Management and economics of innovation, MSc

120 credits (2 years)

Sign up for informationIn the modern knowledge economy, various forms of new knowledge, especially in technology, are critical factors underlying industrial innovation, competitiveness, and economic growth.
Through a combination of an advanced level of business management and economics in relation to engineering knowledge, you will be trained to analyse, understand and skilfully manage innovation processes in companies and other areas of society. This programme focuses on how and why companies innovate to compete and how companies can reap financial returns from their investments in innovation.

Management and economics of innovation​ master's programme at Chalmers

Innovation processes present challenges and opportunities for a range of different organisations, such as established firms, new entrepreneurial firms, universities and government agencies. Industry, as well as society, therefore need managers and employees who not only have scientific and engineering training but who also have acquired a thorough understanding of the innovation process and how it can be handled in a financially successful way.
At the intersection between technology, management and economics, the overall purpose of the programme is to train you to skillfully analyse and manage innovation and renewal. After having completed the programme, you should be able to:
  • Analyse and understand how and why innovations, technical and scientific information and knowledge interact with market and economic forces.
  • Identify, formulate and solve problems related to innovation and renewal activities involving technological, economic, organisational and institutional change.
  • Handle and execute strategies and practical implementation for innovation and renewal by applying state-of-the-art research and management methods and tools.
  • Lead, interact and communicate with qualified professionals within and outside their own organisations and/or their own knowledge field.

Together with committed teachers, that include you as a student in their research and students from various engineering disciplines, this programme creates a base for developing yourself and your ability to lead and develop organisations. In addition, you learn and use tools and frameworks for developing new technologies into viable businesses.


Educational methods

To help you acquire and utilize appropriate theoretical and methodological tools, the programme trains you by combining extensive practical training, often project based industry challenges, with critical analysis, putting theories and methods to effective use.
You will take part in lectures, seminars, workshops and supervised project work. Assessment techniques include oral examination and written examination; individual and group examinations. Special attention is devoted to developing your presentation skills.
All courses within the programme invite feedback from students on all essential aspects of the course and the education, something that clearly has supported the improvement of the programme. Furthermore, the mixture of students from different cultural and educational/engineering backgrounds supports the programme’s international profile.

Topics covered

The subjects of engineering economics, entrepreneurship and industrial management are fundamental areas in the Management and economics of innovation master’s programme. The courses included in the programme plan handle topics such as business management and technology, strategic management, engineering economics, and innovation systems.

Master's programme structure

The master's programme runs for a duration of two years, leading to a Master of Science (MSc) degree​. During each year, students can earn 60 credits (ECTS) and complete the programme by accumulating a total of 120 credits. Credits are earned by completing courses where each course is usually 7.5 credits. The programme consists of compulsory courses, compulsory elective courses and elective courses.

Compulsory courses year 1

During the first year the programme starts with six compulsory courses that form a common foundation in Management and economics of innovation. Each course is usually 7.5 credits.

  • Economics of Innovation​
  • Management of innovation and R&D
  • Creating new business
  • Strategic management
  • Innovation systems and sociotechnical transitions
  • Research design and methods

Compulsory courses year 2

In the second year you must complete a master's thesis in order to graduate. The thesis may be worth 30 credits or 60 credits depending on your choice.
  • ​Master’s thesis

Compulsory elective courses

Through compulsory elective courses, you can then specialize in various subjects. During year 1 and 2,  you need to select at least 2 compulsory elective courses out of the following in order to graduate​.
  • Organizing for innovation
  • Service management
  • Strategic management and economics of IP
  • Strategy creation and change
  • ICT economics and policy​

Elective courses

You will also be able to select courses outside of your programme plan. These are called elective courses. You can choose from a wide range of elective courses.

Career

Future career opportunities for students with a Master's degree from Management and economics of innovation will primarily be found in the business sectors, including large multinational firms as well as small technology- based firms. Examples of occupations include management consultancy, technology/industry analysis, project management, product development, R&D management, business development, corporate venturing, hi-tech entrepreneurship and venture capital. Interesting job opportunities also exist in government policy-making agencies, non- government organisations, universities and institutions commercialising science and technology.

