Www.mtech.umd.edu Developing a “Marketing High-Technology Products and Innovations Course”: First Year Review James V. Green, Alyssa Cohen Sherman, & Vince

www.mtech.umd.edu

Developing a “Marketing High-Technology Products and

Innovations Course”:First Year Review

James V. Green, Alyssa Cohen Sherman, & Vince Bellitti

Maryland Technology Enterprise Institute (Mtech)A. James Clark School of Engineering

University of Maryland

March 2015

Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland

www.mtech.umd.edu

Undergraduate 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 entrepreneurs


This presentation highlights lessons learned from two (Fall ‘12 and Spring ’13) of the three (Spring ‘14) NCIIA-funded offerings of this

course.

www.mtech.umd.edu

Grant goals are to build students marketing skillsets

and to launch successful technology-based companies

• Improve students’ understanding of high-technology market research principles, affordable design, and technology innovation

• Develop students’ skills to successfully commercialize technology-based products and launch companies

• Increase the number NCIIA E-Teams launching innovative technology-based ventures at UM and other universities


This course will go beyond writing a marketing plan; and support students’ real life market-based activities to commercialize their

ideas to serve society.

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Items discussed and applied in the course are numerous,

and are taught with an experiential learning emphasis.

• Understanding customers

• Market research methods

• Societal, ethical, and regulatory considerations

• Product development and management issues

• Market orientation• Pricing considerations


• Distribution channels and supply chain management

• Partnerships and alliances

• Relationship marketing

• Advertising and promotion

• Sales strategies, to include online marketing and sales

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NCIIA 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 and Supplies

$ 4,500 $ 4,500 $ 4,500 $13,500

Travel Expenses

$ 2,000 $ 2,000 $ 2,000 $ 6,000

Equipment $ 2,600 $ 1,500 $ 1,500 $ 5,600

Faculty Stipend

$ 5,000 - - $ 5,000

Total $18,100 $13,000 $13,000 $44,100Funding sources post-grant will include an alumni and friends seed fund

to support student venture creation via this course.

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Deliverables and timeline for completion within the course, to include parallel processes and

rework.Ideation Go-to-Market

StrategyPrototyping & Testing

Test Marketing

Launch / Funding Proposal

Weeks 1-2

Weeks 2-5

Weeks 4-8Rd. 1 Funding

Weeks 7-14

Weeks 13-15Rd. 2

Funding

Realignment of Teams in Week 6• Expect approximately 6 of 12 teams to

advance • Students not advancing on their original

team join an advancing team

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Lessons learned from the first offering of the course in Fall ‘12

• Seniors can generate great ideas and leverage their educational and work experiences– However, grad school and employment

offers derailed ventures for ALL of the concepts developed in the fall course

• More faculty time to mentor teams is needed– Flipped classroom potential?

• Seniors typically embraced opportunity to abandon less promising concepts by mid semester– Preferred joining higher potential concept

teams Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland

www.mtech.umd.edu

Changes for the second offering resulted in an increase in the quality of the concepts, and a

dramatic improvement in venture creation and survivability.

Fall 2012 Spring 2013

Students Seniors Juniors

Format • 50% lectures • 25% in-class teamwork• 25% student presentations

(6)

• 1 lecture for first class• Flipped classroom with in-

class assignments for all classes

• Student presentations at midway and final points (2)

Social Impact

Brief introduction via 1 lecture

Detailed introduction with video lectures and assigned readings

Venture Creation

0% with 0 of 8 ventures active

78% with 7of 9 ventures active (launch, patent filings, grant and/or seed funding pending or awarded)


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Flipped classroom guided by multiple projects involving in-class assignments

In-class Assignments 40%• Core features and functions • Key partnerships and alliances• Market segmentation• Plan for “Crossing the Chasm”• The technology map & IP portfolio• Supply chain & distribution channel

plan• Pricing plan• Advertising and promotion plan

In-class Assignments (con’t)• Visual prototype development• Test plan development• Customer feedback analysis • Functional prototype

development

Events and Activities 5%

Marketing Plan 10%

Visual Prototype 5%

Final Deliverables• Final Presentation 15%• NCIIA Funding Proposal 15%• Peer Evaluation 10%

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Topic Pre-Class AssignmentIn-Class Assignment

1/29 Introduction

1/31Strategic Market Planning

Read: Chapters 1 & 2 of Mohr, et.al. View: Online lecture on Strategic Market

Planning

Discuss concepts and form teams

2/5Market Orientation and Cross-Functional Interaction

Read: Chapter 4 of Mohr, et.al. View: Online lecture on Market

Orientation and Cross-Functional Interaction

Core features and functions of the technology-based product or service & the market orientation

2/7Partnerships and Alliances

Read: Chapter 5 of Mohr, et.al. View: Online lecture on Partnerships and

Alliances

Key partnerships and alliances

2/12 Market Research I of II Read: Chapter 6 of Mohr, et.al. View: Online lecture on Market Research I

Market segmentation, to include customer demographics and psychographics

2/14Market Research II of II

View: Online lecture on Market Research II

Survey design

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Sample in-class assignment:Market Segmentation

“Define your target audience in terms of demographics and psychographics, and discuss your marketing research tools to test these assumptions”.

1. Define the demographics of your target customer(s).2. Define the psychographics (behaviors and attitudes)

of your target customer(s).3. What marketing research techniques and tools will

you use to verify and/or change the above assumptions?

• Limit your submission to 2 pages.• For submission on Canvas by the end of class today.• This deliverable is 3.33% of the course grade.


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Lessons learned and next steps for Spring 2014

• With nominal funding and an expectation to a launch new venture, students can deliver on a very short timeline– $9,500/class awarded competitively across 2 rounds– All purchases made by faculty to speed the purchase

process• Venture creation is dramatically higher among (1)

spring junior class than the (2) fall senior class– Grad school and employment offers less of an issue– Provides an additional year to develop the venture

• Flipped classroom presented a valuable approach to accelerate team progress and engage faculty

• While seniors typically embraced opportunity to abandon less promising concepts by mid semester, many juniors desired to maintain their original concept/team


www.mtech.umd.edu

Contact forInformation and

Collaboration

Dr. James V. GreenDirector, Entrepreneurship Education,

[email protected]

301.314.1450


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 grants

5. Founding companies– Creation of for-profit firms, with an emphasis on socially

impactful products that can be launched by undergraduates


Course 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.

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Venture creation table


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Annual Demo Day

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www.mtech.umd.edu

Sample Ventures


www.mtech.umd.edu

Vince

• careerpeer


Documents

Www.mtech.umd.edu Developing a “Marketing High-Technology Products and Innovations Course”: First Year Review James V. Green, Alyssa Cohen Sherman, & Vince