Open2012 case-study-experiential-course

www.mtech.umd.edu

A Case Study in Developing and
Launching a New Experiential Course in
“Marketing High-Technology Products &
Innovations”

James V. Green & Alyssa Cohen Sherman

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

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 paper will detail our goals and approach, and highlight interim progress
in the development of the undergraduate 3-credit course launching fall 2012.


www.mtech.umd.edu

Grant goals are to build students marketing skillsets
and to launch successful technology-based companies

• Increase the number NCIIA E-Teams launching innovative
technology-based ventures at UM and other universities
• Develop students’ skills to successfully commercialize
technology-based products and launch companies
• Improve students’ understanding of high-technology
market research principles, affordable design, and
technology innovation

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


www.mtech.umd.edu

While ideas for deliverables and format are in-process, our
approach is to integrate concepts with practice.

• Provide a balance between conceptual discussions and
applied hands-on creation and implementation
• Interdisciplinary student teams will form with the goal of
creating and marketing a new product
• Require the creation of an actual product or well-
developed prototype

Support students with onsite mentors and the expertise of seasoned
technology entrepreneurs to identify opportunities
to bring new technologies to market


www.mtech.umd.edu

Year 1 deliverables and action items are defined, with the first
course offering scheduled for fall 2012
Deliverables Action Items
Creation of the “Marketing High- 1. Perform a university and private sector assessment
Technology Products and of innovative courses and training programs in this
Innovations” curriculum area
2. Consult with product development and marketing
experts within the Mtech network
3. Develop the course syllabus
4. Develop workshops and experiential learning tools
Purchase software and new media 1. Purchase and install new software
technologies to support course 2. Purchase new media technologies
activities
Teach marketing course 1. Teach course
2. Evaluate course
3. Incorporate feedback into next course offering
Present paper at a national 1. Write a paper to share progress to date
conference 2. Present the paper at a national conference


www.mtech.umd.edu

Candidate themes to be discussed and applied in the course are
numerous, and may require down-selecting to critical topics.

• Understanding customers • Distribution channels
• Market research methods and supply chain
• Societal, ethical, and management
regulatory considerations • Partnerships and
• Product development and alliances
management issues • Relationship marketing
• Market orientation • Advertising and
• Pricing considerations promotion
• Sales strategies, to
include online marketing
and sales

www.mtech.umd.edu

Candidate deliverables and timeline for completion within
the course, to include parallel processes and rework.

Concept Market Marketing Product Peer
Pitch Assessment Plan Prototype Evaluation

Weeks 1-3 Realignment of Teams in Week 8
• 6 of 12 teams will advance (~20 students)
• Non-advanced student teams may be
Weeks 2-5 “hired” by teams, selected as “advisors” to
teams, or chosen as “investors” on a board

Weeks 4-7

Weeks 6-14

Week
15

www.mtech.umd.edu

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
$ 4,500 $ 4,500 $ 4,500 $13,500
and Supplies
Travel
$ 2,000 $ 2,000 $ 2,000 $ 6,000
Expenses
Equipment $ 2,600 $ 1,500 $ 1,500 $ 5,600
Faculty
$ 5,000 - - $ 5,000
Stipend
Total $18,100 $13,000 $13,000 $44,100

Funding sources post-grant will include an alumni seed fund
to support student venture creation via this course.

www.mtech.umd.edu

Prototyping of ~ $5,000/yr. to support ~ 40 students
(~ 12 teams) to be competitively awarded within the course

• Preceded by approval of the “concept pitch” and the
“marketing plan”
– Based on a venture concept original to the team or proposed by
faculty, alumni, or Mtech’s network of entrepreneurs and investors
• Create physical or virtual models of a product concept, to
include hardware, software, devices, etc. (not services)
• Prototyping expenses will depend on the concept, and may
consist of 2 phases of funding
– May offer Phase 1 funding of $100 to all teams = $1,200/year
– Follow-on funding in Phase 2 of up to an avg. $600/team for up to 6
teams = $3,600/year. May offer fewer awards of higher value,
pending the viability of concepts. Unfunded students will be
integrated into Phase 2 teams and/or serve as advisors/investors.

www.mtech.umd.edu

Understanding the best use of $5,600 for equipment to
support students is a central challenge with the course
• Leverage existing physical resources at the University and
beyond campus; including computers, scanners, printers,
white boards, and meeting spaces; plus production labs
available to students
• Depending on their selected products, students in the
course may need various computer software and new
media technology to support their efforts
• Prototyping equipment may include a 3D printer, server
space, and/or design software such as Google SketchUp,
CAD programs, and the Adobe Creative Suite.
• New media technology may include iPad, Android
devices, or other devices for testing prototypes

www.mtech.umd.edu

Materials and supplies of $4,500/yr .are focused on
online and/or offline marketing campaigns
• Materials and supplies expenses will be spent on
developing and managing online advertising campaigns,
among other areas
• May drive prospective customers to Kickstarter, Prosper,
and/or other websites to assess consumer demand
• Utilize a number of online marketing avenues including
Google AdWords, Facebook advertising, and related tools
• Funding may be used to develop and produce print or
online marketing collateral as well
• $4,500/yr may be focused on up to six Phase 2 teams on a
competitive basis, with an avg. of ~$750/team/yr
– Brings total funding for top teams to $1,450 or more

www.mtech.umd.edu

Evaluation includes existing University and department
measures, plus the creation of E-Teams with NCIIA
1. Standard course evaluations on campus
2. Course specific evaluation
3. Entrepreneurial mindset surveys
4. 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.


www.mtech.umd.edu

Contact for
Information and Collaboration

Dr. James V. Green
Director, Entrepreneurship Education, Mtech
jvgreen@umd.edu
301.314.1450


Open2012 case-study-experiential-course

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