Product Innovation Cluster
The Product Innovation Cluster helps students practice the entrepreneurial mindset, applying it to the development of new business ideas whether in the student’s startup or as an intrapreneur in an existing organization. Products are broadly defined and can include hardware, software, services or non-profit ideas. Courses in this cluster are based in the School of Engineering Design and Innovation and were developed for the original Engineering Entrepreneurship (E-SHIP) Minor. This cluster is open to all undergraduate students.
This cluster brings together faculty with real-world business entrepreneurial experience and students with an interest in becoming entrepreneurial leaders, either as business owners or working within an existing business. This cluster provides unique "cross-skills" courses that help students thrive in the multi-disciplinary teams they will experience in industry. It teaches the skills to start a company, whether a lifestyle business or a potential unicorn. The entrepreneurial ecosystem at Penn State is introduced as it is highly supportive of students and their ideas, offering many opportunities to pitch for resources.
The Product Innovation Cluster courses support the development of consumer-based and business-to-business products and services. Students who complete this cluster will develop broad-based entrepreneurial skills in product development, product management, new product launches, financial accounting, product and service marketing, pricing strategies, and intellectual property management. The cluster projects energize creativity, deal with ambiguity, and manage risk. Students will develop a clear understanding of the design process.
Upon completion of this cluster students develop these skills:
- Design of products and services.
- Develop and implement business models and execution strategies to actualize ventures and products.
- Understand the role of the entrepreneurial mindset in an existing organization.
- Evaluate products and business opportunities.
- Create and substantiate a value proposition.
- Define a target market and develop a plan to address this market.
- Understand financial statements and develop business financial projections.
- Understand, manage, and leverage the various types of intellectual property including patents, trade secrets, copyrights and trademarks.
- Determine the most appropriate and ethical solutions for specific real-world business situations, considering the stakeholders, consequences of decisions, underlying values, and relationships.
- Identify and evaluate leadership styles and traits.
- Learn how personality characteristics can affect the entrepreneurial process.
- Function effectively in multi-disciplinary cross-functional teams and understand the duties and priorities of each business department.
- Communicate complex ideas to a wide swath of stakeholders in a concise and precise fashion. Develop pitches tailored to specific audiences.
- Evaluate the function and place AI has in the entrepreneurial process.
If you cannot fit this minor into your schedule, consider the 9 credit Product Innovation Entrepreneurship Certificate.
