Stage 1 | Subject outline | version control
For teaching in Australian and SACE International schools from January 2022 to December 2022.
For teaching in SACE International schools only from May/June 2022 to March 2023
Accredited in August 2018 for teaching at Stage 1 from 2019. This subject replaced Business and Enterprise.
Stage 1 | Subject Outline | Subject description
Business Innovation is a 10-credit subject or a 20-credit subject at Stage 1.
In Stage 1 Business Innovation, students begin to develop the knowledge, skills, and understandings to engage in business contexts in the modern world. In a time when design-led companies outperform other companies, students are immersed in the process of finding and solving customer problems or needs through design thinking and using assumption-based planning tools. The customer is at the centre of the innovation process and the generation of viable business products, services, and processes.
Initially, students may be guided through structured processes to develop their understanding of underlying problems or needs, and begin to propose and test hypotheses relating to the customer, problem, and solution. As students develop these skills, they will anticipate, find, and solve their own problems. These structured processes create a learning environment where risk is encouraged and provide an opportunity to pivot during the iterative process of proposing, developing, testing, and refining solutions.
Integral to learning through finding and solving complex, dynamic, real-world problems is the opportunity for students to work collaboratively. Working together, students are encouraged to build up ideas. They collect and analyse financial and business information that informs the process of proposing, developing, and testing solutions. In doing so, students develop and extend their financial awareness and skills in decision-making. Students apply these skills in the iterative development of business models for start-up and existing businesses, analysing data to inform the decision-making process, and communicating with a range of stakeholders.
Students consider the opportunities and challenges associated with start-up and existing businesses in the modern, connected world. They consider how digital and emerging technologies may present opportunities to enhance business models and analyse the responsibilities and impacts of proposed business models on global and local communities.