Knowledge Alliance of Business idea Assessment: Digital Approach

The project will combine the efforts of business and university educators across Europe with a potential beyond consortium members. The created new artificial intelligence (AI) tool for assessment of business ideas will offer new opportunities for developing the practical application of entrepreneurial skills, especially it will enhance decision making in the relation of adoption of new ideas leading to innovations. The project intellectual output will be framed as an innovative module to be embedded in the existing curricula of higher education institutions including different corporate training programs. KABADA objectives are: Development of entrepreneurial mind-set and skills in students and their teachers. A digital tool for assessment of business ideas will be developed as a prototype of artificial intelligence (AI) and will be made with the approach that it can be introduced into entrepreneurial education in any discipline to provide students, researchers, staff and educators with the knowledge, skills and motivation to engage in entrepreneurial activities. KABADA aims are: Develop new, innovative and multidisciplinary approach to teaching business/entrepreneurship, as the developed system will become a part of study courses Facilitate the exchange, flow and co-creation of knowledge, as the system will be appropriate to be used in multiple educational sectors and will give an opportunity to use specific knowledge (e.g. engineering, physics, medicine) in new business ideas. The main output of project will be a digital tool for assessment of business ideas of new entrepreneurs developed through experimentation and prototyping. The tool will include text and data mining methods. Consortium researchers and experts will use AGILE development scenarios in the building of this tool. Innovative approach lies in the fact that the tool will be AI prototype, digital tool for assessment of business ideas of new entrepreneurs is new and different from other tools (e.g. business simulation games) that it will not only evaluate the business idea but give first suggestions for the improvements and further steps. None of the HEI in the consortium has such innovative system. This tool will assist students, researchers and teachers of HEI and different stakeholders (e.g., pupils, unemployed persons, refugees, etc.) to understand strengths and weaknesses of potential business idea and plan before starting a business. The system will be appropriate methodological tool in an innovative training process so that students and other persons can learn the business plan design process, principles and components as well as their impact on potential business success in an interactive way. The main aim is to decrease business fail ratio, possibility of financial distress and to increase number of successful entrepreneurs.