Julian Murphy School of Electronics, Electrical Engineering and Computer Science, Queen's University Belfast, UK

Transcription

1 ENGINEERING INNOVATIVE PRODUCTS A PRACTICAL EXPERIENCE Edited by Karen Rafferty Julian Murphy School of Electronics, Electrical Engineering and Computer Science, Queen's University Belfast, UK Paul Hermon School of Mechanical and Aerospace Engineering, Queen's University Belfast, UK

2 : List of Contributors Foreword Preface List of Abbreviations xv xvii xix xxi 1 Introduction Introduction Importance of SMEs Inspiring Innovation for Engineers Rationale Focus Processes and Organization of Course Breakdown of Book Material 5 References 8 2 Idea Generation, Filtering and Development 9 Karen Raffe rty 2.1 Introduction Timeline Team Structure Team-Working Theory Team Roles Idea Generation Mentor Role Role ofthe Team Role ofthe Individual Imitation To Filter or Not Already Exists Market lssues Technically Too Difßcult 26

3 viii Beyond Expertise Difficult to Pitch No Potential for Future Development Idea Incubation and Development Conclusions 28 References 28 3 The Ideal Pitch Introduction Business Pitch CONNECT Springboard Pitch Outline Gase Studies MVR Nutrifit Noctua Pain and Solution Value Proposition and Technology Market and Competition Company Traction and Go-to-Market Strategy Finance Presentation Process Conclusions 52 References 52 4 Creating an Effective Business Plan Introduction Business Plan Business Plan Outline Executive Summary Company Team B randing The Business Products and Services Uniqueness Future Products Business Strategy Corporate Strategy Competitive Edge 65

4 Content-! ix Pricing Strategy Sales Strategy Market Market Definition Key Market Segments Market Trends Target Market Competition Direct Competition Indirect Competition How We Compare Market Analysis Market Growth Position Pricing Sales Strategy and Projection Distribution Advertising and Promotion Finances Costs Breakeven Analysis Profit and Loss Accounts Balance Sheet Performance Ratios Conclusions 75 References 76 5 Brands that Connect Create Differences that Matter 77 Gillian Colhoun 5.1 Introduction Why Branding Matters The Branding Evolution The Dynamics of Trust The Döing Part of Branding A Brilliant Idea Be f/ae/w Have a Dominant Proposition Brand Check Your Idea Belief Systems Influence Behaviour The Secret Sauce: Teil a Great Story World-Beating Attitüde 91

5 5.5.1 Who Else is Out There? Do Your Homework Name it. Name it Good Taglines Can Make Things Simple, Not Dumb Brand Strategy (is Not a Dirty Word) Make Sense to Your Advocates and Your Customers A Word on Industrial/Tech Branding A Coherent Visual Identity A Central Visual Image But What About My Logo? Brand Touchpoints Conclusions 104 References The Marketing of Your Business is Your Business 107 Graeme Roberts 6.1 Introduction Definition of Marketing and Marketing Communication Identifying Your Target Market Market Research for New Companies, Products or Services Target Market Size and Trends Segments Competition Market Cycles Demand Indicators - Keyword Tools The Value Proposition - Features TELL, Benefits SELL Evaluating Your Market Research Your Marketing Strategy Monitoring Reputation Promotional Techniques Offline Marketing Online Marketing Websites Search Engine Optimization Website Analytics Affiliate Marketing Marketing Social Media What is Social Media All About and Why is it Important for Business? Facebook Facts YouTube, Vimeo and the Use of Video for Business Twitter Branding and Twitter Case Studies and Referrals Conclusions 129

6 xi 7 Intellectual Property 131 Rosi Armstrong 7.1 Why Intellectual Property is Important Types of Intellectual Property Protection Copyright Trademarks Patents Know-How Design Protection Ownership of Intellectual Property Information from Intellectual Property Deciding How Intellectual Property Applies to Your Company What to Do to Protect Your Intellectual Property Copyright Design Right Registered Designs Trademarks Patents Summary Finance 153 Kirk Shilliday 8.1 Why Do I Need a Financial Plan? Types of Business Structure Sources of Finance Main Components of the Financial Plan Sales Forecast Profit and Loss Account Breakeven Fixed Costs Cash Flow Statement Balance Sheet Building the Financial Model Structure Variables Assumptions Sensitivity Testing - 'What If' Traps/Causes of Failure Preliminary Design and Concept Prototype 177 Julian Murphy 9.1 Introduction Finalizing Ideas Communicating Innovation and Product Differentiation Product Definition 182

7 xii 9.5 Legal and Safety Considerations IP Considerations Initial Product Specification Design Modelling and Prototyping Conclusions Füll Product Development 193 Paul Hermon 10.1 Introduction Füll Product Development in an Educational Context Functional Prototypes Product Design Specification Preparing a PDS Detailed Design Don't Repeat the Mistakes of Others Mass Production Considerations Automated Assembly Testing Final Product Definition 208 References Case Study: Buteos 211 Judy Black 11.1 Marriage Team Roles Conception Giving Birth The Baptism Growth Questioning your Motives Flying the Nest The Big Bad World Student Project to Commercial Project: A Complex Journey 221 Kyle Crawford and Stephen Dowling 12.1 Introduction Evolution of the Product Serving Beer Product Development Insights Going Beyond the Requirements of a University Project Module Securing Protection Product Rethink Protecting Intellectual Property 226

8 xiii 12.5 Part-Time Student or Full-Time Innovator? Covering the Legal Aspects Dealing with Potential Customers and Licensees Axiomatic Design Product Architecture Optimization Through Testing Branding the Company Branding Websites and s Finances 'Go For It'Programme Pitching the Technology Design for Manufacture Conclusions 240 Reference Assessment 241 Karen Rajferty 13.1 Introduction Learning Outcomes Investment Pitch Business Plan Technical Feasibility Study Peer Evaluation The Assessment Matrix Formative and Summative Assessment Conclusions 253 References Final Thoughts Introduction Thoughts for Mentors Thoughts for Students Future Directions Final Comments 258 Glossary 259 Index 263