skills and to contribute to new value creation.

In particular, the programme will enable graduates to:

Think beyond current paradigms in order to discover innovation needs and to envision impact through strategic idea and concept development (Term 1).

Turn innovation concepts into tangible new products, services, processes and business cases (Term 2).

Manage commercialisation challenges and market launch with confidence (Term 3).

Know how to accelerate growth and create sustainable value through appropriate business development, risk management, financing and value extraction strategies (Term 4).


The MI programme provides students with attractive career options in nearly all economic sectors and across a wide range of industries and organisations.

Our rigorous Master of Science in Innovation (MI) programme is designed to equip students with a solid understanding of the principles and action steps of effective innovation management in various contexts, such as entrepreneurship, business management, creative arts, health, finance, technology and social enterprises.

The curriculum is carefully designed to ensure that our graduates will be able to apply their newly acquired innovation competencies to real-world innovation management challenges in business and society across the major stages of the innovation value chain, such as strategy development and idea generation, commercial concept and product development, launch management and market establishment, as well as successful commercialisation and sustainable growth.

A key goal is to advance the practice of good innovation management and to contribute to talent and innovation leadership development in this promising and strategically important area. Graduates of this programme will not only benefit from exposure to the latest research-based knowledge, they will gain the necessary skills to navigate fast-paced corporate and entrepreneurial environments with proficiency and ease. We are also concerned with nurturing responsive leaders who contribute positively to society, both through and outside of their workplace.

For this programme, we have put together some of the most qualified and experienced teaching faculty members from SMU, as well as other participating institutions, including several outstanding industry professionals who are passionate about innovation and eager to impart their knowledge to you.

I am certain that you will make full use of this enriching and rewarding learning opportunity.

The programme will transform you into a master of innovation management.

SMU’s new Master of Science in Innovation (MI) programme is an important resource for leaders, managers, start-up entrepreneurs and others interested in improving an organisation’s innovation performance and potential. Based on a powerful framework which provides learners with a useful innovation management roadmap, ranging from the strategic mastery of creative (and other types of innovative) thinking and idea generation (with the help of various useful tools, such as design thinking approach), to market development and sustainable growth, students will learn how improvements in innovation can be triggered.

The carefully designed curriculum features several innovative elements, such as team teaching by reputable academics and practitioners, experiential and social media-enabled learning, structured interactions with innovation professionals, etc. The array of learning methods includes interactive lectures, case analyses, field trips, projects and assignments. Participants will interact with a diverse group of innovation experts from Asia, Europe and the United States. The one-week overseas segment includes a study stint at a reputable partner university in the US (for example Babson College) or Europe, including site visits to innovative firms and start-ups in renowned entrepreneurial (hi-tech) knowledge clusters.

The Master of Science in Innovation (MI) programme will transform you into a master of innovation management. Join us if you are passionate about new value creation in business and society.

Message from the Programme Director

Message from the Dean

Professor Thomas MenkhoffDirector, MSc in Innovation Management Lee Kong Chian School of Business Singapore Management University

Professor Gerry GeorgeDean and Professor of Innovation and Entrepreneurship Lee Kong Chian School of Business Singapore Management University


Pedagogical Focus on Dynamic Innovation Value Chain ConceptPHASES OF INNOVATION VALUE CHAIN AND CORE MODULE TOPICS

TERM 1 TERM 2 TERM 3 INT. RESIDENCY TERM 4

(AUG – OCT)* (NOV – DEC)* (JAN – FEB)* MAR* (APR-JUN)*

Strategic Innovation Leadership Drives Capability and Capacity to Innovate!

Strategic Concept and Idea Development

Development of Innovative Products, Services, Processes and Business Cases

Market Launch and Successful Commercialisation

Managing Risk, Sustainable Growth and Value Extraction

Innovation-focused strategic leadership

development

management, creative design, prototyping and testing of concepts

Achieving innovation success through people and organisation

development: turning concepts into business cases

management and new venture financing

Market development and brand leadership, including launch management

innovations

partnership (network) management

Business acceleration and growth strategy (scaling), including production ramp-up management, roll ups, etc.

uncertainly, complexity and ambiguity (VUCA)

extraction

*Subject to change as deemed appropriate.

While innovation processes are seldom linear in practice, the curriculum structure is based on the innovation process model, featuring four different phases, stages, components, or main activities of the innovation value chain as shown above.

1. The first phase, which we have termed Strategic Idea and Concept Development, is characterised by searching for the strategic intent and value-added innovation needs triggered by the constantly changing ecosystem in which the organisation is embedded. Once the overall strategy, direction and positioning of the innovation efforts have been determined, the stage of idea generation or ideation management kicks in to systematically gather, share, analyse and execute innovative ideas generated within the organisation and its collaborative networks.