Research connections

We operate in an environment with open and extensive affiliations with business and industry, and the research underlying the programme is therefore closely linked to current business practices and problems. This is demonstrated, for example, through guest lectures, joint research projects, master’s thesis, and applied projects dealing with current business issues. 

The Department of Technology Management and Economics conducts outstanding research within Innovation and Entrepreneurship, Operations and Supply Chain Management, Environmental Assessment and Transition Studies, and the role of Technology in Society. Examples of research with a bearing on the programme within Innovation and Entrepreneurship concern Business Innovation and Strategy, Venture Entrepreneurship, Collaborative Innovation, and Organizational Renewal. 

Examples of research within Operations and Supply Chain Management with relevance for the programme concern prerequisites for innovation and R&D in small, medium-sized, and large organizations. This means for example research about firms’ innovation activity and their development of new business models, and not least how these activities are managed, but also research on processes, methods and tools for effective and efficient product development. Research on Sustainable Transitions with relevance for the programme concern among others Innovation Systems and their evolution toward Sustainable Economy and Strategy.

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Sustainable development

The programme is highly interlinked with the achievement of the UN Sustainable Development goals (SDGs). ​The table below provides an overview of the sustainable development goals and the associated targets within the programme.




Goal 8: Decent Work and Economic Growth
Students and teachers in this programme are actively engaged in conceptual and practical frameworks to achieve higher productivity through innovation and technological upgrading.

Goal 9: Industry, Innovation and Infrastructure
Students and teachers collaborate to promote innovation policies in order to substantially increase the number of research and development workers per 1 million people.

Goal 13: Climate Action
Students and teachers in this programme are strongly involved in concepts and projects aiming to reduce industrial emissions and to achieve circular economies​.

​​​​​Student interview

“I have learned how to turn an idea into a business
Isabel, Mexico, Management and economics of innovation​

Why did yo​u choose this programme?
– When finishing my bachelor's in Biotechnology engineering, I realized I wanted to expand my knowledge into broader fields of study. For me, it was clear that the area I wanted to dive deeper into was business.  I looked into several master's programmes but this one offered me the perfect combination considering my engineering background and my main subject interests, meaning engineering economics, innovation, entrepreneurship, and management. I thought about the great impact that these areas would have on my professional career, thoughts that lead me to choose this master's without a doubt.

What have you been working on?
– So far I have learned many relevant tools, theories, and different frameworks. I have enjoyed them all, especially the ones related to entrepreneurship, which have given me entrepreneurial insights for turning an idea into a validated business. During this time, I had the opportunity to participate in a hands-on learning experience. This project consisted of developing a business idea within the early stages, in terms of value proposition, customers, product, business model, etc. It was a pragmatic situation because we were validating our business idea by interacting with the outside, for example: by analyzing perspectives, behaviors, etc., doing interviews with potential customers, retrieving and processing data, getting in touch with providers, and more. I realized how challenging it can be to start a business, and how important it is to follow the process step by step, together with constant validation.

What do you like the most about your programme?
– I really like the structure of the programme. In the beginning, I was wondering how difficult it would be for me to follow the courses, due to the big change from Biotechnology to management, but it was not an issue at all. The assembly that each course has gives you an understanding of the subjects from their fundamental principles. Moreover, the teaching methods are very constructive, for example, there are many guest lectures with people from startups or international companies. The real-life situations we work on and the experiences we gain prove to be valuable insights since it is easier to comprehend topics, principles, etc., with tangible situations than just theoretical knowledge.
 
What do you want to do in the future?
– Due to my professional background in biotechnology, I would love to work in the business department of a biotech company, in the medical or food field, and put into practice the combination of knowledge acquired during my studies. I can also see myself working in a consultancy firm in order to figure out the specific area that I like the most. Still, I would consider first starting out in the med-tech department of a company since I have passion and experience in this field.​

​​Student Blogs

Page manager Published: Wed 07 Sep 2022.