Open: NCIIA 14th Annual Conference

During the innovation process, it is often necessary to make quick estimates such as market size. The Fermi estimate is a quantitative tool that produces a quick, rough estimate of a quantity, which is either difficult or inconvenient to measure directly. Although numerous worked-out solutions to Fermi questions are available in the literature, a systematic approach to solving them is not. To meet this need, the authors developed a solution methodology, to be used in their invention course, which could be easily implemented in a traditional business course as well. The methodology employs a graphical approach that assists students in identifying the network of key factors leading to the final estimate. The authors have found that practice with the methodology leads to clearer thinking, more accurate estimates, and greater confidence in making estimates, especially those that initially seem impossible.

There is a growing need for models and pedagogy that assimilate state of the art academic research with knowledge gained in practice and input from strategic stakeholders. In this session, we present a web-based venture readiness assessment tool crafted with input from focus groups and surveys of equity investors (angels and venture capitalists) and entrepreneurs. The tool was designed to provide a framework for first-stage screening for investment decisions in technology business ventures. The assessment tool has been successfully used to teach students in the university setting how to determine the likelihood of gaining equity investment and how to subsequently write a business plan for new technology ventures. We present the results of the application of this assessment tool based on an experiment with 140 graduate and undergraduate students. A model for using this pedagogy in the classroom is presented, as well as projects and lessons learned during the first offering of this program.

One challenge of learning entrepreneurial skills and knowledge is that the classroom is an academic setting (silo knowledge delivery, controlled time tasks, tests to evaluate knowledge gained), not a business setting (use of broad knowledge bases, non-predictable tasks and time, success based on overall project execution). One way to bring the realities of entrepreneurship into the class is to have an entrepreneur bring his/her business challenge into the classroom as a live case. Student teams are handed open-ended business challenges to develop a solution in roughly nine days. Live cases help build students' tolerance for ambiguity, build skills in identifying and filling information gaps to make decisions, and deliver a quality pitch. In the paper and presentation, examples of live cases will be provided, as well as Live Case Outline (to be provided to the entrepreneur) and grading rubric.

IdeaBounce is a website and event used to facilitate idea creation and collaboration. Budding entrepreneurs post information about their ideas (without giving away too much) at www.ideabounce.com, then deliver a two-minute elevator pitch to solicit additional feedback. This allows for virtual and in-person connections. In the classroom, faculty can require each student or groups of students to post and pitch. At the institutional level, public IdeaBounce events can be held to encourage cross-campus participation.

This session presents a new design user value-measuring matrix that can be highly beneficial in the industrial design educational environment. This value-measuring matrix provides a system to analyze user and market characteristics to direct appropriate design solutions. Developing a successful product is the key goal in any design development process. This innovative new value matrix enables students and beginning design practitioners alike to make informed decisions in design development phases, particularly in initial planning. The matrix will help them identify important design variables prior to starting a new design or redesign for a different market and user. The matrix addresses important aspects of a successful product: language/design semantics, functional requirements, the user experience, and environmental responsibility. Initial trials of the matrix have proven to be effective in improving design efficiency in student projects.