At NTU Entrepreneurship Academy (NTUpreneur), Associate Professor Liu Lerwen is reimagining entrepreneurship education through a blend of Experiential immersive Learning and Transformative Learning Theory in her course “Managing New Ventures” (ET5213).
Kolb’s Experiential Learning model posits that effective learning occurs through a cycle of concrete experience, reflective observation, abstract conceptualization, and active experimentation. This cyclical process allows learners to engage deeply with new concepts, reflect on their experiences, form new ideas, and test these ideas in real-world situations.
Mezirow’s Transformative Learning Theory, on the other hand, focuses on how learners critically examine their beliefs and assumptions, often leading to a fundamental shift in perspective. This theory emphasizes the importance of critical reflection and discourse in facilitating transformative experiences.
A/P Liu’s course combines these two approaches, creating a learning environment that imparts knowledge and skills while encouraging students to question their preconceptions and transform their understanding of entrepreneurship.
Course Structure and Learning Outcomes
ET5213 is a 3 AU course comprising interactive lectures, case studies, social enterprise site visits, and fireside chats with entrepreneurs and domain experts in financing and deep-tech. This structure reflects A/P Liu’s commitment to providing a diverse learning experience that bridges framework and knowledge, practice, and mentorship.
The course aims to help students connect technology and application to business practices in managing new ventures. The course partnered with NTUitive, the technology transfer and venture building unit of NTU, and provided students with over 20 technologies developed by researchers from multidisciplinary fields. By the end of the course, students are expected to:
- Demonstrate their understanding of selected technology and communicate effectively with their peers.
- Analyse a product, service, or solution’s value chain and supply chain based on the selected technology.
- Analyse the market opportunity and customer’s needs.
- Verify the added value of the solution to customers/users by conducting a market competitive analysis.
- Formulate go-to-market strategies through innovative business models.
- Provide execution plan and milestones.
Bridging Theory and Practice through Experiential Learning
A/P Liu’s approach embodies David Kolb’s Experiential Learning model, emphasizing learning through reflection on doing. The course structure revolves around four key elements:
- Concrete Experiences: Students engage with real technologies developed at NTU, collaborating with NTUitive, the university’s commercialization arm. This hands-on experience exposes them to cutting-edge innovations and real-world commercialization challenges.
The opportunity to work on a live product in a field that I am passionate about in this context was the most enthralling part of this class.
Kiara
- Reflective Observation: Regular reflection exercises through group sharing and peer-to-peer learning encourage students to process their experiences and observations. These reflections serve as a crucial tool for deepening understanding, stimulate and enhancing motivation and personal growth.
- Abstract Conceptualisation: Through case studies of both major tech companies and local social enterprises, students learn to conceptualise diverse business models and strategies.
- Active Experimentation: Students apply their learning by developing business strategies for university-developed technologies, allowing them to test theories in practical scenarios.
Fostering Transformation through Critical Reflection
Incorporating elements of Jack Mezirow’s Transformative Learning Theory, A/P Liu’s course goes beyond skill acquisition to facilitate perspective transformation. Key aspects include:
- Challenging Assumptions: The course intentionally challenges students’ preconceptions about entrepreneurship, particularly by integrating sustainability concepts into business discussions.
Viewing things from a sustainable perspective has reshaped the way I think, and I am grateful for it. A business must be sustainable if it seeks to operate for long…
Waylen
- Critical Self-reflection: Through one-on-one coaching sessions and group discussions, students are encouraged to examine their values, motivations, and life purposes in relation to entrepreneurship.
- Perspective Transformation: Many students experience significant shifts in their worldviews, particularly in understanding the role of purpose and sustainability in business.
Social Enterprise, contrary to what I thought, is a sustainable (& achievable) business model with a noble cause.
Aldrek
Real-World Application: Student Projects
A prime example of how students apply their learning to real-world challenges is the “Our-celium Pots” project. This innovative venture, developed by a student group, addresses Singapore’s waste management challenges by creating biodegradable plant pots made from mycelium (fungal networks), eggshells, and bamboo fibre.
The project not only demonstrates the students’ technical understanding but also their grasp of sustainability principles and market needs.
This project demonstrates students’ ability to:
- Identify and address environmental issues
- Apply circular economy principles
- Develop a comprehensive go-to-market strategy
- Consider regulatory and funding aspects of a startup
The “Our-celium Pots” project showcases how A/P Liu’s course encourages students to think beyond profit, integrating sustainability including environmental and social impact into their entrepreneurial ventures.
Innovative Pedagogical Elements
A/P Liu enhances the learning experience through several approaches:
- Interdisciplinary Collaboration: By mixing business and STEM students, the course creates a rich, diverse learning environment that mirrors real-world entrepreneurial teams.
- Immersive Field Experiences: Site visits to local enterprises provide tangible examples of entrepreneurship in action, bridging the gap between classroom learning and real-world application.
I appreciated the learning journey to Dignity Kitchen, as it provided me with a real example of a company that managed to thrive despite it being a social enterprise.
Boon Hian
- Peer Learning and Friendly Competition: Group presentations and peer evaluations create a dynamic learning environment where students motivate and learn from each other.
- Personalised Mentoring: A/P Liu invests significant personal time in one-on-one coaching, addressing individual student needs, and fostering deeper connections.
Appreciate how you prioritize learning and effort over grades, making the lessons way more fulfilling than what me and my group could ask for.
Aldrek
Assessment and Feedback
The course employs a comprehensive assessment strategy that aligns with its experiential nature:
- Assignments (continuous assignment) (40%): Help students systematically learn towards the final business proposal on going to market and impact.
- Individual Assessment (10%): Including 1-1 consultation and peer-peer assessment.
- Individual Reflection Report (10%): Aligning with the principles of transformative learning, this individual assignment prompts students to critically reflect on their learning journey, personal growth, and evolving perspectives on entrepreneurship.
- Group Project Presentation (20%): This component challenges students to synthesise their learning into a cohesive business strategy. It develops crucial skills in sustainability strategy, execution process, teamwork, and strategic communication.
- Group Project Report (20%): This allows students to communicate their business proposal in one page with details elaborated in a full report format summarising their learning during the course.
This approach ensures that students are evaluated not just on their knowledge but also on their ability to apply entrepreneurial thinking and skills in authentic contexts.
Challenges and Ongoing Evolution
This approach is not without its challenges. Some students, accustomed to more structured learning environments, initially struggle with the open-ended nature of the course. However, A/P Liu continually refines her methods based on student feedback, demonstrating the iterative nature of experiential learning itself.
The ET5213 Managing New Ventures class was initially uncomfortable for me. I had been used to a logical, linear mode of thinking and analysis due to my background in science, and thus the nature of discussion and work that took place in class was new to me.
Kiara
Conclusion
A/P Liu’s approach to entrepreneurship education represents a powerful application of Experiential and Transformative Learning theories. By immersing students in real-world experiences, fostering critical self-reflection, and emphasizing personal growth alongside business skills, this course prepares students not just to start businesses but to become thoughtful, innovative leaders capable of addressing complex global challenges.
Knowledge to me is a compounding force and all forms of experience can be shared and used to develop society.
Waylen
This approach points the way toward a more engaging, relevant, and impactful model of entrepreneurship education – one that transforms not just what students know, but who they are and how they see the world.
