Engineering Innovative Products - A Practical Experience

"The book provides vital insights into commercial development for engineering students in a highly practical and applied manner. Over the past 3 years, application of the book's material has allowed the students to develop their commercial literacy and ambition in the University."--Steve Orr, Director, Northern Ireland Science Park CONNECT program which looks to accelerate the growth of knowledge-based companies in Northern IrelandEngineering Innovative Products: A Practical Experience is a pioneering book that will be of key use to senior undergraduate and graduate engineering students who are being encouraged to explore innovation and commercialization as part of their courses. The book will teach the essential skills of entrepreneurship and address the fundamental requirements needed to establish a successful technology company.As well as providing the crucial background and insights enabling students to identify a key market, it also offers a highly practical guide to undertaking genuine product validation and producing a feasibility study, as well as providing vital insights into the challenges and demands in forming a technology based company.Key features:* Outlines how to develop and grow an engineering solution which has market potential and covers key business aspects of giving the perfect pitch, sales and marketing, protection of ideas and finance, to offer a complete and practical guide to commercializing ideas.* Provides vital insight into the design and innovation processes within engineering and the challenges and pitfalls in translating good ideas into great products.* Features contributions from leading experts in marketing, finance, company formation, sales and intellectual protection which provides details of the challenges faced by innovators when commercializing ideas.* Includes Ccase studies from engineering students who give insights into how they have successfully developed their own ideas into companies.

