Tag Archives: business development experience

Business Students Get Grant to Study Eco-Tourism in the UP

Jonathan Leinonen has received a $2,500 grant to support a student research study of eco-tourism in the Upper Peninsula.  The grant comes from the US Economic Development Administration-funded University Center for Regional Economic Innovation (REI) at the Michigan State Universityimage31487-persy Center for Community and Economic Development.

With Leinonen as faculty advisor, the Michigan Tech student team will collect data on eco-tourism resources and gaps in the UP, compare with successful eco-tourism regions and recommend a stronger business model.

The students are business management, engineering management and marketing majors in a spring semester class called Business Development Experiences.

– Jenn Donovan, Tech Today


Tech Students Collaborate Innovatively

Michigan Tech’s campus is abuzz with activities leading up to technological innovations and ground-breaking advancements in various fields of engineering. While they may be successful as technologies, do they have the potential to offer opportunities for creating new businesses around them? Our senior year students provide the answer by undertaking the Business Development Experience courses (BUS 4991 and BUS 4992).

Business DevelopmentOffered as a two-course sequence – BUS 4991 in the fall and BUS 4992 in the spring – the Business Development Experience provides students with the perfect entrepreneurial learning experience and the opportunity to work alongside Tech’s engineering students, real-world innovators and entrepreneurs. Students assume entrepreneurial roles and work in teams on projects offered by the Enterprise program, Senior Design, MTEC SmartZone and the Innovation & Industry Engagement (IIE) office housed in the Advanced Technology Development Complex. The course provides an opportunity to integrate these entities into a sustainable entrepreneurial eco-system.

These two courses are taught by Dr. Saurav Pathak, who holds the title of ‘Rick and Jo Berquist Assistant Professor of Entrepreneurship and Innovation’ within the School of Business and Economics. This year, he has secured six projects for his Business Development Experience course for students to tackle. The majority of the projects for this academic year are sourced from entrepreneurs local to the Upper Peninsula. Among the projects supporting Tech’s surrounding community include a novel clothing protector for traveling professionals, a gravity-enabled wood pellet de-duster, and a patented new masonry brick-laying technology.

Another locally sourced project is brought to Business Development Experience students by Michigan Tech SBE instructor, Jonathan Leinonen. He will be mentoring students and requesting that they offer a fully developed online game related to and of interest to the Michigan Tech student and alumni body.

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Graphene, a highly conductive and extremely strong transmittable metal

The course would also involve students finding a “route-to-market” for two patented technologies – offered as projects by the IIE office. Students would find ways to commercialize a new way of processing “red mud” – a toxic waste produced during the extraction of Aluminum from Bauxite – with hydrophobic polymers into useful items such as cat litter. The other project’s goal would be to identify the potential partnerships, applications, and competitive landscape of Graphene, a highly conductive and extremely strong transmittable metal. Graphene is thought to be the future technology for capacitors.

Throughout the process, students will gain skills from establishing a target market, conducting customer discovery, developing a business model, pricing framework, developing a financial strategy, proposing a prototype, and potentially deploying a commercial version of each product. Over the last three academic years (2011-12, 2012-13 and 2013-14), more than 60 students have undergone this entrepreneurial learning experience working across 18 technology-based projects provided by our partners. The academic year of 2014-15 will see 23 additional students undergoing this experience working over 6 projects.

In the past, project owners have made generous donations to show their support for our students’ efforts. This year, the Dean’s office has offered funding that would be used to enhance the student learning experience by letting them go outside the classroom and achieve tasks that are essential of any business development. Dr. Pathak’s vision for the coming years is to make this course a revenue generator for the SBE wherein only sponsored/funded projects would be considered.

Carly Harrington, Academic Advisor for the School of Business and Economics, explains the importance of the Business Development Experience in these projects,

With our senior-level Business Development Experience, students have the opportunity to handle financial planning, marketing plans, and business management for real-world research projects and engineering design teams. This opportunity allows for cross-disciplinary collaboration building teamwork skills and strengthening student’s resumes.

Current Michigan Tech students interested in enrolling in the Business Development Experience should contact Carly Harrington (benson@mtu.edu) to discuss their course schedule. Prospective Tech students with questions about the Business Development Experience should contact business@mtu.edu.

 

This article was written with contributions from Dr. Saurav Pathak.


