Entrepreneurship has become an increasingly popular activity that can be evidenced in different spheres of the economy and society. More commonly, entrepreneurial behaviours are associated with new start up ventures where risk, ownership and management are combined to exploit new market or technological opportunities.
Best Master's Programs in Innovation in Luxembourg. Entrepreneurship has become an increasingly popular activity that can be evidenced in different spheres of the economy and society. More commonly, entrepreneurial behaviours are associated with new start up ventures where risk, ownership and management are combined to exploit new market or technological opportunities. But such activities can also be seen in corporate, social, public, civic, community and small business contexts to reflect organizational efforts to sustain competitive advantage, uniqueness and novelty. This is partly because the twenty-first century is characterized by a fast moving, competitive and global economy. Sustaining a competitive advantage requires that individuals, companies and nations are able to anticipate and stimulate (rather than merely manage) change.
Entrepreneurship is about exploiting ambiguities and contingencies. More importantly, entrepreneurship is about experiencing a tension between ‘what is’ in the present and ‘what should be’ in the future – and then converting that tension into an entrepreneurial problem that can resolve the tension. Such a process demands concepts and knowledge from different disciplines, and the integration of these concepts with the know-how and practical experience of daily business practice.
The programme aims at achieving that integration, optimally balancing theory and know-how.
Entrepreneurship is a programme of the Luxembourg Business Academy, a partnership between the University of Luxembourg and the Luxembourg Chamber of Commerce.
Who is the programme for and what will the programme offer you?
The programme is a two-year full-time Master’s degree, which is targeted at:
Bachelor graduates in any discipline from Luxembourg and the Grande Région wishing to develop their entrepreneurial/innovation skills and knowledge
Graduates from Europe in any discipline looking to undertake a specific masters degree in entrepreneurship/innovation
Graduates and young professionals from non-Europe, who, in addition to the education and degree offered by the MEI, seek exposure to the infrastructure for entrepreneurship, internships and job opportunities that Luxembourg has to offer
Professional people or other practitioners who intend to start a business and want to learn the skills involved in this
The key learning outcomes of the Master in Entrepreneurship and Innovation are to:
Extend knowledge and understanding of the foundational principles of new venture creation and business start up in different societal contexts (social, corporate, ‘for profit’ etc.). Students will be able to critically assess and extend their entrepreneurial skills through direct interaction with colleagues/tutors on the course as well as entrepreneurs and local companies.
Develop critical, analytical and problem-solving skills. Students will learn how to recognise, analyse and offer solutions to innovation, entrepreneurial and strategic management issues in different organizational settings, using appropriate conceptual tools and theoretical frameworks.
Enable the ability to understand the components of a business plan and to appreciate different business and financial models as well as constructing a detailed financial and marketing plan.
Advance employability skills in team working, presentation and leadership as well as facilitating inter-cultural communication. Students will learn how to convey their ideas, express their creativity and synthesise their thinking/knowledge both verbally and in written format. They will hone their presentation skills, learn about negotiation skills and project management.
Provide an understanding of the local regulatory, tax and legal issues involved when starting a new venture and access to a wide set of business networks in Luxembourg economy.
Normally, candidates who complete the programme find employment opportunities in areas of innovation management/small business management/start-ups/entrepreneurial contexts or corporate contexts and the public sector.
Schematic description of the programme
In year One, the curriculum is divided into five study blocks which are designed to cover all the technical and practical aspects required when starting a new venture (whether a social, business, or corporate venture) as well as some foundational theoretical issues/frameworks:
New Venture planning
Financial Issues for entrepreneurial ventures
Marketing and new venture creation
Business and project management skills
In year two, there will also be five study blocks.
Advanced Innovation and the Innovation Audit
Advanced small business management and leadership
Research methodology and thesis
Mode of delivery
This is participative and interactive. In all courses there is a balance between theory and practice (we use cases from businesses, talks by business owners and entrepreneurs, visits to incubators, the Chamber of Commerce or companies). In some courses, we involve practitioners drawn from local business community.
In the second year there is more reflective and theoretical discussion about organizational practices (and the meaning/implications of, for example, entrepreneurship for society and the role of innovation in the wider economy). This means that students are stretched to think critically about these processes rather than merely taking them for granted as accepted ways of thinking or organizing.
Study abroad option
In semester three, students have the option to study abroad during which they can take relevant courses at partner institutions in different international environments (NB: the particular partners are still being developed).
To obtain the degree “Master in Entrepreneurship and Innovation”, students must pass all the courses over the two years.
We also envisage that some students might want to join for year one alone, or only for year two.
To enroll only for the first year of the two-year course:
Students need to have: a BA degree with 180 ECTS in any discipline subject area and a demonstrated entrepreneurial motivation (see below for criteria). The one year option would be appropriate for people who intend to start a business and want to learn the core theories as well as the practical skills involved.
Subject to successful completion of courses in year one, students could exit at the end of that year with their awarded credits (normally 60 ECTS in which case they are awarded a Certificate in Entrepreneurship & Innovation).
To enroll only for the second year of the two-year course:
Students need to have: a four-year BA degree (in any topic); or a 3-year BA and 1-year Masters in a Business and Management topic achieving 240 ECTS. Applicants to the second year need to demonstrate 60 ECTS in courses related to finance/marketing/entrepreneurship/innovation/project management topics.
For entrance to either year, evidence of an entrepreneurial motivation is required. This can be demonstrated by:
Founding an active company or social enterprise
Application for or holding of a patent
Applied for or owning a trademark
Winning or being shortlisted in a design competition
Being a named director on a new venture (up to 5 years old)
Having an article published in a recognised scientific journal or trade press publication
Created a product idea that was used or developed by a company
Candidates who believe they have significant innovation or entrepreneurship experience but in an area that is not specified above will have the opportunity to state this in the application.
For international students who did not complete a 4-year bachelor's degree at an American, British, Canadian or Australian college or university, proof of proficiency in English is required for admission. We accept the following test scores, as long as they are not more than 2 years old:
the TOEFL (Test of English as a Foreign Language) with a score of at least 600 on the paper-based test, 250 on the computer-based version, or 100 on the Internet-based examination with no less than 20 on each of the four test components.
the PTE (Pearson Test of English - Academic) with a minimum score of 70
the IELTS with a score of 7, with no less than 6 on each band score.
Interested candidates should follow the standard university applications procedure AND submit a motivation letter outlining their entrepreneurial motivation and intentions.