General Card #2878
Making Peoples' Lives Better: Product Commercialization
Summary
This module challenges students to think beyond the lab to consider the application of research to make peoples' lives better.
Description
Research is the process intended to create new or improved technology that can provide a competitive advantage at the business, industry, or national level [1]. The end result is to make peoples' lives better. Since WWII most economic growth has been from technology development. Thus, innovative activity has been the single, most important component of long-term economic growth [2]. In fact, the future economic progress of any country will be driven by the invention and application of new technologies [1]. This module consists of a short video designed to give insight into this commercialization process and where engineers can get involved. Many great ideas never make it past the laboratory research phase. Prototypes, developed with potential customer engagement, can provide the feedback necessary to generate interest from investors. Baylor's Lab-To-Market Collaborative provides prototyping assistance and engages students in the analysis necessary to validate go-to-market plans including patent searches, market characterization, and strategic go-to-market planning. Most universities have some form of a pathway to commercialization that could provide students opportunities to learn this dimension of the research process.
[1] Importance Of Research And Development
[2] Innovation and Economic Growth, Rosenberg, https://www.oecd.org/industry/tourism/34267902.pdf
Learning Objectives
1. Understand the purpose of product commercialization.
2. Describe the connection of the three C's with product commercialization.
3. Describe the benefits for engineering students working with product commercialization.
4. Identify the pathway for engineering students to be come involved with product commercialization.
Instructor Tips
This is a short module with the purpose of beginning a conversation on product commercialization and the involvement of undergraduates with product commercialization using the video as a starting point. This would be ideal for an introduction to engineering course, a new student experience course, or for use with a professional society. It also could be used in a Capstone Senior Design Course to help students see the next step in the research/product development process. Exposure to opportunities in product commercialization should come as early as possible to help students evaluate their options.
Curiosity
- Demonstrate constant curiosity about our changing world
Curiosity is the foundation for research. The discovery of new knowledge is the result of asking a series of questions about the world around us and then designing a series of experiments whose goal is to gain insight into topic and ultimately answer some of the questions. Good research is the beginning and often leads to additional topics or questions to investigate. In this case curiosity could provide the insight to product development by identifying a market need which can drive the research and the commercialization.
Connections
- Integrate information from many sources to gain insight
Mapping the fit of a new technology to market needs requires both analysis and creativity to design great product and service value propositions. Student researchers can draw on journals and articles, the experience of faculty and lab staff, but also from potential customers and industry experts. For product development, information gathering is key to determine the market feasibility of a particular technology.
- Assess and manage risk
In the design of an experiment, it is important to determine the data needed and the extent of data needed. This sets the scope of the experiment. Time is valuable so the number of experiments and having contingency plans for when things do not go according to plan are both important. Here it is important to determine the cost and market for any product commercialization.
Creating Value
- Identify unexpected opportunities to create extraordinary value
Using new technology, inventions, and products designed to solve market needs can create value. Validating the scale and scope of that plan can prove its viability. Planning a strategy and operational map can convince investors to fund the idea.
- Persist through and learn from failure
Often, especially in experimental research, things do not go as planned. Same is true with product commercialization. It is then that the researcher/market analyst must regroup and determine the next steps to continue on the path to finding solutions to the questions. Even with a failure there is much to learn.
Design
- Develop New Technologies
- Create Model or Prototype
Opportunity
- Identify Opportunity
- Evaluate Tech Feasibility, Customer Value, Societal Benefits & Economic Viability
- Investigate Market
- Test Concepts via Customer Engagement
- Create Preliminary Business Model
- Assess Policy & Regulatory Issues
Impact
- Communicate Solution in Economic Terms
- Develop Partnerships & Build Team
- Communicate Societal Benefits
- Identify Supply Chains & Distribution Methods
- Validate Market Interest
- Protect Intellectual Property
Categories & Tags
- Classroom & Courses
- Comprehensive
Acknowledgement
I would like to thank Clayton Thompson, Baylor Director of Brand Development, Jon Davis, Baylor Senior Video Producer, and Baylor University for help with the filming and production of the videos supporting this project.
Folders
Description
Included is a short 2 minute 19 second video to be used in class or small group setting. Also included is a suggested Instructor Guide on how to conduct the module with appropriate questions. In all, this module should be no more than 15 - 20 minutes. It is targeted to expose new students to the concept of product commercialization describing Baylor's Lab2Market organization that helps prototype research for the next step in this process. Students involved in the process describe the benefits of working on product commercialization in the video.
| Title | Type | Ext | Date | Size | Download All | Downloads |
|---|---|---|---|---|---|---|
| Instructor Guide - Lab2Market V1.pdf | Activity / Handout | 8/27/2021 | 92.1 KB | 84 | ||
| https://baylor.box.com/s/xm2cjkt95i3tot446ib7ydsd0gcl2uyw | Video | 8/27/2021 | - |