This unit is informed by design thinking, requiring students to test, prototype and refine a viable response to a real-world challenge or opportunity. Working in diverse start-up teams, students will use innovative approaches to problem solving, by learning how to develop and deliver an end-to-end solution.
The unit is experiential and hands-on with learning guided through mentorship and industry engagement. ‘Start-up Fastrack 1’ focuses on the desirability and feasibility elements of innovation. Students will undertake both primary and secondary research to identify and frame a deeper understanding of the problem. Through iterative cycles of ideation, students will develop the capability to rapid prototype and to conduct real life user-testing to evaluate their concepts and ideas. The business modelling element of the unit is designed to lay the groundwork for ‘Start-up Fastrack 2’ by arming students with the necessary capabilities to build their value proposition through rigorous validation and feasibility assessment.
The second part of Start-up Fastrack is focused on the viability element of innovation. The intention of this unit is to enable student venture teams to map and showcase their final solution and go-to-market strategy. Students will conduct a venture viability analysis to ascertain if the solution is financially sound. The legal component of the unit will arm students with the knowledge to navigate complex regulatory guidelines and policy to ensure their solution is compliant with the law. Students will learn how to enhance their entrepreneurial communication skills, enabling them to confidently pitch their solutions to potential investors, and other stakeholders. Additionally, they will develop an understanding of effective strategies in selling and negotiation.
The unit also covers fundamental business aspects, operational processes and strategy planning, allowing students to synthesise their knowledge to successfully build their new business venture.