Innovation and entrepreneurship are the main ingredients of a successful economy. The world needs its innovative entrepreneurs and the places in the world with leading innovation and entrepreneurship tend to have higher productivity rates, increased economic growth and more jobs.
It takes a special set of skills to create and execute a fresh business or project. But it’s okay if you’re not “born with it.” Research suggests that 40% of entrepreneurial expertise comes naturally to people, whereas 60% are “made” entrepreneurs, meaning they’re trainable.
So if you’re looking to make a difference in the economy of the future and want to study innovation and entrepreneurship, we have some good news for you. There are tons of degrees out there to choose from! But first, let’s look at what innovation and entrepreneurship is and why it’s worth pursuing.
What is Innovation and Entrepreneurship?
Innovation and entrepreneurship are two necessary ingredients in building a successful business, be it a company, operation, or other project. Although the two constructs are similar and often used interchangeably in the business world, there is a difference between the two.
Innovation is applying creativity to come up with a unique idea or solution. A main part of innovation is the technological aspect, which allows us to do what previously couldn’t be done.
When it comes to the world of business, innovation can be defined as “the introduction of novelty in a given market or industry, such as new products, services, methods, sources of supply or organisation.” And the purpose of innovation is “to continuously grow and renew an enterprise with new or better products, more efficient processes, or enhanced business models.”
What is Entrepreneurship?
Entrepreneurship, however, is applying the innovation to bring the ideas to life. It is social invention rather than the technological. It is the entrepreneurs that take the opportunity to cash in on the innovation by building businesses. Innovation is half the bargain, and progress is only made when entrepreneurs push the innovation forward. Most entrepreneurs, if not all, are innovative. For many businesses, it’s about distinguishing your product or service from your competitors, and that usually requires innovation.
It’s clear that innovation and entrepreneurship are closely linked; sometimes the terms are even used interchangeably. But, as two distinct yet interrelated concepts, it can be tricky to pinpoint the exact relationship between them.
Linking the Two
A 20th century economist Joseph Schumpeter once said, “necessity may be the mother of invention, but it does not automatically produce innovation,” in which he hinted at a need for a third element. An entrepreneurship professor at Vlerik Business School, Fredrik Hacklin, explained how “Schumpeter suggested the entrepreneur represents the missing link between invention and innovation. Indeed, an entrepreneur is someone who is willing and able to transform an invention into an innovation.”
Walter Van Dyck, an innovation professor from the same institution went on to clarify that, “Turning invention into innovation relies on how an entrepreneur positions themselves, gets funding and manages their venture to become successful. Innovation is about the process and organisation needed to generate ideas in any context.”
Innovation and entrepreneurship are the bread and butter of a successful business and one wouldn’t be complete without the other. But how and why are the two so important to our society and economy?
Why is Innovative Entrepreneurship So Important?
Innovative entrepreneurship plays an important role in societies around the world as it contributes to economic growth, creates jobs, ans can help reduce poverty. Universities, specifically business schools, are creating more and more programs revolving around innovation and entrepreneurship. And this is due to the fact that the world has become more competitive, creating a real demand for organizations to be constantly innovating with increasing opportunities for entrepreneurs.
Now that we have an understanding of what the two constructs are and how they relate to each other, let’s move on to studying innovation and entrepreneurship and why it’s a worthwhile degree to pursue.
Studying Innovation and Entrepreneurship
Innovation and entrepreneurship is most often offered as a specialisation in a Master’s program which provides students with the knowledge and skills to be entrepreneurial and innovative in a variety of settings, including commercial and social. Students usually learn how the process works from the idea to start-up to full enterprise.
A Master’s isn’t the only route to take, however. It’s also possible to focus on, or minor in, innovation and entrepreneurship while earning an undergraduate degree. Perhaps you have a great idea but need to work on your technical skills. Or maybe you’re thinking of a career change, looking to open a small business? There are undergraduate programs that can help you on your path, including Bachelor’s programs in Business, Media, Engineering, Information Technology, and so many more.
Career Goals
Graduates of innovation and entrepreneurship programs usually go on to build their own businesses or work in businesses as analysts and consultants to help companies grow and expand. Many also go into management and research roles that focus on creating and maintaining sustainable business initiatives. Here are some popular jobs and salaries of graduates who study in this field:
Innovation Manager
An innovation manager focuses on the development of new products, services or processes.
An R&D engineer’s goal is to improve the current technologies offered by an organisation or to develop innovations that strengthen the company’s position in the marketplace.
Innovation consultants help companies innovate by enabling them to create new ideas that become new products and services. They help with discovery, refinement and identification.
