Project for a class (Innovation in engineering )

MSE 602 Final Project Requirements Sheet

Please include the following points in your MSE 602 Final presentation.

1. Executive Summary for the venture capitalist to read 2. Introduction to your project & the company – explain the problem you identified

followed by the technical aspect of your project as well as the business description, including the innovation aspect as well as the competitive advantage of your product that makes it an entrepreneurial project versus just another small business.

3. In the following sections 4, 5 and 6, clearly explain the process that you went through to pick your project. Explain how you went through the 6 hats process and the process you used to pick the final idea for your project.

4. Pre – Idea Thinking a. Six Hats Process b. Innovation Purpose Statement c. IF Spreadsheet d. Goals, Objectives, Strategies, KPIs e. 9 Window Box (For Problem)

5. NOVATE Ideation Thinking a. Do Brain Drain b. Use NOVATE Process c. Use IDEA Cards d. Affinitive Ideas e. Conduct Green Hat Session

6. Post – Thinking Idea a. SCORE Template b. Idea Utility (Qualitative) c. Complexity Rank (Quantitative) d. Sort Ideas

7. Explain the Critical to Quality (CTQ) factors that you have developed for your product/service and provide a description of the minimum viable product (MVP) that you would include as part of a lean startup initiative.

8. Intellectual property associated with your project (if any). Clearly explain the type of IP you expect to get from your project and the uniqueness that justifies you to think you can get that IP.

9. Your Customer demographics (including segmentation areas) & the category of the perspective customer that your product would target

10. Explain how you would use internet marketing as an assistive tool to launch your venture 11. Describe the industry under which your product is and also the industry trends as well as

strategic opportunities that exist in that industry. Describe the lifecycle of your industry

12. Actual market size and growth rate for your product that you wish to launch into the market – This should be about 20-30% of your entire target market in the geographic region you are going to be targeting when you first start your venture. So you should be able to provide the sales units numbers for Year 1 and then based on the growth rate that you have assumed, you can calculate the sales unit numbers for your product for Years 2, 3, 4 and 5.

13. Effects of sensitivity to economic cycles and seasonality (and to what extent) 14. Apply the 5 forces framework to your project 15. Describe the target market selection strategy as well as the differentiation strategy for

your product 16. Describe the pricing strategy you are going to use for your product 17. How do you differentiate your strategic positioning for your product? 18. Identify the risk categories that could possibly affect your project 19. SWOT Analysis for your project 20. Scenario Analysis for your project. 21. Community Involvement / Social Responsibility of your company 22. Financials for your project – Using the Excel Model provided, come up best possible

estimates with the following categories: a. Cost of product – provide break up, i.e, cost of materials, labor and overhead b. Selling Price of the Product c. Baseline MARR used d. IRR obtained e. NPV for the overall project f. Breakeven analysis

i. Breakeven Period ii. Breakeven Sales Numbers

This section on your financials will take a fair amount of research on your part and based on that research you will have to come up with the numbers for the inputs on the excel file provided. On entering these inputs in the excel file, you will be able to outputs such as the IRR, NPV for the overall project and the breakeven analysis. The inputs and outputs comprise of information that the venture capitalists will ask you in order to justify your request for funding.

23. Conclusion about whether your project is economically viable or not. 24. Sustainability – Explain about how you would incorporate sustainability into your

product or service. Consider all the 3aspects of sustainability that have been discussed in class.