Technology Commercialization, Part 1: Setting up your Idea Filtering System
School: University of Rochester
Registration Link: Technology Commercialization, Part 1: Setting up your Idea Filtering System
Start Date: November 1, 2014 (4 Weeks Long)
Workload: 1-3 Hours Per Week
Instructor: Mark Wilson
Credentials: The founder of Initiatives Consulting LLC, Wilson specializes in helping clients “turn technical ideas into new products and companies.” His services include: business plan development, marketing support, design development, concept, and product testing. A project manager and engineer by trade, Wilson has helped launch five medical device platforms that generate more than $1 billion in annual sales. The course itself, the first in a series from the University of Rochester, stems from a collaboration between the university’s schools of business and engineering.
Graded: For a $49 fee, students can earn a signed certificate of accomplishment for completing the course.
Description: According to the University of Rochester, “launching an engineered product based on hard-science, research, and patents takes an average of 3 to 5 years with $5 to $10 million dollars at stake.” This development process is profoundly different than many ventures, which can be launched quickly with errors easily corrected. In this course, students will learn how to develop commercial solutions that require a longer research and development timeframe. As part of the course, students will understand the “Innovation Creed (“Why are we doing this”) and develop a customized idea filter to ensure they are focusing on the right priorities and investing the right amount of time, money, and resources in their solution. In doing so, students will learn how to steer away from the biggest pitfalls in technology commercializing such as failing to establish metrics or managing scope creep.
The course will be taught through 8-12 minute videos, exercises, and team activities. Students will also complete online and video quizzes.
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Additional Note: Although this course doesn’t carry pre-requisites, the school recommends a “background knowledge in hard-science, engineered products: pharmaceuticals and biologics; implantable and disposable medical devices; laboratory, hospital and industrial equipment; military systems; telecommunication and computer hardware; traditional and alternative energy products.” In addition, it suggests that students come with a “general working knowledge of (or desire to learn more about) such things as: the process behind new product development; improving the concept stage of ideas; portfolio management; managing creative thinking; tools for problem-solving and decision-making.”