SimVenture Evolution Master Programs
SimVenture Evolution is being increasingly used to support Master-level Programs (including MBA) within Higher Education Institutions around the world. The business simulation is used in modules including: Finance, Entrepreneurship, Business Scale-Up, Strategy and Operations Management. Details of how the learning solution has been used in programs are provided below.
National College of Ireland – Scaling a Business
The NCI MBA module equipped students with a practical understanding of the challenges entrepreneurs face when starting businesses. Learners were taken through all the stages required to set up a company, including start up, stay up, scale up and sustaining performance.
Using SimVenture Evolution, students were continuously presented with opportunities to apply entrepreneurship and management theories to work. They also had to analyse a number of Business Model Canvas / value proposition design approaches.
Whilst students worked in teams (up to 4) they were also able to use the technology to complete individual and group assignments. Individual tasks focused on student’s assigned roles and responsibilities within their simulated company.
Written and oral reflections referencing leadership and management learning as well as use/application of emotional intelligence were also part of the SimVenture Evolution MBA Program. All students were provided with an opportunity to present their growth strategies as a group to a critical panel comprised of academics and practitioners.
University of Limerick – Capstone Module
The primary objective of this University of Limerick Masters module was to provide students with an opportunity to integrate knowledge and skills learned from the previous two semesters in a managerial setting by completing business simulation challenges. Using Evolution, students worked in groups to manage a business and develop a 3 year growth strategy.
As the course progressed students discovered how the business simulation could be used to show both the effects of different strategies for their growing company and the ongoing implications for resource management. Students maintained a written journal within the platform throughout the completion of key course milestones and this work formed the basis for a reflective learning paper submitted on completion of the module. Powerful learning accrued from peoples’ success and more importantly their failure with the business simulation.
In addition, groups delivered a strategy document which demonstrated: their problem definition process; an account of the complexity of the businesses operating environment; the rationale for the decisions made; and the outcomes of these decisions financially and non-financially. Finally, students were required to complete a short 2 page introspective essay on the entire simulation experience.
What people say
The quotes and testimonials provided below are all from SimVenture Evolution Master students and SimVenture Evolution Master tutors.
It was the longest day of the year and the hottest, such was the level of engagement in the 2.5 hour head to head competition that the students decided among themselves to take no breaks … the intensity from heat of battle was palpable.
Quite often we all wanted to go off in our own direction and build out a strategy but once we ran a quarter we realized the importance of having a strategy linked and aligned. Evolution made us realise the importance of collective decision making, something lacking in many companies today.
Evolution brought together the learnings of the past 2 years touching on many aspects of the MBA programme.
The phrase “what got you here won’t get you there” never resonated more clearly for me then while I was using Evolution. This phrase essentially meant that to move forward with your business you need to pivot and adapt to changing circumstances. You won’t get everything your own way. Competitors will copy your idea, your product, make it/sell it cheaper and use smarter marketing.
We were so much focused on achieving a low-cost manufacturing strategy that we didn’t have a full appreciation of the level of investment to be made in promotion, advertising and our distribution networks to drive up sales. We were unable to make sales even with the cheapest product in the market.
Evolution acted like a capstone module, requiring reference to much of the learning material from other modules. The need for innovation, marketing, strategy, was clearly demonstrated, from the academic research as well as the simulation. Module content from financial accounting, market research and new product development also contributed to the success of our strategy.