EC 491 sec 001: Advanced Topics in Economics: Innovation & Entrepreneurship

This course addresses both the theory of product and process innovation and the practice of forming entrepreneurial ventures from them. Course readings are case studies, accompanying articles, and short pre-class calculations relating to individual students’ pre-entrepreneurship situations. The theory part of the course emphasizes the payoffs to research and development R&D, innovation, and success of for-profit business enterprise in the USA with an emphasis on three specific learning outcomes: (1) an understanding of the links among invention, innovation, and entrepreneurship; (@) understanding the difference between product and process innovations on the US economy and (3) analyzing the returns to research and development to establish the appropriate levels of each. Class time in the theory portion is primarily lecture and interactive discussion. The second part of the course emphasizes entrepreneurial strategy with an emphasis on three specific learning outcomes: (1) familiarity with entry strategies specific to small or newly-founded firms, (2) an understanding of the process of gaining competitive advantage in new markets, and (3) exposure to analysis techniques designed to improve the risk/return profice of innovation-based new ventures