Innovation and adaptation are more important than ever in our highly dynamic world. Technologies change quickly, the marketplace is global, and information is everywhere. The rate of change means that it is hard to make detailed project plans that extend into the future. Instead new methods have emerged to help make plans that will be adjusted and become more detailed as the project progresses. In this project, students combine innovation management, entrepreneurship and project management to learn to manage projects while responding to changing environments and facilitating innovative project outcomes. The assessment task aims to develop an ability to identify, apply and adapt project management approaches that will enable innovation. Students apply design thinking and use an agile project management process to design and create a prototype of their own product. The team then start the process of creating a start-up business to market the product. Students also learn how to ‘pitch’ their ideas and gain funding so that their innovation idea can become a reality.