2. After ideas have been ranked, conceptualised and their feasibility assessed, they need to be turned into viable business models and aligned with the business models of partners and other relevant stakeholders. We have coined this second idea conversion phase as Development of Innovative Products, Services, Processes and Business Cases.

3. The main objective of the third phase is the successful implementation of the innovation. This includes prototype production, testing and validating, production, finance, market launch, roll-out management, sales management, etc. In our framework, we refer to this stage as Market Launch and Successful Commercialisation.

4. The ‘final’ phase (Managing Risk, Sustainable Growth and Value Extraction) puts emphasis on the business acceleration aspect of innovation management, sustainable growth and continuous value extraction.

We are confident that graduates will benefit from our integrated learning roadmap (see core modules next page) which is informed by the dynamic innovation value chain concept whose major interrelated stages and iterative feedback loops will be regularly discussed by the contributing resource persons enabling graduates to think ‘end-to-end innovation’.

In combination with SPRING’s Business Excellence Niche Standard (Innovation) which features an ‘Innovation Scorecard for Business Excellence (I-SCORE)’ and other schemes rolled out by Singapore’s Workforce Development Agency (WDA), SMU’s MI programme provides a great launch platform for innovators eager to create new value and to avoid being disrupted by competitors.


Curriculum StructureStudents attend 12 modules (Saturdays), including several Innovation Seminars (Friday evenings). The total programme duration is 12 months.

TERM 1Strategic Idea and Concept Development

MODULE 1Innovation-focused Strategic Leadership

MODULE 2Innovation Strategy Development

MODULE 3Ideation Management, Creative Design, Prototyping and Testing of Concepts

TERM 2

Development of Innovative Products, Services, Processes and Business Cases

MODULE 4Achieving Innovation Success through People and Organisation

MODULE 5Innovation Development: Turning Concepts into Business Cases

MODULE 6Financial Management and New Venture Financing

TERM 3Market Launch and Successful Commercialisation

MODULE 7Market Development and Brand Leadership (including Launch Management)

MODULE 8Commercialising Innovations

MODULE 9Supplier and Partnership (Network) Management

INTERNATIONAL RESIDENCY*

University Partner in the USA or Europe



TERM 4Managing Risk, Sustainable Growth and Value Extraction

MODULE 10Business Acceleration and Growth Strategy (Scaling)

MODULE 11Risk Management in an Unstable World (VUCA)

MODULE 12Business Sustainability and Value Extraction

Friday evening classes are held from 7.00pm to 10.15pm (with a 15-min break at 8.30pm).

Saturday AM classes are held from 9.00am to 12.15pm (with a 15-min break at 10.15/10.30am).

Saturday PM classes are held from 1.45pm to 5.00pm (with a 15-min break at 3.15pm).

*SMU reserves the right to alter the venue as deemed appropriate; between 2012 and 2014, it was Babson College in the USA.


Innovation Seminars

Intersectional Innovation: The ‘Medici Effect’

Creating a Culture of Innovation

The Innovator’s Mind Set

Essentials of Design Thinking and Management

Patent Thinking

Social Innovation

Innovation Research

Entrepreneurial Journeys

Innovations and the Cloud

Crowd Sourcing and Open Innovation

ADMISSIONS CRITERIA

A good Bachelor degree in any field from a recognised university

of your undergraduate studies was not English

Shortlisted candidates will be invited for an interview as part of the admission process.

APPLICATION The online application commences in October and closes in March.

Apply online at www.smu.edu.sg/mi

The Innovation Seminars represent an important element of the learning experience. Participation will enable students to be at the forefront of practice and research by engaging and networking with diverse and knowledgeable innovation experts: all in the quest for the latest in innovation thinking and practice. Some of these seminars will introduce practical innovation tools while others will be structured like a normal seminar on the basis of an interactive (mini) lecture, experience sharing and a question and answer segment.

The key purpose is to acquire relevant insights and competencies with regard to the various strategic learning thrusts of the MI Programme (see below) and to support the creation of a robust innovation ecosystem within the programme context.

The final schedule of the various seminars (which might be conducted on Friday evenings and/or Saturdays depending upon the availability of resource persons) will be provided at the beginning of the programme in August. Examples of seminar topics may include:

Admission and Application

Academic rigour will be instilled through active participation, case analyses, creation of seminar wikis and/or practice tests. Participation and attendance are compulsory. The purpose is to

provide as many inputs as possible to our students in the process of innovating across boundaries and existing domains.

