MSIM Requirements & Program Details
The Master of Science in Innovation and Management (MSIM) is a 30-credit, non-thesis one-year graduate program designed specifically for recent Engineering and STEM (Science, Technology, Engineering, and Mathematics) graduates but open to all degree backgrounds, with most students enrolling immediately following their undergradate degree and others with 1-3 years of work experience.
The goal of the program is to provide early-stage professionals with a set of skills that will enable them to be more effective leaders, innovators, and team members in their respective careers. Click here to view our Frequently Asked Questions.
Students in this program will be utilizing a cohort model with all courses taught in Jabs Hall 207, the Risa K. Scott Collaboration Lab, and will earn their degree in two semesters. Each semester will have 15 credits of graduate-level classes (outlined below) but 3 of those credits each semester will be focused on short sprints and professional development to include weekly visiting lectures, networking opportunities, and personal 3 to 5 year career planning with the help of career coaches.
- Applicants will be required to have a GPA of 3.0 or higher
- GRE/GMAT scores are NOT required.
- TOEFL scores of 92 or higher will be required for International students. The equivalent score for the IELTS (6.5) or Pearson/PTE (62-63) is also acceptable.
- 500-1,000 word essay on your motivations for entering the program
- Two professional references (to provide letters of recommendations)
- Students will be interviewed either in person or via Skype
Fall Semester: 15 credits taught within the cohort model.
Students begin the course by learning market research, customer input, and consumer behavior. Interdisciplinary teams will integrate with learning from other first-semester courses for the development of a new product concept, identification of target markets, assessment of competing products, and identifying distribution channels. The student teams formally present their concepts at the end of the semester and develop effective techniques to present to senior management and/or prospective investors.
This course is focused on analyzing the financial aspects of a new venture. Emphasis is on financial forecasting and access to funding. Topics include strategic financing, financing alternatives, financial contracting, venture valuation, cash flow projection, capital budgeting, capital structure, and risk-sharing. the course revolves around cases and culminates in a capstone project consisting of a complete business plan for an innovative new product or service.
Students gain the skills to lead technological innovation both within the technology sector and in a wide variety of other industries. The focus will be on Montana-based industries, ranging from photonics, software development and recreation to energy and land resources. Topics include understanding intellectual property and the role of technological innovation in entrepreneurial ventures as well as in established firms. Emphasis on presenting new product proposals to senior management and/or prospective investors.
Spring Semester: 15 credits taught within the cohort model.
Students continue to improve upon work done in the first semester. The student teams formally present their concepts at the end of the semester and develop effective techniques to present to senior management and/or prospective investors.
This course is focused on developing marketing strategy, branding, positing, messaging, and driving implementation of marketing programs for a variety of ventures. Students define successful branding strategies and make and implement action plans based on strategic marketing. The course will emphasize communicating through dynamic oral presentations and clear and concise writing for a variety of audiences.
This course emphasizes the practical application of information technology to improve business efficiency and effectiveness. The course emphasizes both analyses of raw data and introduction to common business data analysis platforms. Descriptive, predictive, and prescriptive analytics will be covered, along with practical exercises.
During the spring semester, the students will continue to advance their business plan from the fall courses and sprint. The Sprint Lab is a collaborative update session where student teams each share the progress, they’ve made on the Sprint projects, discuss challenges, brainstorm new ideas and solutions, and get feedback and coaching along the way from faculty and each other. As a continuation of the Fall Sprint, the central focus of this course continues to be the advancement of a new product concept by cross-functional student teams.
Upon completion of the MS in Innovation Management, students will be able to:
- Assess market viability for a new product and/or a new company
- Assess and model financial viability for a new product and/or a new company
- Rapidly prototype and iterate a new product concept or design
- Conduct market research to validate critical strategic assumptions
- Write and present a comprehensive business plan to a venture or corporate investor
- Lead teams and communicate effectively
If you have any questions or concerns regarding this program, please email us at: [email protected].