BMT-86106 Health Technology and Life Science Business, 5 cr
The course is implemented by SPARK FInland. https://sparkfinland.fi/
Responsible persons: Juho Väisänen (Tampere), Pasi Sorvisto (Helsinki)
Suitable for postgraduate studies.
|BMT-86106 2019-01||1 - 2||
After the course student has basic understanding of the Health Tech and Life Science business environment. Student has gained knowledge on what an inventors needs to understand about business and finance when targeting on to exploit the commercial value of their solutions. Student can apply when they will make a course work. During their course work they will participate the actual innovation projects in SPARK Finland and make work related to business plan, go-to-market plan, financing and market analysis for the projects. Student has presented group work as written document and as an oral presentation in seminar. Student has also assessed the work of other groups and received criticism. Students will gain solid basis for business expertise in their later career either as entrepreneurs, in industry or in academia.
|Content||Core content||Complementary knowledge||Specialist knowledge|
|1.||Introduction of health tech and life science industries||Goal is to introduce the key features of the global health tech, pharma, life science and service industries - key categories, trends and evolutionary paths, technological drivers and market drivers - and what kind of financial impact those have.|
|2.||Business economics and business models||Goal is to introduce business economic models related to the industry, and what kind of business models are used. A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts.|
|3.||Legal aspects of partnering and finance||Goal is to introduce key aspects of legal contracts related to partnering, trading and financing ¿ some common practices and pitfalls. Since early stage companies are highly dependent of different kind of contracts (i.e. out- or in-licensing technology or raising funding) there is a need to understand what kind of legal expertise is needed while making contracts.|
|4.||Entrepreneurial mindset and business thinking||Goal is to provide insight what does it really mean to think entrepreneurially. The entrepreneurial process isn¿t only for start-ups, it¿s a comprehensive mindset that will teach you to identify, assess, shape, and act on opportunities in a variety of contexts, settings and organizations.|
|5.||Design thinking in Business||Goal is to provide insight how ¿design thinking¿ has become popular in many industries as both startups and established companies have tried to apply designers¿ problem-solving techniques to corporate innovation processes. But design thinking can be used also design business models and other commercial aspects|
|6.||Go to market approaches||Goal is to provide insight go-to-market approaches or go-to-market strategies as plans of an organization, utilizing their inside and outside resources (e.g. sales force and distributors), to deliver their unique value proposition to customers and achieve competitive advantage.|
|7.||Entrepreneurial finance||Goal is to provide insight to ¿entrepreneurial finance¿ from the perspective of value and resource allocation applied to new ventures. It addresses key questions which challenge all entrepreneurs: how much money can and should be raised; when should it be raised and from whom; what is a reasonable valuation of the startup; and how should funding contracts and exit decisions be structured.|
|8.||Market analysis / How to structure a VC pitch||Goal is to introduce how to analyze market opportunities and how to transform a market opportunity to an investment opportunity into an early stage company. Typically, it is formed to a form of pitch deck and pitching presentation that are tools for introducing and investment opportunity for investors (including business angels, VCs, corporates).|
|9.||How to establish a company||Goal is to introduce what could be the most important cornerstone for establishing a new business/company and what kind of process it is. Planning a business in stages, and in the correct order, helps to ensure that you cover all of your bases and develop a solid business foundation.|
Instructions for students on how to achieve the learning outcomes
After successful completion of the course student has basic understanding of the Health Tech and Life Science business environment. Student has gained knowledge on what an inventors needs to understand about business and finance when targeting on to exploit the commercial value of their solutions in area of life sciences. Students can apply their knowledge successfully in challenging project works in the area of course content.
Evaluation scale passed/failed will be used on the course
Correspondence of content
There is no equivalence with any other courses