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

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 Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland This presentation highlights lessons learned from two (Fall ‘12 and Spring ’13) of the three (Spring ‘14) NCIIA-funded offerings of this course.

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 Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland This course will go beyond writing a marketing plan; and support students’ real life market-based activities to commercialize their ideas to serve society.

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 Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland Distribution channels and supply chain management Partnerships and alliances Relationship marketing Advertising and promotion Sales strategies, to include online marketing and sales

NCIIA grant funding is focused on supporting student teams’ prototyping, materials and supplies, and equipment (75%). Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland Budget ItemYear 1Year 2Year 3Total Prototyping$ 4,000$ 5,000 $14,000 Materials and Supplies $ 4,500 $13,500 Travel Expenses $ 2,000 $ 6,000 Equipment$ 2,600$ 1,500 $ 5,600 Faculty Stipend $ 5, Total$18,100$13,000 $44,100 Funding sources post-grant will include an alumni and friends seed fund to support student venture creation via this course.

Deliverables and timeline for completion within the course, to include parallel processes and rework. IdeationGo-to-Market Strategy Prototyping & Testing Test Marketing Launch / Funding Proposal Weeks 1-2 Weeks 2-5 Weeks 4-8 Rd. 1 Funding Weeks 7-14 Weeks Rd. 2 Funding Realignment of Teams in Week 6 Expect approximately 6 of 12 teams to advance Expect approximately 6 of 12 teams to advance Students not advancing on their original team join an advancing team Students not advancing on their original team join an advancing team

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

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 2012Spring 2013 StudentsSeniorsJuniors 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 lectureDetailed introduction with video lectures and assigned readings Venture Creation 0% with 0 of 8 ventures active78% with 7of 9 ventures active (launch, patent filings, grant and/or seed funding pending or awarded) Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland

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 Plan10% Visual Prototype 5% Final Deliverables Final Presentation 15% NCIIA Funding Proposal 15% Peer Evaluation10%

Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland TopicPre-Class AssignmentIn-Class Assignment 1/29Introduction 1/31Strategic Market Planning  Read: Chapters 1 & 2 of Mohr, et.al.  View: Online lecture on Strategic Market Planning Discuss concepts and form teams 2/5 Market 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 2/12Market 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 IISurvey design

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

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

Contact for Information and Collaboration Dr. James V. Green Director, Entrepreneurship Education, Mtech Maryland Technology Enterprise Institute · A. James Clark School of Engineering · University of Maryland

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

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

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

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

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

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