Course Details
Subject {L-T-P / C} : ME6255 : Product Innovation and Startup Strategy { 3-0-0 / 3}
Subject Nature : Theory
Coordinator : Prof. Susanta Kumar Sahoo
Syllabus
1. Design Thinking and Affordable Innovation Introduction to engineering design process. Product development processes, organizations, planning, concepts, idea generations, selection, specifications, industrial design, architecture, prototyping, concept of frugal engineering for developing innovative affordable products, effective user-interface
2. Product Innovation Introduction to the bottlenecks of new product innovation process, Introduction to innovation engineering, Industrial dynamics of technological innovation, sources, types, and patterns of innovation, disruptive innovation, Management and organizing of innovation, collaborative and open innovation, evaluation and selection of innovation projects, user- and customer focused innovation, managing ideas, knowledge and learning for innovation, Innovation performance measurement and management.
3. Startup Plan an overview, motivation. Development, Preparing Business Concept Document, taking product to create value, Patent and copyrights importance and process.
4. Going to market Strategy Understanding and delivering Value, Product- Market Matrix, Delivery Strategy with a Difference.
5. Startup Economics Economic consideration for starting a venture, Understanding Feasibility analysis
6. Market considerations for startups Understanding market, targeting customer and positioning product
7. Factors influencing success of a business, Business model innovation, Business process management, competitive advantages, Business model canvas.
8. Funding options of your business Boot strapping, angel investors, incubation and acceleration, concept of break-even point
9. Digital Technology startup/Entrepreneurship Industry 4.0 landscape and innovations using digital technologies like AI, IOT, AR/VR, Cloud, SAAS, User Applications. The basic technology framework and development platforms.
10. Analytics- based opportunities startup in Data Analytics.
Course Objectives
- To introduce the students the fundamentals of sustainable product design, development and manufacturing.
- Explain the core of product innovation and structures of the processes.
- Understand the knowledge of the legal foundations of intellectual property market vision, the ability to analyze the possibilities of innovative development, barriers and risks to its Commercialization.
- Assess the economic potential of innovation, the cost of implementing a research Project.
Course Outcomes
1. Knowledge enhancement for sustainable product design, development and manufacturing. <br />2. Enhancement of knowledge of the theoretical foundations, models and methods of innovative entrepreneurship, management, marketing, finance. <br />3. Able to organize the work of the creative team to achieve the defined goal <br />4. Able to develop a plan and program for the organization of innovative activities of scientific and production units for start-up. <br />5. Development of ability to form a strategy for commercialization of innovation.
Essential Reading
- Karl T. Ulrich and Steven D. Eppinger, Product Design and Development, TMH
- Peter Drucker, Harper Collins, Innovation and Entrepreneurship, Harper Collins Publishers
Supplementary Reading
- Kevin Otto and Kristin Wood, Product Design, PHI
- Thomas N. Duening, Robert D. Hisrich and Michael A. Lechter, Technology Entrepreneurship Taking Innovation to the Marketplace, Elsevier