Tech Commercialization ELI projects are intended for students with an interest in creating economic value and social impact from innovative technology. Over the course of a semester, the students work with several Purdue Principal Investigator (PI)/Founders who have developed a technology with commercial potential. These projects are highly collaborative and provide a great opportunity for exposure to the wide range of STEM research being conducted at Purdue. Typically the project activity revolves around business model development with particular focus on testing and clarification of the value proposition, target customer segments), marketing/distribution, and revenue stream components.
Students also assist selected applicants for the Trask Innovation Awards prepare their proposal presentations for the Trask Innovation Fund Advisory Council. The Trask Innovation Fund is a Purdue University development mechanism to assist faculty to further commercial potential of technologies disclosed to the Office of Technology Commercialization.
How Are Projects And Student Teams Selected?
The Tech Commercialization ELI projects are collaborative efforts of the students and Purdue research partners. The projects are “do with” rather than “do for”. The ELI director works with the Director of Entrepreneur Services and Programming at the Purdue Foundry in the Burton Morgan Center for Entrepreneurship and directly with Purdue research labs to identify technologies that are at the appropriate stage of development to benefit from expertise in business model development and refinement. Students taking this ELI option are matched with PI/Founders based on their personal interests and the requirements of the technology. We aim to provide exposure to 3-4 different technology domains during the semester. While not essential, this option is more suited to students with a strong science or engineering background. The students taking this option are enrolled in the 4 credit MGMT 69000: ELI Tech Commercialization course. (It is not realistic to undertake an ELI Tech Commercialization Project with an excessive course load. Ideally, you should have a maximum of 16 (8+8) credits for the semester including your ELI project. Anything above a total 18 credits will require Professor Lynall's approval.)
Student information sessions on Tech Commercialization ELI are held during the third week of November for the Spring semester and the fourth week of August for the Fall semester.
How Are The Student Teams Supported?
ELI teams have access to faculty in the school of management, executives-in-residence at the Burton Morgan Center for Entrepreneurship, and other faculty and subject matter experts across Purdue. An information specialist from our library system is assigned to each team to assist in secondary research and data collection. At the beginning of the semester, students receive in depth training in business model development before engaging with our PI/Founders.
What Make A Great Tech Commercialization Project?
1. Technology-based idea or startup with the potential for scale and repeatability.
2. Principal Investigator (PI) or Founder committed to working closely with the team (3-4 hours per week).
3. PI/Founder’s willingness to test and reexamine their assumptions around value propositions, target customers, and revenue streams.
4. Engaged executive-in-residence to mentor the students and PI/Founder.5. A team of students driven and committed to understanding the technology, its potential economic value, and its social impact.