Inhaltsverzeichnis

Dedication iiiList of Contributors xiiiForeword xvPreface xviiList of Abbreviations xix1 Introduction 11.1 Introduction 11.2 Importance of SMEs 21.3 Inspiring Innovation for Engineers 21.4 Rationale 31.5 Focus 31.6 Processes and Organization of Course 41.7 Breakdown of Book Material 6References 82 Idea Generation, Filtering and Development 92.1 Introduction 102.2 Timeline 112.3 Team Structure 122.3.1 Team Working Theory 122.3.2 Team Roles 152.4 Idea Generation 192.4.1 Mentor Role 202.4.2 Role of the Team 212.4.3 Role of the Individual 222.4.4 Imitation 242.5 To Filter or not! 242.5.1 Already exists 252.5.2 Market Issues 262.5.3 Technically too Difficult 262.5.4 Beyond Expertise 272.5.5 Difficult to Pitch 272.5.6 No Potential for Future Development 272.6 Idea Incubation and Development 282.7 Conclusions 28References 293 The ideal pitch 313.1 Introduction 323.2 Business Pitch 333.2.1 CONNECT Springboard 343.2.2 Pitch Outline 373.3 Case Studies 383.3.1 MVR 383.3.2 Nutrifit 393.3.3 Noctua 393.4 Pain and Solution 413.5 Value Proposition and Technology 433.6 Market and Competition 463.7 Company Traction and Go to Market Strategy 483.8 Finance 503.9 Presentation Process 533.10 Concluding Remarks 54References 544 Creating an e ective business plan 554.1 Introduction 564.2 Business Plan 564.2.1 Business Plan Outline 574.2.2 Executive Summary 584.3 Company 614.3.1 Team 624.3.2 Branding 624.4 The Business 624.4.1 Products and Services 634.4.2 Uniqueness 644.4.3 Future Products 654.5 Business Strategy 654.5.1 Corporate Strategy 664.5.2 Competitive Edge 674.5.3 Pricing Strategy 684.5.4 Sales Strategy 684.6 Market 694.6.1 Market Definition 704.6.2 Key Market Segments 704.6.3 Market Trends 714.6.4 Target Market 714.7 Competition 714.7.1 Direct competition 714.7.2 Indirect Competition 724.7.3 How we compare 724.8 Market Analysis 724.8.1 Market Growth 734.8.2 Position 734.8.3 Pricing 734.8.4 Sales Strategy and Projection 734.8.5 Distribution 744.8.6 Advertising and Promotion 744.9 Finances 744.9.1 Costs 754.9.2 Breakeven Analysis 764.9.3 Profit and Loss Accounts 764.9.4 Balance Sheet 774.9.5 Performance Ratios 774.10 Concluding Remarks 79References 795 Brands that connect create di erences that matters 815.1 Introduction 825.2 Why Branding Matters 835.2.1 The Branding Evolution 845.2.2 The Dynamics of Trust!trust 855.3 The Doing Part of 'Branding' 865.3.1 A Brilliant Idea 865.3.2 Be Useful 865.3.3 Be Credible 875.3.4 Have a Dominant Proposition 885.3.5 Brand Check your Idea 895.3.6 Belief Systems Influence Behavior 905.4 The Secret Sauce: Tell a Great Story 925.5 World Beating Attitude 955.5.1 Who Else is out There? 965.5.2 Do your Homework 975.6 Name it. Name it Good. 975.6.1 Taglines can make Things Simple, not Dumb. 995.7 Brand Strategy (is not a Dirty word) 1005.7.1 Make Sense to your Advocates and your Customers 1015.7.2 A Word on Industrial/Tech Branding 1035.8 A Coherent Visual Identity 1065.8.1 A Central Visual Image 1075.8.2 But what about my Logo? 1075.8.3 Brand Touchpoints 1085.9 A Final Thought 109References 1106 The Marketing of Your Business Is Your Business 1116.1 Introduction 1126.2 Definition of Marketing and Marketing Communication 1136.2.1 Identifying your Target Market 1136.2.2 Market Research for new Companies, Products, or Services 1136.3 Target Market Size and Trends 1146.3.1 Segments 1156.3.2 Competition 1166.3.3 Market Cycles 1176.4 Demand Indicators - Keyword tools 1186.4.1 The Value Proposition - Features TELL, Benefits SELL 1196.5 Evaluating your Market Research 1206.6 Your Marketing Strategy 1216.6.1 Monitoring Reputation 1226.7 Promotional Techniques 1236.7.1 Offline Marketing 1236.7.2 Online Marketing 1246.7.3 Websites 1256.7.4 Search Engine Optimization 1266.7.5 Website Analytics 1276.7.6 Affiliate Marketing 1276.7.7 Email Marketing 1276.7.8 Social Media 1286.8 What is Social Media all about and why is it important for Business? 1296.8.1 FaceBook Facts 1306.8.2 YouTube, Vimeo and the use of Video for Business 1306.8.3 Twitter 1326.8.4 Branding and Twitter 1326.9 Case Studies and Referrals 1336.10 Conclusions 1337 Intellectual Property 1357.1 Why intellectual property is important 1367.2 Types of intellectual property protection 1377.2.1 Copyright 1377.2.2 Trademarks 1387.2.3 Patents 1397.2.4 Know-How 1417.2.5 Design protection 1417.3 Ownership of intellectual property 1427.4 Information from intellectual property 1437.5 How to decide how intellectual property applies to your company 1467.6 What to do to protect your Intellectual Property 1507.6.1 Copyright 1507.6.2 Design Right 1507.6.3 Registered Designs 1507.6.4 Trademarks 1517.6.5 Patents 1527.7 Summary 1568 Finance 1578.1 Why do I need a Financial Plan? 1588.2 Types of Business Structure 1598.3 Sources of Finance 1608.4 Main Components of the Financial Plan 1628.5 Sales Forecast 1638.6 Profit and Loss Account 1668.7 Breakeven 1698.7.1 Fixed Costs 1718.8 Cash Flow Statement 1728.9 Balance Sheet 1738.10 Building the Financial Model 1758.10.1 Structure 1768.10.2 Variables 1768.10.3 Assumptions 1778.10.4 Sensitivity Testing - 'What if' 1778.11 Traps/Causes of Failure 1799 Preliminary Design and Concept Prototype 1839.1 Introduction 1849.2 Finalizing Ideas 1849.3 Communicating Innovation and Product Di erentiation 1879.4 Product Definition 1889.5 Legal and Safety Considerations 1909.6 IP Considerations 1929.7 Initial Product Specification 1949.8 Design Modeling and Prototyping 1969.9 Concluding Remarks 19810 Full Product Development 19910.1 Introduction 20010.2 Full Product Development in an Educational Context 20110.3 Functional Prototypes 20210.4 Product Design Specification (PDS) 20510.4.1 Preparing a PDS 20710.5 Detailed Design 20810.6 Don't repeat the Mistakes of Others 21010.7 Mass Production Considerations 21210.8 Automated Assembly 21310.9 Testing 21410.10Final Product Definition 215References 21611 Case study: Buteos 21711.1 Marriage 21811.1.1 Team Roles 21911.2 Conception 22011.3 Giving Birth 22111.4 The Baptism 22211.5 Growth 22311.6 Questioning your Motives 22411.7 Flying the Nest 22611.8 The Big Bad World 22612 Student project to commercial project: a complex journey 22912.1 Introduction 23012.2 Evolution of the Product 23012.2.1 Serving Beer 23112.3 Product Development Insights 23112.4 Going beyond the Requirements of a University Project Module 23212.4.1 Securing Protection 23212.4.2 Product Rethink 23412.4.3 Protecting Intellectual Property 23412.5 Part-time Student or Full-time Innovator? 23512.5.1 Covering the Legal Aspects 23612.6 Dealing with Potential Customers and Licensees 23712.6.1 Axiomatic Design 23812.6.2 Product Architecture 23912.7 Optimization through Testing 23912.8 Branding the Company 24212.9 Branding Websites and Emails 24312.10Finances 24412.11'Go For It' Programme 24512.12Pitching the Technology 24512.13Design for Manufacture 24712.14Conclusions 249References 24913 Assessment 25113.1 Introduction 25213.2 Learning Outcomes 25313.3 Investment Pitch 25513.4 Business Plan 25513.5 Technical Feasibility Study 25613.6 Peer Evaluation 25713.7 The Assessment Matrix 25813.8 Formative and Summative Assessment 25913.9 Conclusions 260References 26014 Final Thoughts 26514.1 Introduction 26614.2 Thoughts for Mentors 26614.3 Thoughts for Students 26714.4 Future Directions 26814.5 Final comments 268Glossary 259Index 263

