Startup Labs - Lab - 6 new Product Development

Term: Fall 2023

Date: October 17th, 2023

Time: 12:00pm - 1:00pm

Location: Online Only

Instructor: Mark Mondry

Presented By: Office of the Vice President for Research and Innovation (OVPRI)

Description:

Course will meet on the above date, but will remain open for two weeks after for information and the recorded session.

At the early stages of translating technologies from the lab to market, the topic of new product development may seem distant. Universities do not develop commercial products in the research phase, rather new product development occurs after the technology emerges from research and is licensed out from the university to a startup or existing mature company.  This is a critical perspective to consider.

The new product development process is where the majority of risk resides. Often, early phase technology from research best aligns with a startup venture versus a mature company for this reason. Mature companies are far more risk adverse than startups.  Startups are built to thrive in uncertain, risky domains by definition.  Mature companies need to nurture existing product lines and protect the revenues they enable, commercial risk must be carefully managed.

In this session, we will review new product development methodologies and how they relate to project management methodologies and regulatory processes. We will also consider how the subject matter of previous Startup Lab sessions extends into new product development processes (see Modules 2 - 5).  The purpose for discussing this topic in Startup Labs is centered on the concept we discussed early: the lean startup methodology and WASTE.  Considering the new product development process early will provide benefits in business modeling, team formation, attracting funding, and building your brand.  Exploring the challenges in the new product development process early will help you better frame the opportunity

We look forward to the discussion!