Open2012 case-study-experiential-course

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Open2012 case-study-experiential-course

  1. 1. www.mtech.umd.edu A Case Study in Developing andLaunching a New Experiential Course in“Marketing High-Technology Products & Innovations” James V. Green & Alyssa Cohen Sherman Maryland Technology Enterprise Institute (Mtech) A. James Clark School of Engineering University of Maryland Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  2. 2. www.mtech.umd.eduUndergraduate science and technology students have limited understanding of the go-to-market strategies and tactics to commercialize their new venture concepts. • With grant support from NCIIA, a new course in “Marketing High-Technology Products and Innovations” is under development. • Aim to help University of Maryland students navigate this challenge, and more importantly, to create a replicable pedagogy for developing and managing an experiential course in a technology marketing for entrepreneursThis paper will detail our goals and approach, and highlight interim progressin the development of the undergraduate 3-credit course launching fall 2012. Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  3. 3. www.mtech.umd.edu Grant goals are to build students marketing skillsets and to launch successful technology-based companies • Increase the number NCIIA E-Teams launching innovative technology-based ventures at UM and other universities • Develop students’ skills to successfully commercialize technology-based products and launch companies • Improve students’ understanding of high-technology market research principles, affordable design, and technology innovationThis course will go beyond writing a marketing plan; and support students’real life market-based activities to commercialize their ideas to serve society. Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  4. 4. www.mtech.umd.eduWhile ideas for deliverables and format are in-process, our approach is to integrate concepts with practice.• Provide a balance between conceptual discussions and applied hands-on creation and implementation• Interdisciplinary student teams will form with the goal of creating and marketing a new product• Require the creation of an actual product or well- developed prototype Support students with onsite mentors and the expertise of seasoned technology entrepreneurs to identify opportunities to bring new technologies to market Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  5. 5. www.mtech.umd.eduYear 1 deliverables and action items are defined, with the first course offering scheduled for fall 2012 Deliverables Action ItemsCreation of the “Marketing High- 1. Perform a university and private sector assessmentTechnology Products and of innovative courses and training programs in thisInnovations” curriculum area 2. Consult with product development and marketing experts within the Mtech network 3. Develop the course syllabus 4. Develop workshops and experiential learning toolsPurchase software and new media 1. Purchase and install new softwaretechnologies to support course 2. Purchase new media technologiesactivitiesTeach marketing course 1. Teach course 2. Evaluate course 3. Incorporate feedback into next course offeringPresent paper at a national 1. Write a paper to share progress to dateconference 2. Present the paper at a national conference Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  6. 6. www.mtech.umd.eduCandidate themes to be discussed and applied in the course are numerous, and may require down-selecting to critical topics. • Understanding customers • Distribution channels • Market research methods and supply chain • Societal, ethical, and management regulatory considerations • Partnerships and • Product development and alliances management issues • Relationship marketing • Market orientation • Advertising and • Pricing considerations promotion • Sales strategies, to include online marketing and sales Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  7. 7. www.mtech.umd.eduCandidate deliverables and timeline for completion within the course, to include parallel processes and rework.Concept Market Marketing Product Peer Pitch Assessment Plan Prototype EvaluationWeeks 1-3 Realignment of Teams in Week 8 • 6 of 12 teams will advance (~20 students) • Non-advanced student teams may be Weeks 2-5 “hired” by teams, selected as “advisors” to teams, or chosen as “investors” on a board Weeks 4-7 Weeks 6-14 Week 15 Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  8. 8. www.mtech.umd.edu Grant funding is focused on supporting student teams’prototyping, materials and supplies, and equipment (75%). Budget Item Year 1 Year 2 Year 3 Total Prototyping $ 4,000 $ 5,000 $ 5,000 $14,000 Materials $ 4,500 $ 4,500 $ 4,500 $13,500 and Supplies Travel $ 2,000 $ 2,000 $ 2,000 $ 6,000 Expenses Equipment $ 2,600 $ 1,500 $ 1,500 $ 5,600 Faculty $ 5,000 - - $ 5,000 Stipend Total $18,100 $13,000 $13,000 $44,100 Funding sources post-grant will include an alumni seed fund to support student venture creation via this course. Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  9. 9. www.mtech.umd.edu Prototyping of ~ $5,000/yr. to support ~ 40 students(~ 12 teams) to be competitively awarded within the course• Preceded by approval of the “concept pitch” and the “marketing plan” – Based on a venture concept original to the team or proposed by faculty, alumni, or Mtech’s network of entrepreneurs and investors• Create physical or virtual models of a product concept, to include hardware, software, devices, etc. (not services)• Prototyping expenses will depend on the concept, and may consist of 2 phases of funding – May offer Phase 1 funding of $100 to all teams = $1,200/year – Follow-on funding in Phase 2 of up to an avg. $600/team for up to 6 teams = $3,600/year. May offer fewer awards of higher value, pending the viability of concepts. Unfunded students will be integrated into Phase 2 teams and/or serve as advisors/investors. Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  10. 10. www.mtech.umd.edu Understanding the best use of $5,600 for equipment to support students is a central challenge with the course• Leverage existing physical resources at the University and beyond campus; including computers, scanners, printers, white boards, and meeting spaces; plus production labs available to students• Depending on their selected products, students in the course may need various computer software and new media technology to support their efforts• Prototyping equipment may include a 3D printer, server space, and/or design software such as Google SketchUp, CAD programs, and the Adobe Creative Suite.• New media technology may include iPad, Android devices, or other devices for testing prototypes Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  11. 11. www.mtech.umd.edu Materials and supplies of $4,500/yr .are focused on online and/or offline marketing campaigns• Materials and supplies expenses will be spent on developing and managing online advertising campaigns, among other areas• May drive prospective customers to Kickstarter, Prosper, and/or other websites to assess consumer demand• Utilize a number of online marketing avenues including Google AdWords, Facebook advertising, and related tools• Funding may be used to develop and produce print or online marketing collateral as well• $4,500/yr may be focused on up to six Phase 2 teams on a competitive basis, with an avg. of ~$750/team/yr – Brings total funding for top teams to $1,450 or more Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  12. 12. www.mtech.umd.edu Evaluation includes existing University and department measures, plus the creation of E-Teams with NCIIA1. Standard course evaluations on campus2. Course specific evaluation3. Entrepreneurial mindset surveys4. Securing grants and awards – With attention to E-Team grants5. Founding companies – Creation of for-profit firms, with an emphasis on socially impactful products that can be launched by undergraduatesCourse will help not only University of Maryland students navigate this challenge of transforming ideas into technology ventures, but will create a new replicable pedagogy for all universities. Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland
  13. 13. www.mtech.umd.edu Contact forInformation and Collaboration Dr. James V. GreenDirector, Entrepreneurship Education, Mtech jvgreen@umd.edu 301.314.1450 Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland

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