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.” (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.

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.

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

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

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

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

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

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

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

Collaborative for Entrepreneurship & Innovation Director: Mac Banks, Associate Director: Gina Betti, 216A Washburn Shops