Innovation is the one factor that sets apart leaders from the rest of the crowd. Realising its importance in economic growth, India and several other governments have been putting huge amounts of money and initiatives to kick start such initiatives. Business schools have also begun to incorporate innovation as a major part of MBA programs.
The Rady School of Management at the University of California, San Diego has, with its signature Lab to Market (L2M) course, made students step out of the classroom to design and launch their own start-up companies.
Start-ups Spur Innovation
Start-ups are much valued for innovation, outside the box strategies, employment generation and for having a collective impact on the economy. No wonder, the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations has come up with the annual Global Innovation Index.
Joleen Schultz, Director, Marketing Rady School says a graduate of the Rady School of Management is taught to think like an entrepreneur. Such type of thinking is developed throughout their coursework over the two-year period. It is equally relevant for an individual starting their own company as well as for those who would drive change within an organization.”
Lab to Market
Lab to Market (L2M) course has three parts. Beginning with classroom work, it transforms itself into a project. Student teams are asked to conduct market research and validation and feasibility studies. Finally, they have to come up with a business case, workable plan and marketing strategy.
The students could also seek help from the School’s network of external advisers on business ideas, evaluation and commercialization opportunities.
Innovation a combined effort
This sort of approach is important as innovation does not happen just by memorising a few precepts or theories. It also cannot take place in a vacuum or silos.
The process moves forward only when participants share problems, opportunities and learning. Shultz says the students collaborate in the classroom, with corporate and community partners, research institutions and academic units across the UC San Diego campus.
The School’s location in San Diego with a large number of life sciences, technology, and healthcare IT industries adds to students being in touch with the entire innovation ecosystem. (Image Courtesy : pixabay.com)
