Entrepreneurial Engineering

3 units

Quality education with a background in engineering and science can lead engineers to create innovations with high potential value. Nevertheless, unlocking value from innovation is not an entirely intuitive enterprise, and success is not guaranteed. This course is created to better prepare students for a future of innovation and entrepreneurial success. The course outline comprises three phases of entrepreneurship: the creative phase, the critical phase, and the crusader phase. It endeavors to provide students with useful skills and practical experiences that are relevant to each phase. Each week will include a brief presentation to set the direction, followed by short discussions of the assigned case studies and a review of fundamental principles from the core text. Student teams will regularly present work to the group, create success metrics, and chart progress. The Creative Phase: The class will work in small groups to create a new business concept. Students will learn brainstorming techniques, leadership, teamwork, and business model innovation. With core values set as a foundation, teams will present their proposed business models and rational basis for income forecasting. The Critical Phase: The class will identify and challenge assumptions to assess commercial viability. Students will find third-party market research to size up the opportunity and gather real customer feedback to refine their strategy. Skills gaps will be appreciated and negotiated solutions sought. Financial and growth metrics will be established to measure success, and threats will be faced. Students will present their SWOT analysis (strengths, weaknesses, opportunities, and threats) and link this to their revised strategy (business model). The Crusader Phase: Students will learn what is acceptable risk and develop a growth mindset (in contrast with fixed mindset), gain power from emotional intelligence, deal with failures (decide to pivot or punt), and learn the difference between ideation and implementation. Students will make progress and get the word out, and they will prepare a short proposal for grant funding or investment with a suitable income stream. By the end of the semester, students will know how to create business model, how to work with teams, how to assess commercial viability, how to establish a rationale for financial forecast, how to assess skills and resource gaps, how to negotiate to fill in gaps, and how to write high-level proposals. Students will demonstrate their knowledge through written submissions and oral presentations.