BUS 466: Entrepreneurship in Science and Technology looks at the innovative transformation of knowledge into commercial products and services. Cross-disciplinary teams of students assess various technologies ranging from life sciences, information technology, alternative energy, and nanotechnology for their commercial potential in terms of licensing and/or for venture development.
Technology entrepreneurship, in itself, is a spirited approach to business leadership that involves identifying high-potential, technology-intensive commercial opportunities, gathering resources such as talent and capital, and managing rapid growth and significant risks using principled decision-making skills. The course is designed to provide students with the perspective, tools, and information necessary to evaluate the business potential of a technical idea, secure patent protection, understand startup issues, appreciate the value of a technology incubator, obtain venture investment, understand IPOs, and grow a technology-based enterprise.
Emphasis is placed on processes for managing the early stages of innovation through balancing marketing, manufacturing, research, financials, intellectual property, and regulatory affairs. An understanding of each of these functions as they relate to technology development will be provided.
COURSE OBJECTIVES
- To view the characteristics of a successful start-up enterprise.
- To assess the commercial viability of a new business concept.
- To perform marketing research to determine marketability of a new product.
- To develop a business plan.
- To understand the importance of cash flow and be able to read and understand financial statements.
- To appreciate the importance of domestic and international patent protection.
- To describe the characteristics of an initial public offering and show how to secure funding for a start-up enterprise.
- To promote the role of ethics in entrepreneurship.
- To understand the key concepts of technology entrepreneurship and technology commercialization.
- To create value by developing a viable enterprise around one’s technology.
- To explore intellectual property protection and licensing within the commercialization process.