Archives—October 2018

Business Model Canvas Bootcamp

The Innovation Center for Entrepreneurship will be hosting Business Model Canvas Bootcamp, a two-part workshop on November 14 and 28 from 7-9 pm in Rekhi 214. Using the Business Model Canvas, students will work with members of the Michigan Tech I-Corps Site Program teaching team to develop a business model for their technology or idea.

The Business Model Canvas is a tool developed by Alexander Osterwalder & Yves Pigneur. It emphasizes the relationships of the nine components of a business model:

  1. Customer Segments
  2. Value Propositions
  3. Channels
  4. Customer Relationships
  5. Revenue Streams
  6. Key Resources
  7. Key Activities
  8. Key Partnerships and
  9. Cost Structure.

Check out this short video for a brief overview of the Business Model Canvas. The idea is that business plans are static while a successful business model needs to be dynamic. A successful business venture requires a tool that allows one to quickly assess the impact of changes and adjust accordingly.

The I-Corps teaching team will guide students through the process of developing their unique business model. In this workshop, you will map out your canvas with specific focus on the value proposition and the customer segments. After developing a hypothesis around your the nine components, focusing on the customer segment and its “pain points”.  From there you will then test your hypothesis through customer interviews or customer discovery.  Does your solution create value for your customer segment? Based on the customer discovery process you will understand if you need to adjust your value proposition and pivot.

Business Model Bootcamp is part of Husky Innovate, a series of workshops and events that build on each other with the intention of guiding students through key phases of innovation or business development to help them prepare for future competitions, as well as future intrapreneurial and/or entrepreneurial business ventures. Registration for this workshop is required.

Students who participated in the Idea Pitch Competition and/or plan to compete in the upcoming Bob Mark Business Model Competition, are strongly encouraged to register for Business Model Canvas Bootcamp. There is a cap of 25 contestants for our Bob Mark Business Model Competition. Priority will be given to those who have completed the Business Model Boot Camp. Husky Innovate is hosted by the Innovation Center for Entrepreneurship, a collaboration between the School of Business & Economics, Pavlis Honors College, and the Vice President for Research Office.

 


Idea Pitch Competition Winners

The first annual Husky Innovate Idea Pitch Competition took place Wednesday, October 17, 2018 in Fisher Hall. The Competition was hosted by the Innovation Center for Entrepreneurship, a collaboration between Pavlis Honors College, School of Business and Economics, and Vice President for Research Office.

Cameron Philo accepting First Prize in Idea Pitch Competition

There were more than 30 participants from various majors and disciplines who pitched to a panel of judges comprised of faculty, alumni, and community members. Ideas ranged from a Ride Share application to a Hydrogen Supplemental Fuel Generator. Participants had two minutes to pitch their innovative and disruptive ideas. Alumni from Michigan Tech’s 14 Floors initiative joined the judging panel to offer valuable feedback and expert advice to our young entrepreneurs.

Judging panel made up of faculty, alumni, and community members

The winners of the 2018 Idea Pitch Competition were:

Honorable Mention – Sarah Smyth, Business, for Post-op Bra for Breast Cancer Survivors

Honorable Mention – Christopher Codere and Joshua Hansen, MBA and Software Engineering, for Firearm Detection Technology for Police Officers

Honorable Mention – Marina Brusso and Maxx Fredrickson, Marketing/Management and Management, for Parking Improvement App

Third Place – Mayank Bagaria, Mechanical Engineering, for Wearable Translator

Second Place – Gary Tropp, Computer Network & System Administration, for A Better Way to Schedule Classes

First Place and Audience Favorite – Cameron Philo, Electrical Engineering, Pavlis Honors College, for Life Pro Jackets

From left to right: Mayank Bagaria, Gary Tropp, Cameron Philo, Christopher Codere, and Joshua Hansen. Not all winners are pictured.

Congratulations to all of our winners and participants, and thank you to our panel of distinguished judges for donating their time and expertise. Photos from the event can be viewed and downloaded here.

Erica Austin and Kyle Schuhknecht presenting their idea, Mr. Green Tips, an eco-friendly informational application.

The Idea Pitch Competition is part of Husky Innovate, a series of workshops and competitions that guide students through key phases of business development while emphasizing strategies for success. The next workshop in the series is Business Model Canvas Bootcamp. Identifying your value propositions and customer segments is a key part in developing a winning business model. This is a two-part workshop being held November 14 and 28 and registration is required. More information on upcoming Husky Innovate events can be found at mtu.edu/husky-innovate.


