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April 21, 2008 —
On April 9, the Spring 2008 Inventions to Market seminar took place in Curtiss Hall. In the event, two teams of MBA students were given the opportunity to work with inventors to analyze the possible advantages and disadvantages of each invention and, in turn, present them to potential investors.
"Each inventor gave a presentation on their product," sociology senior Eric Westmoreland said. "The students took notes and then performed a blitz analysis where they discussed the good qualities and the flaws of each invention. Then each team came up with a presentation and delivered it to the judges."
Westmoreland and MBA graduate student Amishi Lathia were hired by the Center for Business & Economic Development after CBED staff members came up with the idea for I2M. They were inspired by the popular television show "Dragons' Den," which follows a similar format.
"We've been working about 20 hours a week ever since the beginning of March to plan I2M," said Westmoreland.
Although the CBED does work with the College of Business, they tag themselves as being more oriented towards connecting the University with the community.
"We work with the University to get involved with local businesses and investors," said Dulcey Simpkins, Director of the Center for Entrepreneurship and Commercialization within the CBED.
In order to find the two inventors to participate in I2M, the Center contacted The Mid-Michigan Inventors' Group.
"They basically chose amongst themselves to see who would have their inventions presented at I2M," said Westmoreland.
The two inventions that the students chose to be analyzed and presented were the "Helic Air Tee Five Hole" and the "Handyman Helper." Students evaluated each invention on a number of qualities, including finance, cost, and marketing.
After students displayed their analysis to the judges, they were graded on how well they assessed and presented the inventions.
"There were several purposes for the event," said Westmoreland. "First of all, it gave the MBA students practical experience with developing a business plan. It also gave inventors a chance to have their inventions analyzed."
During the event, the scores remained close. Although Team A was down by eighteen points in the beginning, they came back and won by 4 points by the end of the second round.
"The event was very competitive," said Westmoreland. "Both teams did a good job. I wasn't sure Team A could come back, but in the end they really pulled it off."