The Hamilton County Business Center (
HCBC) has partnered with the Product Development and Management Association, (
PDMA), Cincinnati Chapter, for a new workshop series aimed at would-be entrepreneurs not quite sure if their ideas are ready for prime time.
This hands-on series, Commercialization Best Practices for New Business Development, helps budding entrepreneurs and innovators flesh out their ideas, and find the best ways to bring them into the marketplace.
"It's a few steps earlier than the business plan process," says HCBC director Patrick Longo. "This will help people who are thinking of getting into the marketplace. It's all about, 'How do I develop a product, and what kind of market can I serve?' "
HCBC is a local, technology-focused incubator. The Product Development and Management Association is a global professional trade association.
The five-part series starts April 13 and ends June 1. It will be held at the University of Cincinnati College of Applied Science. Sessions run from 1 to 5 p.m. and the series' cost is $199. Registration is available
online.
HCBC and PDMA representatives will lead the workshops, which will include out-of-classroom work. Each session is designed to build on the one before it, Longo says.
The scheduled workshops are:
April 13 Session: Introduction to the Front End of Innovation. Introduction to the overall series design and work flow (pre-work, in-session exercises, and homework). The
Stage-Gate® process will be used to outline the key elements of successful new product development. Creative problem solving will be used to ensure that the new business idea solves an important customer need in a way that maximizes economic value.
April 20 Session: Assess the Landscape. Outlines the six key focus areas required to build a compelling business case appropriate for passing the Idea Gate of the Stage-Gate® process. For each focus area, participants will assess the readiness of their business-building ideas by answering typical stage-appropriate questions. Participants will identify gaps in their own knowledge and potential killer issues/barriers in their business case and leave with an action plan to complete a landscape assessment for their own business ideas.
May 4 Session: Intellectual Property. Reviews the basic principles of intellectual property protection, addressing both patent-based and non-patent-based strategies. This session will share best practices for maximizing IP productivity and protection during Front End of Innovation (FEI). Participants will leave with an action plan to maximize the effectiveness of their interactions with legal counsel.
May 18 Session: Bringing Your Idea to Market. An overview of the end-to-end supply network required to get a
new business idea to market. Consideration of raw material sourcing, manufacturing, and distribution may uncover potential pitfalls to be addressed in the Front End. Participants will leave with an action plan to evaluate potential barriers and complete a preliminary competitive response analysis.
June 1 Session: Finance 101. Focuses on building the final business case prior to the "Money Gate," where the rate of spending (time, money and resources) increases dramatically. Participants will complete a more detailed financial analysis of their business idea (NPV, ROI, cash flow) and leave with an action plan to explore funding options and cash management resources.
By Feoshia Henderson
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