PROGRAMME FEES

MI FULL-TIME / PART-TIME

Application fee S$100

Registration fee (upon acceptance)

S$400* (Singaporeans / Singapore Permanent Residents)S$500* (Foreigners)

Tuition fee S$44,900 (inclusive of GST)

(*Non-refundable)


Core Modules (In Lecture Sequence)Innovation-focused Strategic LeadershipThe aim of this module is to enable students to appreciate what needs to be done by senior leadership in terms of ‘real’ innovation leadership, creating an organisational innovation culture and strategy formulation to ensure that innovation initiatives will add value and real strategic advantages to the organisation. After an introduction to the programme’s innovation framework and an overview about the various stages of the innovation value chain, key aspects of innovation-focused strategic (entrepreneurial) leadership will be considered, including the yin and yang of innovation strategy formulation and corporate growth strategy. Other potential topics include an introduction to innovation models, the basics of formulating an inspiring, integrative strategy for product, service, customer service, process and market strategy innovations, as well as reference to relevant matrices in order to diagnose and improve innovativeness strategically. Students will also be introduced to the logic of the innovation portfolio vis-à-vis the challenging commercialisation process and how it can help to avoid the innovation ‘death valley’ in highly uncertain business environments.

Innovation Strategy DevelopmentThis module builds upon the innovation-focused strategic leadership module by providing a deeper introduction into the innovation portfolio approach and how it can be used to ensure that the organisation concentrates on the right innovation initiatives so as to achieve strategic impact. This will be explored from an internal perspective that focuses on management issues, and an external perspective that focuses on the strategic implications of competing in new and existing industries. The implications of start-up and existing organisational innovation approaches will also be examined in order to appreciate what it takes to effectively respond to the forces of change and, where possible, to drive that change. In order to understand the importance of embedding the specific goals of innovation efforts in the context of market dynamics, customer demands and brand positioning, students will be exposed to the theory and practice of knowledge and intelligence management. Other topics include the importance of comparative and benchmarking information for improved innovation performance. Students will also be familiarised with the concept of design thinking in innovation processes, a key tool to be deployed in Module 3 of the MI programme and beyond.

Ideation Management, Creative Design, Prototyping & Testing of ConceptsThe key objective of this module is to enable students to appreciate the complexity of the ideation management process from creative, innovative, design thinking methods to prototyping and concept testing. In order to understand the innovator’s mind set, specific reflective activities will be integrated into the module structure with special emphasis on how thinking occurs in the creative mind and organisation, as well as selected, decision-oriented thinking frameworks. This will form the basis for appreciating the power of effective new idea formation and innovation management tools in order to recognise and pursue opportunities for innovations. Participants will learn how best to effectively structure the process of creating new ideas (ideation) so that the best product and service ideas are harnessed and create real value for customers and the business. Critical components of this module include design thinking (including tools and frameworks) and concept development as practised by product-development teams, creative units or ‘skunk works’. Students will learn to think about design with the end market and business in mind in order to create real value. Design thinking can be described as an individual-centred innovation process based on observation, collaboration, learning, visualisation and concept and business development. Several tools and frameworks will be introduced that allow initial design ideas to be carried through the concept development process to result in prototypes and feasibility assessments. The design thinking segment is the foundation for the creation of new products, services and businesses.

Achieving Innovation Success through People and OrganisationThis module covers relevant Organisational Behaviour (OB) concepts and applications in the context of effective innovation management frameworks. This field of study examines how individuals, groups and structures impact upon behaviour within an organisation aimed at enhancing effectiveness. Besides discussing the art of creating a robust culture of innovation and how to manage innovative groups and project teams, students will learn how to establish real leadership for innovation and the importance of aligning organisation structure with innovation and value-creation objectives. Other topics include the basics of talent management in order to engage and reward creative talent and to foster their career development, as well as conflict and change management to overcome resistance towards the implementation of innovative ideas. In sum, students will be enabled to explain how organisational members can support innovation efforts by positively influencing organisational behaviour with regard to culture, team management, leadership approach, structure, talent and change management.

Innovation Development: Turning Concepts into Value-Added Business CasesAt the core of this module, which builds on Modules 1–3, is the question “How can new ideas be successfully commercialised?” We will take a closer look at the various phases of the commercialisation process with reference to production, distribution, marketing, sales and customer support requirements. This includes broad issues of entrepreneurship, intrapreneurship and new business creation, business model and business plan fundamentals, the evaluation of concepts, business ideas and business design ideas, as well as a basic understanding of intellectual property and value capture management. Students who took this module will appreciate the required key processes in terms of design and engineering to turn concepts into (profitable) finished products, services and business processes; understand the project management requirements of innovation development processes and know the importance of capturing, harnessing, protecting and exploiting knowledge and IP assets related to innovation.

