1. BIOE Senior Design Class based in part on the National Science Foundation Innovation Corps (iCorps)
August 28, 2017

2. Today: Syllabus – make sure you carefully read this!!!
Stay engaged, ask questions, and read slides!
Come to class (Monday and Wednesday) and be prepared!
Attend all of your team meetings, in and outside of class
Shark Tank, October 23 – November 1
1 Closed Book Midterm Exam, November 20th
Business Plan, which includes Lean Launch & Business Model Canvas, is due no later than 5 pm December 13th
BIOE students required to submit the Business Plan in the COBI
Innovation Competition during the Spring Semester
NSF iCorps – some background on the Lean Launch Methodology and Business Model Canvas
Teams – we will form 10 or 11 innovation teams

3. A Real World Experience
This is a unique class bringing together both engineering and business
concepts to develop an innovative medical product

4. Jobs in an interview said something along the lines of, that empires could
crash and burn if the emphasis was on sales rather than a product.
Jobs says, “the product sensibility and the product genius that brought them to that
monopolistic position gets rotted out by people running these companies
who have no conception of a good product versus a bad product. They have
no conception of the craftsmanship that’s required to take a good idea and
turn it into a good product. And they really have no feeling in their hearts
usually about wanting to really help the customers.”

5. Why do we study Entrepreneurship in design?
Because Entrepreneurship is the link
between Innovation and Marketing
The Big Questions
1. How will your proposed business
opportunity make money?
2. Why should someone buy your
proposed product or service?
3. How will your investors make money?

6. Over Arching Theme The process: Lean LaunchPad.
Even big companies need to be entrepreneurial to survive!
Companies, new or established, do not have the time or resources to pursue concepts that the market does not want or need.
Start up companies will fail 90% of the time – and if a company is destined to fall into that 90% fail category, then fail fast to avoid wasting precious resources.
Thus, Start-ups should go through a rigorous process to determine as fast as possible if it is destined to fail (or conversely, SUCCEED!)
The process: Lean LaunchPad.

7. Our BIOE Lean LaunchPad
Based on the National Science Foundation (NSF) program
to enhance innovation and new business creation in the U.S.
Your team will have about $400 per team to use to develop prototype
Prototype funding opportunities beyond class, check
out business plan competitions
Follow the LeanLaunch curriculum – Process that describes the “sell then build” philosophy of building an enterprise.

8. The Opportunity: Creating, Shaping, Recognizing, Seizing
“I was seldom able to see an opportunity, until it ceased to be one” Mark Twain
Ralph Waldo Emerson “If a man can make a better mouse trap than his neighbor, though he builds his house in the woods, the world will make a beaten path to his door”
YOUR ideas are inert and worthless
The problem is attachment to the product and not the business, these are not mutually exclusive, need to translate idea to the market
focusing on making it better may not lead to profits
being first is no guarantee either, may prove to the competition that the market exists

9. Opportunity driven
Be Innovative!!! Make something new, something better!
Must come from
Cardiovascular, Biomechanics, Artificial Organs, Bioinstrumentation, Medical Imaging, Drug Delivery Systems,
Diagnostic Assays, Prosthetics, POC Diagnostics/Lab on a Chip
How do you find an opportunity?
A good idea is not necessarily a good opportunity
the more imperfect the market, the greater the opportunity, a perfect market means everyone knows everything about everything
only 1, 2, or 3 out of a 100 business plans ever get venture funding
it may take 58 initial ideas to get a commercially successful new product to market

10. What is Design? Some definitions
The engineering design process is a step by step method to produce a device, structure, or system that satisfies a need
A carefully balanced combination of theory, practice, originality, experimentation, and common sense
Research can be a factor, but research itself is not design, design is product and market oriented
Involves assumptions, approximations, detailed analyses, experiments
Considers customer needs and demands
Considers engineering design constrants
Considers economic conditions and limitations
profitable

11. What is design? The engineering design process Value Proposition
Customer need or opportunity
Problem definition/specifications
Data and information collection
FDA regulations
Development of design alternatives
Evaluation of alternative designs
Selection and specification of optimal design
Implementation of optimal design
Economic analysis
Sales and marketing
Value Proposition
Business Plan

12. What is design?
Design process is a continuum of activities somewhat classified into the following
Preliminary or quick-estimate designs
Decide whether work should even be done, rule out alternatives, approximate methods, rough economic analyses
Detailed designs
Detailed analyses and calculations to define profitability and expected costs
Prototype testing
Firm or final designs
Complete design/specifications for all components of the product
Accurate costs based on quotes
Ready to manufacture and market
Where does senior design fall?