To give you an idea of what courses are included in a typical Master’s program in innovation and entrepreneurship, here’s a few items from the University of Queensland 2019 Innovation and Entrepreneurship field of study course list:
Principles of Entrepreneurship
Principles of Strategic Management
Economics of Innovation & Entrepreneurship
Creativity for Innovation and Design Thinking
Idea Management
Lean Start Up
Social Enterprises and Not for Profits
Social Entrepreneurship in Practice
The Difference Between an MBA and an Entrepreneurship Degree
Both Entrepreneurship and Business Administration are popular Master’s degrees and knowing the difference between the two can help you make the right decision in choosing which to study (if that’s your goal). While the differences may be subtle, they are indeed distinguishable.
Saras Sarasvathy, a professor at the University of Virginia’s Darden School of Business sees it like this: MBAs use “causal” reasoning while entrepreneurs use “effectual” reasoning. The causal reasoning of MBAs “begins with a pre-determined goal and a given set of means and seeks to identify the optimal alternative to achieve that goal.” An entrepreneur’s effectual reasoning doesn’t begin with a specific goal. Rather, it begins with a given set of means and allows goals to emerge over time with imagination aspiration of the founders and the people they interact with.
Ranking: 5th in Eduniversal Best Masters in Entrepreneurship
About: The program focuses on how to design and manage processes of innovation and entrepreneurship at all levels in society and businesses. The learning environment is co-creative and case-based.
MSc Economics and Management of Innovation and Technology – Bocconi University (Milan, Italy)
Duration: 2 years
Cost: 13,474 Euros
Ranking: 8th in Eduniversal Best Masters in Entrepreneurship
About: The program is designed to develop the problem-solving and management skills needed to effectively employ technology and innovation. The interdisciplinary program blends strategic, managerial, organizational and economic approaches to enable students to analyze innovation and technology.
Ranking: 10th in Eduniversal Best Masters in Entrepreneurship
About: Students gain an in-depth perspective that allows them to design, build and oversee development projects in their careers. The program prepares high-level entrepreneurs to act in an environment that is ambiguous and uncertain.
Top Master’s Programs in Innovation and Entrepreneurship in the USA
MasterStudies also has a list for the top Master of Science programs in Innovation and Science in the USA. Here are some examples:
MSc in Entrepreneurship & Emerging Enterprises – Syracuse University Whitman School of Management (Syracuse, USA)
Duration: 2 years
Cost: $1,559 per credit hour
Ranking: 17th in the 2016 U.S. News & World Report listing
About: The 30-credit program provides immersion in a rigorous curriculum and relevant practical experience to give students the preparation and confidence to navigate their path to entrepreneurial success.
Master in Entrepreneurship and Innovation – University of San Francisco School of Management (San Francisco, USA)
Duration: 1 year
Cost: $45,900 for the entire program
Ranking: Top 20 in the country by U.S. News and World Report (2018)
About: The program is designed to allow graduates to gain essential skills and experiences to best compete in today’s innovation economy and launch an entrepreneurial career from Silicon Valley.
MS Entrepreneurship and Innovative Ventures – Rochester Institute of Technology (Rochester, New York)
Duration: 2 years
Cost: $ 20,213 per semester
Ranking: 20th in Eduniversal Best Masters in Entrepreneurship
About: The 30-credit program focuses on the entrepreneurial and innovation process, where graduates achieve a unique combination of technical and business expertise that is especially relevant to start-up ventures.
Best Online Programs in Innovation and Entrepreneurship
DigitalDefynd has a list of the best online programs for Innovation and Entrepreneurship for 2019. Here are the top three:
1. Online Master’s in Innovation and Entrepreneurship by HEC Paris (Coursera)
Duration: 15-18 months (Avg. 20 hours per week)
Ranking: 2nd best business school in Europe (Financial Times)
Cost: 20,000 Euros total
About: The online program is specially designed to drive innovation and develop an entrepreneurial mindset. It will help you to prepare yourself as a consultant, an entrepreneur, a decision-maker or a member of the executive team in a firm.
2. Design Thinking for Innovation Certification (Coursera)
About: This program is perfect for those who want to hone on their design thinking skills. The tutorial is conducted by the University of Virginia, and perfect for beginners.
3. Innovation of Products And Services: MIT’s Design Thinking (Emeritus)
About: This is a great course for anyone who wants to learn great design thinking skills. There are 62 video lectures, 4 real-world applications, 1 capstone project and 4 case studies. On completion, you earn certification from Emeritus in collaboration with MIT Sloan.
Whether you choose to study a Bachelor’s program with a focus on innovation and/or entrepreneurship or if you earn a Master’s in Innovation and Entrepreneurship, there are lots of options available to you. Remember, earning an MBA is similar yet different. If an MBA is of interest to you, you should check out our 100% online, tuition-free MBA program for students all over the world to take. It’s the perfect choice for anyone who wants to earn an accessible and accredited program online!
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