Financial Management and New Venture FinancingThis module introduces students to the fundamentals of financial management, new venture financing and accountable fund raising in the contexts of concrete business cases and innovation management approaches. Students will be familiarised with the role of finance and accounting throughout the various stages of the innovation value chain from obtaining seed funding during the start-up phase of a business to meeting working capital needs (including options basics) in times of accelerated business expansion and growth. Besides exploring new forms of new venture financing, such as crowd-funding, the module will also cover comprehensive business planning approaches in order to improve decision-making, e.g. on the basis of financial forecast analyses. Students who studied this module will know how to obtain finance from venture capitalists and other private and public sources, including the specifics of accountability, cost and revenue forecasting and some of the requirements of risk management processes in business planning contexts.

Market Development and Brand LeadershipThis module provides students with the managerial insights to perceive opportunities in markets that currently may not exist, or where current solutions apply to other markets. Both the positioning and strategy issues, and marketing (including strategic pricing) activities of the innovative business are explored. Students will learn how to develop and execute marketing strategies in intensive, fast-changing markets, including those characterised by shrinking product life cycles and rapid turnover of knowledge and information. The course pushes students to consider future opportunities in new spaces. In addition, the concept of brand leadership will be covered, as well as the basics of risk analysis, successful market education and effective launch management tactics. A key goal is to enable students to prepare the market for innovations to ensure greater market share and to build a strong brand.

Commercialising InnovationsThis module covers the basics of effectively selling innovations in the context of an organisation’s ecosystem and ties with customers, suppliers, distributors, sales force, etc. Relevant strategic sales management tools and approaches will be introduced. Students will be familiarised with the art of persuasive communication, effective negotiation, successful sales and after sales management, as well as post-launch management requirements. Students who studied this module will be able to articulate how to ensure that customers and other network partners ‘buy’ innovations and that sales increase significantly during the post-launch phase through effective sales management efforts and on the basis of robust business and ecosystem development approaches.

Supplier and Partnership (Network) ManagementThis module introduces students to the imperatives of effectively managing suppliers and partners, as well as the strategic advantage of leveraging ‘connectivation’. This term refers to the unique business models of companies who are available 24/7 anywhere, i.e. organisations who are exceptionally well connected to their customers. The key emphasis of this module is on acquiring the necessary connectivation skills. Students will learn how innovations can be promoted amongst relevant stakeholders and how to integrate them into corporate innovation plans by using connectivity enhancing tools and approaches, such as social media and Web 3.0.

Business Acceleration and Growth Strategy (Scaling)The main topics of this module centre on the challenge of business acceleration and what management needs to do in order to manage rapid growth and value creation (scaling) in the context of cross-border and global expansion. Students will be introduced to relevant management concepts, such as ramp-up production and the requirements of developing an integrated growth and value-creation strategy towards a fully-thriving large-scale business (scaling tactics). After this module, students will understand how a planned increase in firm production ahead of anticipated increases in product demand can be managed, including the widening of one’s customer base, business model refinement, cementing one’s innovative brand leadership position and business growth to the next level in the corporate life cycle.

Risk Management in an Unstable WorldRisk management and strategic agility are crucial during all stages of the innovation effort. Besides covering selected principles of business ethics and corporate social responsibility, students will learn how to achieve challenging profit targets while minimising risks, the theory and practice of good earnings management, as well as advanced risk management and reduction tools for globalising businesses. A key goal is to enable students to explain how to ensure through proper ‘earnings management’ that profit targets can be achieved and risks, such as systematic market risks (which imply vulnerability to events which affect aggregate outcomes, such as broad market returns) and unpredictable, idiosyncratic risks are minimised, e.g. by hedging. Issues will be covered as well in order to appreciate how businesses can better navigate the grand rapids of ‘VUCA’ – Volatility (rapid change), Uncertainty (difficulties to predict problems), Complexity and Ambiguity (cause-and-effect confusion, uncertainty).

Business Sustainability and Value ExtractionThis module focuses on the advanced stage of business innovation and growth with special reference to sustainability as business imperative and source of innovation, strategic value extraction tools and approaches (e.g. roll ups), the dos and don’ts of preparing and following-up on successful initial public offerings (IPOs), strategic investor relationship and regulatory compliance management, smart (new) ways to exceed customer expectations and IPVCM (IP, contracts and licensing). Students who have taken this module will be able to explain how to achieve business sustainability and long-term, effective value extraction through thoughtful business expansion and good management interventions.

Office of Postgraduate Professional ProgrammesAdministration Building81 Victoria StreetSingapore 188065

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SMU MASTER OF SCIENCE IN INNOVATION