13. What is design? Your project must have a significant design component
Clearly identify the engineering design principles and the methodologies to be used
Must propose to make something, e.g. a medical device, new software, not just research
Demonstration of design can be by an actual prototype or through detailed engineering analysis and/or computer analysis
Just doing research in the lab on a phenomena or something is not design
Must have the potential for a profitable outcome, write a business plan, be entrepreneurial ! Show me the money!

14. Everyone will be a judge in this class.
Expect to be prodded, criticized, questioned, and praised
Everyone will be a judge in this class.

15. There is no crying or whining in senior design!

16. Be prepared to answer tough questions !
This is all part of the process known as Due Diligence
Be prepared to answer tough questions !

17. You are entering the Shark Tank!

18. Project Selection Getting from an Idea to an Opportunity In all cases discuss your ideas with me!!!
Option 1: Talk to your co-op employer to see if perhaps a project you have been working on for your co-op can be extended as a senior design project.
Your current or past assignment on co-op cannot count as your design project.
It has to be something new or a further extension of the work.
Any patent rights will need to be worked out between you, the University, and the company.
The work needs to be done here with your team.

19. Project Selection Getting from and Idea to an Opportunity
Option 2: Talk to other faculty members and see if they have an idea for a senior design project for you.
Option 3: Develop your own ideas. To facilitate this,
review the bioengineering and medical literature
look for patents (
or search the web for ideas or extensions of work that have been presented.
Use techniques for generating ideas such as brainstorming.

20. Project Selection Getting from and Idea to an Opportunity
Option 4: Make contact with other people to see if they have projects available.
friends
family
roommates
other companies

21. UT Has Rights to Your Inventions
UT Policy and Procedure Manual
In accordance with State of Ohio Section Ohio Revised Code
File an invention disclosure with the UT Office of Research and Innovation
Usually they will give you the patent rights
We will talk more about this on September 6th with Mark Fox who is UT’s IP expert

22. The Business Model Canvas
As you go through
the process of
identifying a
business
opportunity make
sure you address
these aspects of the
Business Model
Canvas

23. What’s Next?
Spring semester is to finalize the design and demonstrate a working prototype
2. BIOE Design Presentations April 25th and 26th
3. Design Expo is April 27th
4. COBI Business Plan Competition Spring Semester
5. Try to get additional funding for your business idea
Enter business plan competitions

24. 1st Place: $10,000 2nd Place: $5,000 3rd Place: $2,000
UT Business Innovation Competition conducted by UT College of Business and Innovation
1st Place: $10, nd Place: $5, rd Place: $2,000
Honorable Mentions: $500
1. Workshop on the Competition Thursday, January 29
12-1pm Savage 3100
2. Entry due date Friday, February 20
3. Finalists announced Friday, March 20
4. Finalists presentations Tuesday, April 7
5. Winners announced Thursday, April 16
Application instructions for this competition utilizing the
Lean Launch Pad concepts can be found at utoledo.edu/business

25. Brain Storming &Pattern Recognition
“If I had asked my customers what they wanted, they would have said a faster horse,” Henry Ford
Recognizing patterns is a creative process that is not logical, linear, or additive
10 yrs to get the 50,000 chunks of experience
recognizing opportunities stems from the capacity to see what others do not
creativity peaks in 1st grade, rest of education is rigid and structured, usually destroying creativity
dual brain model, Hermann Brain Dominance the Creative Brain
The idea of a team is to have a complete brain

26. Hermann Brain Dominance Model

27. Each team member should check out the Jeff DeGraff website quiz to assess how
you look at innovation and what kind of leader you are. Share the results with your
team members. The DeGraff link can be found on the course blog.

28. Brainstorming Sessions
Open your minds, go for a rapid flow of creative ideas
Shoot for 75 new ideas in 60 minutes
Make sure you capture them in tangible form
7 Rules
1. Don’t dismiss or be judgmental or criticize
2. Encourage wild ideas, “think outside the box”
3. Go for quantity
4. Let everyone have their say
5. Build on other’s ideas
6. Stay focused and keep the discussion going
7. Be visual, draw pictures etc

29. Form Teams