ICE Incubator
The Faculty of Engineering has an active mentorship program for students, alumni, and others to explore new technology directions, develop prototypes of new products and services, and create new ventures.
The incubator is currently being offered on-line; and we are moving to an on-campus presence again this Spring – with the launch of our new dedicated Incubator space beside the Elko Engineering Garage in September 2022.
UPDATE: The three-week intensive team-based course introducing “Innovation, Creativity and Entrepreneurship” (ENG G 260) planned for the Fall 2022 term.
Lead course instructor will be Prof. Mike Lipsett (Mechanical Engineering), who is part of two start-ups and has extensive industrial and business experience. Other instructors and guest lecturers will come from Business, Science, Arts, and the local innovation community.
Why study entrepreneurship?
A company has to know how it makes money.
Increasing competition means that companies have to be more creative in order to be innovative, with effective teams responding to shorter product design and development cycles.
Thirty per cent or more of jobs are at risk of automation.
This is a double edged sword for people starting their career.
To be ready for this, you need to have:
– A broad education
– A well-honed EQ and an ability to work in teams
– Tech savvy
– Adaptability
– Hustle
No single discipline covers everything needed to be a creative, innovative entrepreneur. But we are offering in introductory course intended to give you a head start in being one of those entrepreneurs.
A twelve-day credit course in ENGG260 will be offered as an intensive introduction to technology entrepreneurship for 60 engineering, science, arts, and business students, after the end of the regular Winter term: May 3 – May 21, 2021. This course is based on a model developed at Reykjavik University, and attended by the instructing team. Two short videos about the course and the experience can be viewed here:
https://www.youtube.com/watch?v=8AZlOdgB6t0&t=2s
https://www.youtube.com/watch?v=ePRkd2xeBIQ&t=32s
Course Objectives
Learning what entrepreneurship is, and the difference between a start-up and an established company
Meeting other team members and becoming a team
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Conducting a preliminary investigation of market needs
Brainstorming and developing a product concept
Constructing a business model (using the business model canvas)
Developing customers (including getting out of the building to take with potential customers and stakeholders such as potential manufacturers)
Developing an intellectual property strategy
Making an elevator pitch: How to explain “We help X do Y by Z” (“Oh, and we need Q to do R next”) – in 30 seconds
Learning about prototyping and creating a minimum viable product
Understanding the role of marketing and sales
Developing and implementing a financing and investment strategy
Participating in a start-up ecosystem
Course Activities
Attending daily sets of lectures – some by local entrepreneurs and innovators
Reading course material
Working actively in a multidisciplinary team in afternoons (and evenings).
Participating in regular one-on-one meetings with mentors, three times per week, plus access to instructors as needed.
Giving updates as progress reports
Delivering three elevator pitches (one each week)
Demonstrating knowledge in a multiple-choice exam
Delivering a presentation
Submitting a final report
Why Might You Want to Take This Course?
Engineering and Science are innovative professions; and most engineers and scientists will work in a business. Business students need to work with others who provide the technical direction of a company. If you want to be part of starting a business, then you will need to develop your entrepreneurial skills, and find people with complementary skills.
For Engineering students, ENG G 260 meets one of the complementary studies course requirements.
It will be good for your future career.
It will be fun.
Next Steps:
An on-line version of the course is being developed; and another on-campus offering will be available in the near future. You are always welcome to contact the instructor at mlipsett@ualberta.ca