Zusammenfassung

"The book provides vital insights into commercial development for engineering students in a highly practical and applied manner. Over the past 3 years, application of the book's material has allowed the students to develop their commercial literacy and ambition in the University."
--Steve Orr, Director, Northern Ireland Science Park CONNECT program which looks to accelerate the growth of knowledge-based companies in Northern Ireland

Engineering Innovative Products: A Practical Experience is a pioneering book that will be of key use to senior undergraduate and graduate engineering students who are being encouraged to explore innovation and commercialization as part of their courses. The book will teach the essential skills of entrepreneurship and address the fundamental requirements needed to establish a successful technology company.

As well as providing the crucial background and insights enabling students to identify a key market, it also offers a highly practical guide to undertaking genuine product validation and producing a feasibility study, as well as providing vital insights into the challenges and demands in forming a technology based company.

Key features:
* Outlines how to develop and grow an engineering solution which has market potential and covers key business aspects of giving the perfect pitch, sales and marketing, protection of ideas and finance, to offer a complete and practical guide to commercializing ideas.
* Provides vital insight into the design and innovation processes within engineering and the challenges and pitfalls in translating good ideas into great products.
* Features contributions from leading experts in marketing, finance, company formation, sales and intellectual protection which provides details of the challenges faced by innovators when commercializing ideas.
* Includes Ccase studies from engineering students who give insights into how they have successfully developed their own ideas into companies.

Produktdetails

• Autoren: Paul Hermon, Julian Murphy, Karen Rafferty, R Woods, Roger Woods, Roger (School of Electronics Woods, Roger Rafferty Woods
• Mitarbeit: Paul Hermon (Herausgeber), Julian Murphy (Herausgeber), Julian Murphy et al (Herausgeber), Kare Rafferty (Herausgeber), Karen Rafferty (Herausgeber), Roger Woods (Herausgeber)
• Verlag: Wiley, John and Sons Ltd
• Sprache: Englisch
• Produktform: Taschenbuch
• Erschienen: 25.07.2014
• EAN: 9781118757734
• ISBN: 978-1-118-75773-4
• Seiten: 296
• Themen: Naturwissenschaften, Medizin, Informatik, Technik > Technik > Elektronik, Elektrotechnik, Nachrichtentechnik; Sozialwissenschaften, Recht,Wirtschaft > Wirtschaft > Betriebswirtschaft; Maschinenbau, Elektrotechnik, Technologiemanagement, Industrial Engineering, Mechanical Engineering, Electrical & Electronics Engineering, Elektrotechnik u. Elektronik, Allg. Elektrotechnik u. Elektronik, Maschinenbau - Entwurf, Mechanical Engineering - Design, Industrielle Verfahrenstechnik, Engineering Technology Management