【ACT】Innovation and Entrepreneurship Course “The Road to Innovation and Entrepreneurship” Series Report 1 – From 0 to 1: Discovering New Opportunities in the Post-Epidemic Era

COVID-19 has pushed the pause button on the global economy and has brought radical changes to everyone’s life and work, from the daily operations of businesses to the lifestyles of people. This sudden epidemic has completely turned the norms of human life upside down, but has also shaped the industry in a new way. The Innovation and Entrepreneurship course in the ACT Global Program, taught by Professor Shih-Chieh Hsu, Department of Information Management; Dr. Shih-Hsiang Sung, Program of Interdisciplinary Studies; and Dr. Yu-Yu Chang, lecturer from the Institute of International Management, National Cheng Kung University, has led students on a journey of innovation and entrepreneurship in the post-epidemic era.

Top right: Dr. Shih-Hsiang Sung listening to students’ proposals; bottom right: Viktor sharing his product ideas.

With the advent of the post-epidemic era, what new and unexpected opportunities are there for the global market? Through the Design Thinking Workshop, Dr. Shih-Hsiang Sung has guided students to use anthropological thinking to observe and interview the target audience in order to find new directions to solve problems. By using Point of View (POV) and How Might We (HMW) cards, students were able not only to define the needs of the target audience clearly and summarize their characteristics, but also to develop creative products that fit the needs of that audience. During the two-day online Design Thinking Workshop, students from different groups proposed different creative products, including the dating platform, Happy Place, which is expected to mitigate the suffering of not being able to get together with family and friends due to the epidemic; the self-checkout software, Anti-Cashier, which is expected to reduce contact risk; and the audio transcription software, ChatCheck, which is expected to improve the insufficient functionality of existing transcription software.

Picture 3: Dr. Yu-Yu Chang explaining the components of the business model; picture 1: Erica raising her hand to ask a question.

A good business model design is necessary for a new business to generate revenue and profits. Dr. Yu-Yu Chang used Google Jamboard with the business model game in order to enhance the interactivity of the distance learning course and stimulate the discussion atmosphere among groups of students in class. Through this hands-on process, students were able not only to understand the nine components of the Business Model Canvas more quickly, but also to apply what they had learned to their own proposals with ease. Viktor Seirl, a student from Austria, stated that through the Business Model Canvas, students were able to organize and visualize their ideas better. Erica Littler, a Canadian member of the same group, added that in the process of designing the business model, they were able to define their roles and contributions better within the team.

Second from left in the participant video panel: Professor Shih-Chieh Hsu explaining the importance of Lean Startup with a case study; first from left in the participant video panel: Taseen raising his hand to share an opinion.

When a new venture team launches a product in the market, they face many challenges due to their limited understanding of said market. This is why Lean Startup has become essential for new entrepreneurs, helping them to understand user experience and conduct market validation. Professor Shih-Chieh Hsu discussed with students the importance of Lean Startup for new entrepreneurs through case studies. In class, students were encouraged to use the Minimum Viable Product (MVP) to design prototypes for market testing. In addition, through continuous “trial and error” and systematic reduction of pivots, new pathways can be found, which increases the chances of success and market acceptance of the tested product. Taseen Saqeeb, a student from Bangladesh, stated that market testing is a great experience. He said, “From each test, we can understand the shortcomings of the product and the actual needs of the market from the feedback of the test subjects, and the feedback is extremely valuable for us in improving the product features and business model design.”

(Written by Yen-Chu Lai from IBMBA / Edited by the College of Management)