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2013/2014  KAN-CM_V93  Maritime innovation and entrepreneurship

English Title
Maritime innovation and entrepreneurship

Course information

Language English
Exam ECTS 7.5 ECTS
Type Elective
Level Full Degree Master
Duration One Semester
Course period Autumn
Changes in course schedule may occur
Friday 12.35-15.10, week 36-41, 43-47
Time Table Please see course schedule at e-Campus
Study board
Study Board for MSc in Economics and Business Administration
Course coordinator
  • René Taudal Poulsen - Department of Innovation and Organizational Economics (INO)
Main academic disciplines
  • Innovation and entrepreneurship
  • Economics, macro economics and managerial economics
Last updated on 20-03-2013
Learning objectives
At the end of the course, students should be able to:
  • Explain main theories and models within innovation management and entrepreneurship research.
  • Apply theories and models from innovation management and entrepreneurship research to studies of businesses in the maritime domain.
  • Discuss the role of entrepreneurship and innovation in the maritime domain and assess their impact on the development on businesses within the domain.
  • Write and critically assess an innovation project within an existing company or a business plan for a start-up in the maritime domain.
Oral examination based on an essay:
Examination form Oral exam based on written product

In order to participate in the oral exam, the written product must be handed in before the oral exam; by the set deadline. The grade is based on an overall assessment of the written product and the individual oral performance.
Individual or group exam Individual
Size of written product Max. 15 pages
Assignment type Written assignment
Written product to be submitted on specified date and time.
30 min. per student, including examiners' discussion of grade, and informing plus explaining the grade
Grading scale 7-step scale
Examiner(s) Internal examiner and second internal examiner
Exam period December/January
Make-up exam/re-exam
Same examination form as the ordinary exam
Course content and structure
Innovation and entrepreneurship are key drivers of industrial change and economic growth, and research in the two related fields is rapidly developing. The course introduces students to some of the newest research in the two fields and gives a broad overview of the business challenges and opportunities faced by entrepreneurs in setting up new ventures and by existing organizations in identifying and implementing innovation projects.
The course presents the key issues of innovation management and entrepreneurship in the context of the maritime domain, which includes global shipping and the related businesses of shipbuilding, marine equipment manufacturing, maritime service providers and the offshore wind and oil/gas sectors.
Businesses in shipping and the broader maritime domain are generally considered to be capital intensive, have highly volatile profits, use mature technologies, and have high entry barriers and low R&D intensity. Nevertheless, innovation and entrepreneurship provide impetus for major changes in maritime businesses, and the course will focus on how this takes place.
Key questions addressed in the course:
  • What is the role of innovation and entrepreneurship in shaping maritime businesses?
  • What are the drivers of innovation in the maritime domain and how do they influence maritime business opportunities?
  • Who are maritime entrepreneurs and what are the requirements for successful start-ups in the maritime domain?
  • What are the challenges faced by maritime companies in their attempts to identify, prioritize and implement innovation projects?
The course presents several business cases on innovation management and entrepreneurship from the maritime domain, and as such provides a close integration between theory and practice. 
The course will provide students with tools for writing and critically assessing innovation projects in shipping companies and other maritime businesses. Moreover it will enable students to write and critically assess business plans for start-ups in the maritime domain.

Course plan


1. Innovation theory
2. Entrepreneurship  theory
3. Maritime economics
4. Drivers of innovation and innovation management

5. Open innovation and product innovation
6. Service innovation
7. Innovative business models
8. Process innovation
9. Guest lecture

10. Opportunity recognition for entrepreneurs
11. Business plans and finance for start-ups
12. A case of maritime entrepreneurship: Offshore wind sector
13. Guest lecture

14. Performance effect of innovation and entrepreneurship
15. Wrap up
Teaching methods
The teaching of this course will be based on a variety of learning methods, such as lectures, group and class discussions as well as case studies. Guest lectures by representatives from maritime companies will also be included in the course.
30 hours (2 x 45 minutes class for 15 weeks).
Readings: Approximately 1,000 pages.
Further Information
maritime economics
Expected literature
Reference books
Goffin, K. & R. Mitchell, 2010. Innovation Management: Strategy and Implementation using the Pentathlon Framework, Palgrave Macmillan, Basingstoke, 2nd edition
Talley, W. (ed.), 2012. The Blackwell Companion to Maritime Economics, Blackwell Publishing.

Blanchflower, D.G. & A.J. Oswald, 1998. ‘What makes an Entrepreneur?’, Journal of Labor Economics  16 (1), pp. 26-60.
Birkinshaw, J., C. Bouquet & J.-L. Barsoux, 2011. ‘The 5 Myths of Innovation’, MIT Sloan Management Review: Top 10 Lessons on the New Business of Innovation, pp. 1-8.
Chesbrough, H., 2011. ‘Why Companies Should Have Open Business Models’, MIT Sloan Management Review: Top 10 Lessons on the New Business of Innovation, pp. 68-74.
Greve, H., 2003. ‘A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding’, Academy of Management Journal, 46 (6), pp. 685–702.
Jenssen, J.I. & T. Randøy, 2006. 'The performance effect of innovation in shipping companies', Maritime Policy and Management, 33:4, pp. 327-343.
Jenssen, J.I., 2002. 'Factors that promote innovation in shipping', Maritime Policy and Management, 29:2, pp. 119-133.
Kaldellis, J.K. & M. Kapsali, 2013. ’Shifting towards offshore wind energy—Recent activity and future development’, Energy Policy, 43, pp. 136-48.
Sawhney, M., R.C. Wolcott & I. Arroniz, 2011. ‘The 12 Different Ways for Companies to Innovate’, MIT Sloan Management Review: Top 10 Lessons on the New Business of Innovation, pp. 28-34.
Shane, S. and S. Venkataraman, 2000. 'The Promise of Entrepreneurship as a Field of Research', The Academy of Management Review, 25:1, pp. 217-226.
Solomon, B.D. & K. Krishna, 2011. ’The coming sustainable energy transition: History, strategies, and outlook’, Energy Policy 39, pp. 7422–7431.
Wijnolst, N. & T. Wergeland, 2009. Shipping Innovation, IOS Press, Amsterdam
Zhao, H. & S.E. Seibert, 2006. ‘The Big Five Personality Dimensions and Entrepreneurial Status: A meta-analytical Review’,Journal of Applied Psychology, 91 (2), pp. 259-71.
Økland, O. & T.U. Pedersen, 2010. Exploring the entrepreneurial challenges in the Norwegian maritime sector, Forskningsnotat 2: Et kunnskapsbaseret Norge.
Last updated on 20-03-2013