Class Description
“Product Innovation and Commercialization” is targeted at researchers, inventors and innovators who are interested in introducing innovations to the marketplace through start-up, emerging and established organizations. We will discuss: The commercialization potential of new technologies, products and processes, interdisciplinary teams, marketing, organizational design, operational, finance, and manufacturing issues, innovation management, strategic assessment, planning and also entrepreneurial and technology transfer mechanisms including spinoffs, licensing, and high technology startups. The ability to commercialize new technology rapidly is essential for competitive advantage in organizations. To achieve desired results in their organizations, decision makers must have access to concepts, tools and knowledge for commercialization.
Class participants will learn how to validate, evaluate, develop and “pitch” their opportunities and teams to investors and corporate executives to acquire the resources necessary for market entry.
The courses (CS 599 / ECE 599, A & B) focus on commercialization of disruptive technologies and on the development of appropriate strategies required to successfully introduce these technologies to the market.
Course Objectives
- To understand the commercialization process.
- To understand the concept of “Viability”.
- To understand the impacts to the “Beneficiaries” of the technology.
- To understand the various aspects and pitfalls of “Start-ups”.
- To understand the various legal aspects of IP.
- To produce a commercialization plan for a specific IP within a team structure.
Project Guidelines
Student teams will be expected to do background research required to deliver a 2 page summary and PowerPoint presentation on selected research from their current research project, an article, from the news or from the imagination. The research project is expected to include the following components: Product viability, Manufacturing viability, Market viability, Go to market requirements (marketing, distribution, support, product life cycle, etc.).
Class Topics:
- What is Commercialization
- Why Commercialize
- Product Viability
- Market Viability
- Business Viability
- What are the legal aspects of starting a company?
- Which is appropriate and what does it entail?
- Incorporation
- LLCs
- DBA
- Non-profits
- What are the articles of incorporation (Example documents)
- Equity Distribution? Dilution? Who decides?
- How do stock options work?
- Exit strategies? How do you decide what will be the best exit strategy for your startup?
- What’s a good business pitch? Elevator speech? Key components for investor interest?
- What follow-up should you do after you meet with a potential investor? What if they ignore you after that?
- How do you determine how much money you need?
- What roles do the following play in a startup? What are they and when should you have them?
- Trademarks,
- Patents
- Copyrights
- Logos
- When do you patent an idea? When do you keep it a secret?
- If the saying is that “the second mouse gets the cheese,” what do you do if you are the first mouse?
- What are the advantages and disadvantages of self funding versus giving up control? How do you make this decision?
- How far along should you be before you get investors? Green field or not?
- How do you determine the market size and competition?
- Who should you partner with?
- What is a startup team and what are the necessary skills to startup a company?
- What do you have to “give” people to join the startup?
- What are signs of success or impending failure of a startup?
- How do you know when to quit you job for a startup?
- How do you secure a customer? Especially if you have no “reputation”?
- How do you find a good marketing person?
- If you are a good technical person, how do you get the other people you need to be successful?
Course Text “The Autodesk Files”, http://www.fourmilab.ch/autofile/
Recommended Reading:
- Christensen, Clayton M. and Raynor, Michael E. The Innovator’s Solution – Creating and Sustaining Successful Growth, Harvard Business School Press, Boston, MA, 2003.
- Anthony, Scott D. and Christensen, Clayton M. Innovation Handbook: A Road Map to Disruptive Growth, Harvard Business School Publishing, Product No. 9580, 2005.
- TBD
The first half of the course will focus on technology evaluation with respect to commercial viability. This phase includes product ideation and resource requirements. The second half will focus on market articulation, market assessments and data collection. Students participate in the class as an educational exercise. However, each team has a responsibility to establish and maintain communication with their partners and produce deliverables.
Learning Objectives:
- Learn how to assess and evaluate technologies.
- Learn to formulate appropriate product concepts, features, attributes, and benefits.
- Learn to research and evaluate product markets.
- Learn how to perform basic technical, organizational, legal, financial, market, and operational Assessments.
- Learn how to define and adhere to appropriate decision-making criteria.
Time Commitment
The course sequence relies on teaming interdisciplinary faculty, executives, and students to work on the projects. The class meets once a week on Friday from 2pm-4pm. A typical session includes 1 hour of lecture and 1 hour of guest speaker presentations. The teams will also meet for about two to three hours outside of class. During class each week, the instructor will present a topic and assignment to facilitate development of the technology evaluations, business opportunity, and eventually a presentation. Many of these assignments require technology and market research that involves contacting appropriate industry and technical experts for information.
Team and Project Management
Student teams are self directed. Each team will assign roles to its members and be responsible for the decisions that are made. At the beginning of the course and throughout the semester the instructor, Executives-In-Residence and Entrepreneurs-In-Residence will examine team assignments and make necessary changes. Each week, the team should review the Class Agenda, which includes assignments due that week. The team and the advisor will discuss how the information connects with the final report. Most importantly, the team should discuss team strategy and direction questions with its Execs.
Attendance
Your attendance to all regularly scheduled class meetings is mandatory. Likewise, team meetings outside of class are mandatory. Meetings with other people to gather information about your project will be assigned in team meetings. Your participation in gathering data is mandatory.
Evaluation and Grading
The EIRs will assess all teams. The instructor will be the primary evaluator of the team and individual contributions. Teams will be evaluated on the amount and quality of their work and the decisions that were made based on the information they generated. Individuals will be evaluated on attendance at team meetings, timely completion of assigned work, quality of assigned work.
Both Course sections are “Pass / Fail”.
Class Schedule & Guest Speakers
Will be announced prior to the start of class.