Market adoption of new technologies is of concern to researchers, interested in creating economic value from their research, and attracting research. However, technology utility, by itself, is not sufficient to achieve commercial success. This course helps technologists understand the complex issues around enhancing the value proposition of novel technologies, and overcoming barriers to adoption through strategic partnerships or venture creation.
- Identify and apply the key concepts and frameworks of technology commercialization to real technology commercialization challenges.
- Apply the barriers to entry framework to develop different commercialization approaches (patenting, branding, partnering) for exemplar technologies competing in specific markets.
- Utilize concepts from behavioral economics to predict how individual stakeholders will react to new opportunities, and how you can develop alternate business or revenue models to overcome innovation inertia.
- Apply and compare various constructs and frameworks to new technologies or business model currently being brought to market.
- Integrate various technology commercialization approaches shared in class into a comprehensive overview of alternate technology commercialization approaches.
- Learn how to apply the key ingredients of developing an experimental approach to technology commercialization (hypothesis development, experimentation, validation, pivot) to examine assumptions about market segments, market trends/size and adoption barriers.
- Importance of technology commercialization
- Current models of technology commercialization
- Using a behavioral approach to improve technology commercialization outcomes
- Understanding what your technology can do
- Developing the value proposition
- Identifying market segments and early adopters
- Overcoming barriers to adoption
- Creating new business models
- Licensing vs versus creation
- Creating a new venture
- Developing an action plan
- Course Number: MECH 6502
- Credits: 3
- Instructors: Dr. Andrew Maxwell
- Pre-requisites: None
- Enrolment: Open to Engineering & Science Graduates
Dr. Andrew Maxwell received his Ph.D. in Management Science at the University of Waterloo in 2011, winning the Academy of Management’s Heizer Award. Prior to this he completed an MBA at London Business School, and a B.Sc. (Eng.) in Electrical Engineering from Imperial College London. He has been Chief Innovation Officer at the Canadian Innovation Centre for the past ten years, […]