Entrepreneurship and Business for Engineers and Scientists - TG 401 and TG 501
Course Objective
This course investigates business-related considerations in successfully commercializing new technology. It exposes technologists to five critical aspects of creating a successful new venture and/or a successful product/service business in an existing enterprise:
- market and customer analysis
- beating the competition
- planning and managing for profitability
- high-tech marketing and sales
- business partnerships and acquisitions.
One of the key elements of business success in technology-based markets is assuring that technology decisions (such as product/service definition, development methodology, product/service cost, manufacturability, and life-cycle support costs) are matched to customer and business considerations (such as customer needs, competitive alternatives, market windows, cost of goods objectives, maintenance/support requirements, price, and profitability). Most importantly, commercial business is a competition, and success requires beating the companies who are competing for "your" customers. In the business environment, the most successful engineers and scientists are attuned to these considerations, and they pursue their work in an effective partnership with their colleagues who have business/profit responsibility.
Overview of Course Content
Areas of study include:
1. The role of technical people in existing and new businesses
2. P&L and balance sheet basics …… understanding the factors that determine
whether a business makes money; what makes for a successful product
3. Business plans …… creating a plan for a successful business or product
4. Customer/market analysis …… identifying target markets and designing to customer and competitive requirements
5. Beating the competition …… developing competitive advantage and product differentiation
6. Product decisions …… selecting product markets; dealing with business-
technical tradeoffs in defining products
7. The marketing function in commercial enterprises ….. what it does, and its
relationship to technical work
8. Sales and marketing communications …… the various ways products are sold, and how to choose between them; the impact of selling method on product/service design
9. Development and operations …… effective new product development processes; meeting market windows and designing for cost, reliability, and seviceability; basic principles and challenges in company operations
10. Product/project management …… successfully going to market and managing for growth and profitability
11. People …… the role ot technologists in business decisions; effective collaboration with business managers; the relevance of a company's history, competencies and culture.
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