Innovation and Markets

BMAN31911 Innovation and Markets 20 Semester 1 Undergraduate Level 3 Anna Krull Unit coordinator Bruce Tether Unit coordinator 1 FHEQ level (Framework for Higher Education Qualifications) ' Last part of a Bachelors ' European Credit Transfer & Accumulation System Rating : 10.0 Grounded in Schumpeterian, evolutionary and institutional economics (which unlike other forms of economics are based on mathematical modelling) this course examines the ways in which technologies and their associated products, markets and industries evolve through processes involving entrepreneurship, innovation, competition, imitation and diffusion. Emphasis is placed on why and how innovations are introduced, and the factors which influence their success or failure, including their diffusion among users and imitation by competitors. The topics covered will include: institutions (including intellectual property rights) and how these shape ‘the rules of the game’ in markets,  associated appropriation strategies and who ‘wins’ from innovation; entrepreneurship, including Kirznerian “discovery” and Schumpeterian “creativity”; how niche market technologies go mainstream; why incumbents are often slow to respond to technological threats (i.e., myopia and the ‘incumbents curse’), the importance of networks and platforms in the development of inter-connected markets; understanding the diffusion of technologies and associated products, including the role of social movements; and why innovation and market activities are geographically concentrated. This list of topics is not exhaustive but intended to give an overview of the content of the course. Grounded in Schumpeterian, evolutionary and institutional economics (which unlike other forms of economics are based on mathematical modelling) this course examines the ways in which technologies and their associated products, markets and industries evolve through processes involving entrepreneurship, innovation, competition, imitation and diffusion. Emphasis is placed on why and how innovations are introduced, and the factors which influence their success or failure, including their diffusion among users and imitation by competitors. The topics covered will include: institutions (including intellectual property rights) and how these shape ‘the rules of the game’ in markets,  associated appropriation strategies and who ‘wins’ from innovation; entrepreneurship, including Kirznerian “discovery” and Schumpeterian “creativity”; how niche market technologies go mainstream; why incumbents are often slow to respond to technological threats (i.e., myopia and the ‘incumbents curse’), the importance of networks and platforms in the development of inter-connected markets; understanding the diffusion of technologies and associated products, including the role of social movements; and why innovation and market activities are geographically concentrated. This list of topics is not exhaustive but intended to give an overview of the content of the course. Students undertaking the course will acquire an understanding of the forces and processes that shape industries and markets over time, including the role of product, service and process innovations in the evolution of industries and markets. Through coursework, students will undertake a case study in which the development of an innovation and its associated market are examined by combining theoretical perspectives with empirical material. This will develop students’ understanding as to how innovations shape markets (and competition) as well as how markets (and competition) shape innovations.  Practical skills in report writing, searching for literature and evidence will also be enhanced. Methods of Delivery The course is delivered in a series of 10 lectures, each of 1.5 hours, accompanied by 10 weekly seminars (for small groups of up to 15-20 students). Lecture hours:  10 lectures, 1.5 hour each Seminar hours: 10 seminars, 1 hour each. Private study:    75 hoursTotal study hours: 100 hoursInformal Contact Methods 1. Office Hours and appointments by email arrangement 2. Specific questions can be asked during or after the lecture, in seminars or via email contact 0 Other 100% Coursework report (100%) Methods of Feedback to Students - Written and/or verbal comments on proposed case study (formative assessment)-  - Responses to questions raised by students in lectures and seminars.  - Feedback comments on the assessed coursework Only available to students on: Mgt/Mgt Specialism; IMABS; IM; IBFE and ITMB.Note that, while advantageous, prior knowledge of economics and economics-based perspectives such as strategy is not required.   N The course does not follow a textbook. Warde and Metcalfe’s (2003) book “Market relations and competitive process” (https://library.oapen.org/handle/20.500.12657/35035) provides a flavour of the analytical perspectives applied while Paul Geroski’s (2003) “The Evolution of New Markets” (available on-line from JRULM) is also relevant. Specific readings will be identified to support learning on each of the topics covered. in the lectures and seminars. Lectures 15 Seminars 10 0 75 Additional notes: Other teaching staff and guest lecturers may be included. Pre-requisites: None Co-requisites: None Dependent courses: None Programme Restrictions: Available to Management, Management (Specialisms), IM, IMABS, IBFE and ITMBFor Academic Year 2023/24Updated: March 2023Approved by: March UG Committee