Investing in Innovation Through The Innovation Mindset at WPI

1
Investing in Innovation Through The Innovation
Mindset at WPI

• WPI Collaborative for Entrepreneurship
  Innovation
• WPI U.S.-Africa Conference 2008

2
What IS Innovation?

• Innovation is the process of creating and
  delivering new customer value in the
  marketplace.
• (Curtis R. Carlson and William W. Wilmot,
  Innovation The Five Disciplines for Creating
  What Customers Want. New York Crown Publishing,
  2006)
• In addition to being an action, it is
  under-girded by a mindset committed to improving
  things.

3
Keep the Goal in Mind

• Innovation is now the primary driver of growth,
  prosperity, and quality of life.
• (Paul Romer, Stanford University)
• Bill Clintons first presidential campaign Its
  about the economy, stupid!
• Innovation is about the People!
• Druckers purpose of a business to satisfy a
  customer need efficiently and effectively.

4
WPIs Investment in Innovation

• Education
• Engineering and Science Courses
• Entrepreneurship and Business
• Humanities and Social Science Courses
• Research
• Student Research
• Faculty Research
• Outreach
• Engagement with the Community

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Entrepreneurship Innovation Courses (and a
minor)

• From the Department of Management
• ETR3910 Identifying and Evaluating Opportunities
• ETR3920 Planning and Launching
• ETR3633 Entrepreneurial Selling
• ETR4930 Growing and Managing
• MKT3640 Management of Product and Process
  Innovation
• Plus many other courses

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Research and Incubation

• Gateway Park, WPIs Life Science and
  Bioengineering park
• MBI at Gateway Park Incubator
• Virtual Incubation around the University

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A Sample of Our Workshops

• Keeping an Inventors Notebook
• Sources of money
• Preparing an executive summary
• Protecting your intellectual property
• How to do market research
• Understanding your market
• Presenting your business plan
• Developing your financial projections

8
Competitions

• Several courses feature Robert H Grant Invention
  Awards (1,500)
• Strage Innovation Awards (2,500)
• Kalenian Awards (25,000)
• CEI _at_ WPI ALL-OUT Business Plan Challenge
  (10,000)

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Activities

• Student organization
• Dinner with Entrepreneurs
• Networking clinics and opportunities
• Mentoring
• Strage Innovation Library
• Prototyping
• Access to Funding

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Outreach

• WPI Venture Forum
• Monthly Meetings (tomorrow night, 600, here)
• Speakers
• Business plan presentations
• Pitch for funding
• Business Plan Contest (15,000)
• Weekly radio show
• Networking events
• Monthly newsletter

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Collaborative for Entrepreneurship Innovation
www.wpi.edu/CEI Email cei_at_wpi.edu Director
Mac Banks, macb_at_wpi.edu Associate Director Gina
Betti, gbetti_at_wpi.edu 216A Washburn
Shops 508-831-5761