One of the major drivers of success in technological development is the ability for a small or large company to take the technological innovation and develop a business around it. This ensures the use of the idea in a product, a service or a process that solves problems for customers and/or extends their capabilities.
Small and large businesses need to develop a business plan that defines the product, process or service, as well as establish the market needs for these products, processes or services. This is where customer validation and market projections help in developing a financial plan for how many resources are needed and the return of these resources to the original investors. The ability of the management team to execute the plan is also of importance to the decision-makers that examine the plan.
Whether the engineering students that engage in this learning process end up working for a large multinational corporation or for a small start-up, the knowledge gained from developing a business plan for a technology that one has helped develop is a skill that is necessary in today’s economy. The lessons learned from such an endeavor makes the engineer a better decision-maker and this helps the company that hires them in the long run.
The GEC during WEEF 2017 Kuala Lumpur encourages students from all universities to form a team, seek mentors, build a business plan and submit an entry that will be evaluated by a panel of judges on the following criteria:
- Ability of the team to carry out the plan and manage the risks involved
- Market analysis of potential buyers and competitors
- Technological differentiation between this product/service and its competitors
- Detailed financial projections for five years including a business revenue model
- Have a global perspective
The top 7 teams will present their plans during WEEF 2017 Kuala Lumpur to a set of judges that will award the first, second and third prizes.
The organizing committee invites IFEES members to contribute to this competition. Supporting entrepreneurship in engineering will help the educational system produce better engineering for the world and ones that can better serve their employers in future implementations of new technological products and services. It will also develop the future leaders needed globally.
More details about the GEC will be published as soon as they become available.