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2002 ASEE Proceedings Paper Session No:__2213______

An Engineering Entrepreneurship Course for ChE Seniors

Ramani Narayan (www.msu.edu/user/narayan)

Department of Chemical Engineering & Materials Science Michigan State University, East Lansing MI 48824

ABSTRACT Entrepreneurship is the vehicle that fuels economic growth. The goal of this course is to expose ChE seniors to the “entrepreneurial process”, and better prepare them to enter the business world with consideration of issues such as the nature of entrepreneurship, opportunity identification, intellectual property creation and strategy, market research, operations, financing, valuation of technology, and cash flow analysis in a technical environment. These are necessary ingredients of all successful technical business ventures, regardless of size.

Student teams of 2-3 will apply their engineering skills and abilities in a business environment to identify innovative product/process opportunity/opportunities, investigate the potential for an entrepreneurial business opportunity, keeping in mind the differences between an "idea" and an "opportunity" and develop a sound business plan for bringing the innovation to commercial reality or not as the case may be. The product/process innovation/idea for commercialization is envisioned to operate through a start-up entrepreneurial venture or by working with a small or medium size business -- entrepreneurial internship.

PROGRAM GOALS Entrepreneurship is the vehicle that fuels economic growth. Nearly 50% of the growth in our economy can be explained by entrepreneurial activity. While Fortune 500 companies have lost 5 million jobs since 1980, the United States has added 34 million new jobs. This increase is due to start-ups and small business growing to large businesses. The purpose of this program is twofold: 1. Expose students to the “entrepreneurial process”, with consideration of issues such as the nature of entrepreneurship, opportunity identification, intellectual property creation and strategy, market research, operations, financing, valuation of technology, and cash flow analysis in a technical environment. In the process, they will learn to integrate their engineering skill with business concepts and will be much better prepared to innovate and bring sound innovative, new products to commercial reality.

“Proceedings of the 2002 American Society for Engineering Education Annual Conference & Exposition copyright 2002, American Society for Engineering Education

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Narayan, R. (2002, June), A Course On Engineering Entrepreneurship For Chemical Engineering Seniors Paper presented at 2002 Annual Conference, Montreal, Canada. 10.18260/1-2--10626