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Bringing an Idea to Market: A Guide for Aspiring Engineers and Entrepreneurs

This presentation by Trevor Hutchins explores the journey from idea conception to market launch. It emphasizes the role of engineers not just as inventors, but as problem solvers in entrepreneurship. Key concepts include identifying market needs, proof of concept, team formation, strategic planning, and utilizing modern development methodologies like Design Thinking and Lean Startup principles. The talk also covers funding strategies through angel investors and crowdfunding platforms like Kickstarter. Ideal for those looking to blend engineering with business innovation.

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Bringing an Idea to Market: A Guide for Aspiring Engineers and Entrepreneurs

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Presentation Transcript

  1. Dissociative Science Disorder A presentation prepared by Trevor Hutchins focused on bringing an idea to market.

  2. What is an engineer, to you?Why did you become an engineer? Growing up, I thought engineers were “inventors”, turns out, only a few are.

  3. Why I Enjoy Entrepreneurship • Utilize wide skill of EE knowledge • Learn about business, marketing, managing, etc. • Risk/Reward • Work with friends • Different from research • Interact with/meet with interesting people • Selfishly satisfying

  4. 1. Idea How do you come up with an idea for a product? • Identify a problem (What annoys you) • Are there existing solutions to the problem? • Are the solutions ‘good’ – can the solutions be improved? • Is there a want/need for a better solution to the problem?

  5. Example Problem: Can’t keep plant healthy Solution: Something to tell me how to keep it healthy

  6. 2. Proof of Concept • Something simple, proving that the problem is solvable 3. Form a Team

  7. 4. Forming a Strategy and Entrepreneurship • Rapidly iterating on a Minimal Viable Product (MVP)

  8. Oso– Product Development Methods • Utilize Design Thinking • Adapt Lean Startup Principles • Leverage Cloud Computing and Distributed Collaboration Tools • Embrace Rapid Prototyping

  9. 5. Making a MVP What do you need/lack? • Money? • Skillset? • Time?

  10. 6. Getting Money • Angel Investors • Exchange equity for upfront dollars • Significant amount of work/time in pitching investors • Bootstrapping • Out of pocket

  11. 7. Getting More Money/Feedback • Iterate

  12. 8. Sell • Kickstarter is a funding platform for creative projects. • Market Validation • Small sample • More Money

  13. How does Kickstarter Work?

  14. Plant Link

  15. Marketing – a lot of work

  16. 9. Repeat Iterate and Sell/Fundraise

  17. Link Hardware Development Shape Model Wired Wireless April 2012 Feb 2012 Sept 2011 Nov 2011 August 2012 November 2012 July 2012

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