Critical Language Scholarship Application Now Open

By The USA Study Abroad Team

The USA Study Abroad Team announces that applications are now being accepted for the U.S. Department of State’s Critical Language Scholarship (CLS) Program at clscholarship.org/apply. Applications are due November 27, 2018.

The CLS Program is a fully-funded intensive overseas language and cultural immersion program for U.S. undergraduate and graduate students enrolled at U.S. colleges and universities. Students spend eight to ten weeks abroad studying one of 15 critical languages: Arabic, Azerbaijani, Bangla, Chinese, Hindi, Indonesian, Japanese, Korean, Persian, Portuguese, Punjabi, Russian, Swahili, Turkish, and Urdu.  Most CLS languages do not require previous study of the target language.

The program includes intensive language instruction and structured cultural enrichment experiences designed to promote rapid language gains. The scholarship program includes international airfare, tuition, and all program costs, as well as meals and living accommodations (often with a host family).

The CLS Program seeks participants with diverse interests, and from a wide range of fields of study and career paths, with the purpose of representing the full diversity of the United States. Participants are selected based on their commitment to language learning and plans to apply their language skills to their future academic or professional pursuits.

CLS is part of a wider government initiative to expand the number of Americans studying and mastering foreign languages that are critical to national security and economic prosperity. CLS plays an important role in preparing students for the 21st century’s globalized workforce and increasing national competitiveness.

Questions? Email CLS@AmericanCouncils.org.


Innovation Week at Michigan Tech

Innovation Week

The University Innovation Fellows are hosting their 2nd annual Innovation Week to promote innovation and entrepreneurship on the Michigan Tech campus. There are a variety of events being held next week, October 14-20 with the final event being a regional meet-up for students from universities across the midwest with ties to the University Innovation Fellows program. The University Innovation Fellows program empowers students to become agents of change at their schools. The Fellows are a global community of students leading a movement to ensure that all students gain the necessary attitudes, skills, and knowledge required to compete in the economy of the future.

Please share the following public events with faculty, staff, and students of the Michigan Tech entrepreneurial community.

“I have an idea that I think can make some money…now what?” | Oct. 14 | 1pm | Fisher 125

Idea Pitch Practice | Oct. 15 | 5pm | ICE House

Idea Pitch Competition | Oct. 17 | 7pm | M&M U113 | This competition is hosted by the Innovation Center for Entrepreneurship, a collaboration between the School of Business and Economics and the Pavlis Honors College.

Coffee Sprints | Oct. 18 | 6:30pm | Library 244

Teaching Design Thinkers: The Responsibilities of Empowering the Next Generation | Oct. 19 | 1pm | Rekhi G05 | Registration for this event is required, and it is sponsored by the Pavlis Honors College, William G. Jackson Center for Teaching and Learning, and the Visiting Professor Lecturer/Scholar Series (VPLSS) which is funded by a grant to the Provost’s Office from the State of Michigan’s King-Chavez-Parks Initiative.


Introducing Husky Innovate Workshops and Pitch Competitions

The Innovation Center for Entrepreneurship at Michigan Tech, a collaboration between the Pavlis Honors College and the School of Business and Economics, announces a new series of workshops and events for students called Husky Innovate. Husky Innovate is a succession of workshops and competitions guiding students through key phases of innovation and business development, while emphasizing evidence-based strategies for success.

Semi Final Presentation for CMU New Venture Competition

Students are encouraged to participate in any/all events of their choosing, whether they’re interested in learning more about entrepreneurship and innovation to distinguish their résumé, or they want to start their own business and build knowledge, expertise and confidence through participation.

Ideate and create

Students who challenge themselves to pitch their idea at a national, state or regional competition will find the Husky Innovate track provides a solid foundation for their goals. The workshops and events emphasize experiential learning and provide the opportunity to get valuable feedback from peers and mentors.

IMG_5458

The Idea Pitch Competition will be held 7 to 9 p.m. Oct. 17 in Fisher 138. During the two-minute pitch competition students will share their favorite innovative and disruptive idea in an interactive, community setting. Cash prizes will be awarded. Students should register early;  participation is limited to the first 30 registrants.

See more events and upcoming workshops at mtu.edu/husky-innovate.