30529 - ENTREPRENEURSHIP AND STRATEGIC INNOVATION IN THE FASHION INDUSTRY
Course taught in English
Go to class group/s: 31
Background knowledge in business policy and basic accounting is recommended.
The course proposes an experiential learning solution to develop the skills most critical to success in today's business landscape: design and plan innovative business models. The course has an industry focus, the fashion and luxury systems, a collection of traditional industries where business model innovation has transformed many product categories and markets segments. Students will learn how to design and plan innovative business models with the support of a simulation software allowing them to develop a practical approach integrating innovation with competitive and economic dimensions. Action learning is becoming very relevant today particularly when topics are complex and multi-faced as business models innovation and planning. Students see the immediate consequences of their decisions and learn what it’s truly like to juggle competing priorities amidst a constant influx of information provided by the professors.
Key topics include:
- Pillars of business models in fashion.
- Entrepreneurship in fashion.
- Drivers for strategic and business models innovation (technologies, customers, product offers).
- Business planning.
- Define entrepreneurship determinants in fashion.
- Identify key pillars of a business model in fashion and drivers for strategic and business model innovation.
- Identify requirements and implications of global expansion.
- Recognize the implications of Business Models Digital Transformation: impact of digital transformation on different pillars of the business model in fashion and luxury (i.e. revenue models, supply chain design, managing suppliers…).
- Understand the importance of IP protection in innovation management.
- Evaluate their entrepreneurship potential.
- Assess strategic options for long-term competitive advantage and international growth in businesses with major importance of creativity, branding and a global scope of activities.
- Design and develop business plans.
- Discuss and justify a business plan in front of shareholders and the financial community.
- Face-to-face lectures
- Guest speaker's talks (in class or in distance)
- Exercises (exercises, database, software etc.)
- Group assignments
- Interactive class activities (role playing, business game, simulation, online forum, instant polls)
- Introductory sessions face-to-face about entrepreneurship, business models innovation and business planning techniques in fashion also with the support of guest speakers (approx. 20%). Action learning through the Business Game Simulation FAST to be carried out in 3 full days by students organized into groups in dedicated spaces @ Bocconi with professors available for tutorship (70%), final plenary sessions wrap up (10%).
- The BG simulation FAST has a unique focus on fashion and the possibility of understand the impact of managerial decisions in these industries (i.e creativity models, make or buy in supply chain design, seasonal product offer size and scope, planning licensing contracts, opening stores…).
|Continuous assessment||Partial exams||General exam|
The attending students evaluation is 100% group based and it is the outcome of the business plan simulation FAST.
- In particular students are evaluated on several factors: the knowledge of innovation drivers in fashion and the ability to define an innovative entrepreneurial idea that they can protect, the ability to build a consistent and profitable business model for that idea, the ability to make the right strategic choices for global expansion, the capability to take advantage of digital transformations to improve their business model.
The evaluation is based on an individual written test with a mix of open questions and multiple choice aimed at assessing: knowledge of the concept of business model innovation with examples, knowledge of the creative process within symbol intensive companies and approaches to IP protection in innovation, capability to evaluate the impact of digital transformation on business models in fashion.
Course handouts and supporting materials communicated as the course starts.
Reinvent your business model : how to seize the white space for transformative growth / Mark W. Johnson
Harvard Business Review Press, 2018
- S. SAVIOLO, Managing creativity and the creative process for symbol intensive brands, edited by Stefania Saviolo, EGEA, 2016 (all chapters).
- Business of Fashion-McKinsey "State of Fashion 2020" pag. 32-85 (available on line)