The Lassonde New Venture Development Center’s mission is to assist researchers, industry professionals, and entrepeneurs with new technologies and products to determine the commercialization potential of those ideas while providing students a unique educational experience in new business development. The New Venture Development Center is comprised of graduate students from engineering, science, business and other majors. The center is run by an accomplished local entrepreneur, with an advisory board made up of venture capitalists and inventor/entrepreneurs.
During the fall and spring semester, students receive weekly mentoring and teaching from both the executive director and experts. Students are trained in the various disciplines involved with early-stage business development, from intellectual property to market analysis and strategy to writing a business plan. While receiving this training, students work in teams to evaluate and develop business opportunities.
The transition from breakthrough to a marketable product and startup company is a leap of faith, often requiring a large investment of both time and money from the inventor. The New Venture Development Center works to narrow that gap and decrease risk using evaluation criteria, including:
- Finding and evaluating market applications for the product(s)
- Extensive research into the size, growth, and direction of potential markets
- Developing competitor profiles and market penetration strategy
- Evaluating and developing business models
- Consulting on funding strategies