MTU Team Makes Final Cut of MCIP

The Michigan Collegiate Innovation Prize is a six month program that enables teams to go from an idea to venture launch.

A new statewide entrepreneurial contest aims to arm students with the resources and skills necessary to launch a successful tech start-up in the state of Michigan. In addition to more than $100,000 in award money, the Michigan Collegiate Innovation Prize (MCIP) offered participants intensive start-up training based on the National Science Foundation’s Innovation Corps program.

Michigan Tech fielded a team out of a project for the Business Development Experience course — one of four required for the Entrepreneurship Concentration.

"Our low cost ventilator which encompasses a robust and simple design, is used to provide life saving care for infants suffering from respiratory ailments in developing countries," said Smith.

The Michigan Tech students who participated were:

  • Cole SmithManagement major
  • Brock TreanklerManagement major
  • Colin PuttersMarketing major
  • Carolynn MagnusonMarketing major
  • Derek MazurBiomedical Engineering major

The challenge kicked off in late October with a two-day workshop and culminated in February with a final showcase and awards ceremony. During the intervening four months, participants attended biweekly online progress meetings and received pitch training, mentorship and up to $2,000 in prototype funding. Teams were encouraged to brainstorm and innovate on their business model and position in the market.

90 teams participated in the first round and 29 made it on to the finals. Applicants were evaluated based on:

  • The viability and impact of their technology
  • How their business differentiates itself in the marketplace
  • The skill and experience level of the team members.

The Michigan Tech Team mentored by Professor Entrepreneurship and Innovation Dr. Saurav Pathak, Instructor Jonathan Leinonen, and Senior Lecturer in Accounting Anne Warrington was one of the teams selected to advance to the finals. Their project was to develop a low cost ventilator for infants in Ghana. This is an International Business Venture project out of the Enterprise program. The Michigan Tech team went on to win a $2,000 grant to further develop their product.

Event coordinators say the statewide venture challenge will help both the state and its students by keeping Michigan relevant in the knowledge economy and creating different career paths for college graduates.


Roger Woods Named Teacher of the Year

Roger Woods accepted the 2013 Teacher of the Year Award from Dean Klippel.

Each year the student body within the School of Business and Economics elects one faculty member as Teacher of the Year. Roger Woods has been selected as the 2013 recipient of the coveted award.  When asked what this award means, the Lecturer in Operations Management said, “I am honored to be selected given the great faculty that we have in the School of Business and Economics. It has helped that I have had some great mentors and support of other faculty to improve my teaching.”

During his time at Michigan Tech, Woods has proven to be a great asset to the School of Business and Economics.  He first won the Teacher of the Year Award in 2011 and that same year was inducted into the Academy of Teaching Excellence as a finalist for the campus-wide teaching award.  He was nominated again the following year,  was selected as a finalist, and became the recipient of the Distinguished Teaching Award.

Roger Woods has been instrumental in the execution of the Business Development Experience over the past 3 years.  His duties included: developing the program structure, finding team projects, and teaching the second semester of the senior capstone experience.  Woods notes that “it has been rewarding to see how the students have matured and are able to apply the various School of Business and Economics classes to their projects.”

The task Woods is assigned to is not an easy one.  The student teams are all working on different projects which may pull them in different directions.  The Business Development Experience is intended to be a practical application of the skills they learn throughout their time at Michigan Tech.  We hope that the students can draw on these experiences during an interview for a job, but also that they look back on it as a rewarding hands-on experience.

Now that the Spring 2013 graduates have completed their time at Michigan Tech, Woods is looking forward to seeing a new class of students coming to campus this fall and hearing the success stories of all the recent graduates.


It’s Here! Impact Magazine Fall/Winter 2011 Issue

The third issue of Impact features the Business Development Experience, an experiential learning component of undergraduate business curriculum.

Impact is Michigan Tech’s School of Business and Economics semi-annual publication. It illustrates how our students, alumni, School, and University are changing our world.

This issue discusses the future of business education, renewed AACSB accreditation, successful alumni stories, the spring 2011 undergraduate trip to Silicon Valley, two faculty who have become co-editors of an influential policy journal, and MBA student research on survey data. Read Impact now.

See past issues of Impact on our website.

The School of Business and Economics would like to recognize key people who have continued to make Impact a reality. University Marketing and Communciation’s Crystal Verran, Dennis Walikainen, and Bill Tembruell. Also, writer Erin Kauppila. Thank you all for your hard work.