The New Venture Challenge (MGT4053) is a Level 4 undergraduate course delivered within the Adam Smith Business School at the University of Glasgow. Each year, around 50 students participate in the module, working in small teams to develop and pitch a new venture idea. Through applied learning activities, guest speakers and industry engagement, students explore the venture creation process and develop entrepreneurial skills in a realistic business context.
Context and Rationale
Entrepreneurial thinking and innovation are increasingly important capabilities for graduates entering a rapidly evolving labour market. The New Venture Challenge module was designed to provide students with an opportunity to apply entrepreneurial theory in practice while developing skills that are valued by employers across sectors.
Building on knowledge developed in earlier entrepreneurship modules, the course encourages students to explore whether entrepreneurship could be a viable career pathway. It also strengthens students’ ability to contribute innovative thinking within organisations.
The module reflects the Adam Smith Business School’s commitment to experiential learning and employability. By linking theory to real-world practice, students develop a deeper understanding of opportunity recognition, value creation and the practical challenges involved in launching and managing new ventures.
The Learning Activity
The course is structured around a practical new venture challenge, where students work in teams to develop a business idea designed to address a real-world problem or market need.
Students begin with structured ideation activities to generate potential venture concepts. Once a viable idea is selected, teams apply entrepreneurial frameworks and tools to evaluate the opportunity. Using lean start-up methodologies, students test assumptions, develop value propositions and explore how their venture could operate within a real market context.
Through in-class workshops, students develop customer personas, map potential routes to market and build a business model for their venture. They also practise entrepreneurial communication skills such as pitching, selling and providing constructive peer feedback.
The learning process is supported by guest sessions from practising entrepreneurs, who share insights into their entrepreneurial journeys and connect classroom learning with real business practice. Students also take part in a field trip to an entrepreneurship accelerator, which introduces them to the wider entrepreneurial ecosystem beyond the university.
The module culminates in a group venture pitch delivered to a panel of academics and external experts. Each team presents its venture in a 10-minute pitch followed by a 10-minute question-and-answer session. The panel then adopts the personas of potential customers and engages in role-play scenarios where students must demonstrate how they would communicate and sell their product or service.
Assessment includes the group venture pitch (40%) alongside an individual reflective essay (60%), where students critically evaluate their learning from the new venture challenge and consider how entrepreneurial thinking could shape their future careers.
Skills and Capabilities Developed
The module develops a wide range of entrepreneurial and professional capabilities through experiential learning.
Students strengthen creativity and opportunity recognition as they generate and evaluate new venture ideas. Applying lean start-up methodologies builds analytical thinking and strategic decision-making, as teams test assumptions and refine their business models.
Working collaboratively encourages the development of teamwork, negotiation and communication skills, while pitching activities build confidence in presenting ideas and responding to critical feedback. Students also develop problem-solving and adaptability as they refine their ventures in response to new information and peer input.
The reflective assessment component encourages students to critically evaluate their experiences and recognise how the entrepreneurial skills they develop—such as creativity, resilience and collaboration—are transferable to a wide range of professional contexts.
Impact and Outcomes
Students consistently report that the New Venture Challenge helps them connect theoretical knowledge with real-world business practice. The experiential learning approach allows students to explore entrepreneurial thinking in a practical setting, building confidence in their ability to generate ideas and develop solutions.
The course has produced a wide variety of innovative student ventures, including financial literacy applications, subscription services, sustainable products, digital platforms and social initiatives. In some cases, students continue developing these ideas beyond the course.
Engagement with guest entrepreneurs and external accelerators also helps students build valuable industry insight and professional networks. As a result, many participants leave the course with stronger employability skills and a clearer understanding of how entrepreneurial thinking can be applied in future careers, whether in start-ups, established organisations or further entrepreneurial activity.
Student Perspective
“The course did much more than teach us how to pitch an idea. It gave me confidence in my ability to think, question, adapt and build something real and meaningful.”