CITE - Commercialization of Innovative Technology through Entrepreneurship
The vision to go forward and be successful
- The CITE course provides a roadmap and methodology to move advanced technology into successful commercial products. The elements of commercialization will be defined, including: technology innovation, identification of market opportunities and potential; the competitive environment related to both technology and companies; manufacturing encompassing sourcing, quality, cost, cost reduction and standards; barriers to entry; value proposition, including product differentiation; strategy; entrepreneurial management; and funding. The course will provide a view of current and future hot areas for investor funding.
- Participants will get approaches for identifying market opportunities and developing a roadmap for successful commercialization. The course will provide an outline for commercialization plans now required in many government contracts. It will help to define and justify funding levels and potential sources of funding.
- The course is intended for anyone involved with technology development, as well as business development opportunities based on technology.
CITE is a subsidiary of Light Wave Venture
- Industry, government and academia are increasingly becoming aware of the value of and need for innovation, as well as the closely related topics of entrepreneurship and commercialization
- Unfortunately, the United States is no longer number one in innovation; it is behind several countries including Finland, Switzerland, Israel and Japan.
- Why is innovation so important? Commercialization of innovative products and services can produce economic growth and job creation. Further, small startup companies, which depend on innovation and entrepreneurship, are very effective at job creation and economic growth. The result is that many businesses, universities, countries and even local communities are aggressively pursuing innovation, entrepreneurship and commercialization. As a result, there is a need of critical, innovative thinkers and programs that support their development.
- Many universities are focused on exposing undergraduate and graduate students to cross disciplines and teaming concepts that convey the skills needed for innovation and entrepreneurship. Clearly, there is a response to a changing environment, one in which skills in innovation and entrepreneurship are as critical as basic engineering skills.
- However, many of the programs are connected with the business schools of the various institutions and will not reach a larger technical audience.
- The purpose and mission of CITE is to make critical training in these skills available to all undergraduates, graduate students and practicing engineers and scientists to introduce the concepts of market focused product development, innovation, manufacturing engineering and the general concepts of entrepreneurial management which will add valuable skills to emerging and active engineers and scientists. While most will not become classical entrepreneurs, those who work in basic research, applied research or product development will benefit as well as the employers who hire them.
Source: Michael Werle, "Connecticut's Evolving Innovation Ecosystem", Bulletin of the Connecticut Academy of Science and Engineering, Summer, 2015
- The primary purpose of CITE is two-fold:
- First, to provide training tools that foster the concepts of innovation, entrepreneurship and technology commercialization.
- Second, provide assessments of business opportunities and guidance for planning for growth.
CITE Training Sessions
The training sessions are divided into 12 lectures covering critical aspects of business development and growth
- Innovation ecosystem
- Elements of commercialization
- Large versus small company
- Intellectual property
- Technology transfer
- Defining the need
- Forecasting the market
- Competitive environment
- Role of social media
- Forecasting sales
- Structure and strategy
- Product life cycle
- Cost model
- Design for manufacturing
- Business plan
- Team requirement versus stage
- Sources versus stages
- Raising the funds
- Entrepreneurial management
- Driving Innovation and Entrepreneurial Skills
- Entrepreneur versus Entrapreneur
- Entrepreneurial paradox
- Legal aspects
- Legal resources
- Legal structure
- Key Documents
- Pitch for the shark tank
- Preparation for investor presentations
- Dealing with challenges
- Determining interest follow up
- Hot areas for investment
Format of the Lectures
- Presentation material
- CITE can provide critical assessments of business cases reviewing the key factors outlined below:
- Goal –> Mission
- Potential addressable market
- Intellectual property
- Competing technologies
- Value proposition
- Identification of key customers
- Identification of strategic partners (enabling customer solutions)
- Defining channels to market
- Competitive environment
- Schrello analysis
- Is it real?
- Can you win?
- Is it worth it?
- Overall assessment
- Provide business insight on how to move forward
The CITE 12 Lecture Training Sessions for $129 and a CITE Workbook for $49 can be purchased at www.photonics.com