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Investing in Innovation Through The Innovation Mindset at WPI

Investing in Innovation Through The Innovation Mindset at WPI. WPI Collaborative for Entrepreneurship & Innovation WPI U.S.-Africa Conference 2008. What IS Innovation?. “Innovation is the process of creating and delivering new customer value in the marketplace .”

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Investing in Innovation Through The Innovation Mindset at WPI

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  1. Investing in Innovation Through The Innovation Mindset at WPI WPI Collaborative for Entrepreneurship & Innovation WPI U.S.-Africa Conference 2008

  2. What IS Innovation? • “Innovation is the process of creating and delivering new customer value in the marketplace.” (Curtis R. Carlson and William W. Wilmot, Innovation: The Five Disciplines for Creating What Customers Want. New York: Crown Publishing, 2006) • In addition to being an action, it is under-girded by a mindset committed to improving things.

  3. Keep the Goal in Mind “Innovation is now the primary driver of growth, prosperity, and quality of life.” (Paul Romer, Stanford University) Bill Clinton’s first presidential campaign – It’s about the economy, stupid! Innovation is about the People! Drucker’s purpose of a business – to satisfy a customer need efficiently and effectively.

  4. WPI’s Investment in Innovation • Education • Engineering and Science Courses • Entrepreneurship and Business • Humanities and Social Science Courses • Research • Student Research • Faculty Research • Outreach • Engagement with the Community

  5. Entrepreneurship & Innovation Courses (and a minor) • From the Department of Management • ETR3910 Identifying and Evaluating Opportunities • ETR3920 Planning and Launching • ETR3633 Entrepreneurial Selling • ETR4930 Growing and Managing • MKT3640 Management of Product and Process Innovation • Plus many other courses

  6. Research and Incubation • Gateway Park, WPI’s Life Science and Bioengineering park • MBI at Gateway Park Incubator • Virtual Incubation around the University

  7. A Sample of Our Workshops • Keeping an Inventors Notebook • Sources of money • Preparing an executive summary • Protecting your intellectual property • How to do market research • Understanding your market • Presenting your business plan • Developing your financial projections

  8. Competitions • Several courses feature Robert H Grant Invention Awards ($1,500) • Strage Innovation Awards ($2,500) • Kalenian Awards ($25,000) • CEI @ WPI ALL-OUT Business Plan Challenge ($10,000)

  9. Activities • Student organization • Dinner with Entrepreneurs • Networking clinics and opportunities • Mentoring • Strage Innovation Library • Prototyping • Access to Funding

  10. Outreach • WPI Venture Forum • Monthly Meetings (tomorrow night, 6:00, here) • Speakers • Business plan presentations • Pitch for funding • Business Plan Contest ($15,000) • Weekly radio show • Networking events • Monthly newsletter

  11. Collaborative for Entrepreneurship & Innovation www.wpi.edu/+CEI Email: cei@wpi.edu Director: Mac Banks, macb@wpi.edu Associate Director: Gina Betti, gbetti@wpi.edu 216A Washburn Shops 508-831-5761

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