Innovation Academy Teaches Graduate Students How to Turn an Idea into a Business

Outcome/Accomplishment

A semester-long Innovation Academy for graduate students examines how to turn an idea into a value proposition worthy of funding and was developed at the Center for Innovative and Strategic Transformation of Alkane Resources (CISTAR), an NSF-funded Engineering Research Center (ERC) based at Purdue University.

Impact/Benefits

The course teaches students a combination of business-led and technology-led entrepreneurship theory. Students learn how to assess the risk of technology failure versus potential return on investment.

Explanation/Background

Ideas presented are the cornerstones of the NSF iCorps and DOE Energy iCorps programs. The concepts taught are required for early-stage funding of small businesses such as the SBIR and STTR programs. Participants who complete the Academy will receive a Certificate of Completion from CISTAR.

The course covers numerous concepts, including how to think of an idea with potential and turn it into a venture with a proposition and a logo; how companies form and how to create a model to test ideas; the concept of value proposition and what determines the minimum viable product; principles such as customers, channels, key assets, resources, and partners; commercial potential and risks involved with your adventure; and ways to get early-stage funding to turn your idea into a proposition.

Graphic used to promote and attract interest in the Innovation Academy.

Location

West Lafayette, Indiana

e-mail

cistar@purdue.edu

website

https://cistar.us/

Start Year

Energy and Sustainability

Energy and Sustainability Icon
Energy and Sustainability Icon

Energy, Sustainability, and Infrastructure

Lead Institution

Purdue University

Core Partners

University of New Mexico, Northwestern University, University of Notre Dame, University of Texas at Austin

Fact Sheet

CISTAR Fact Sheet.pdf
Graphic used to promote and attract interest in the Innovation Academy.

Outcome/Accomplishment

A semester-long Innovation Academy for graduate students examines how to turn an idea into a value proposition worthy of funding and was developed at the Center for Innovative and Strategic Transformation of Alkane Resources (CISTAR), an NSF-funded Engineering Research Center (ERC) based at Purdue University.

Location

West Lafayette, Indiana

e-mail

cistar@purdue.edu

website

https://cistar.us/

Start Year

Energy and Sustainability

Energy and Sustainability Icon
Energy and Sustainability Icon

Energy, Sustainability, and Infrastructure

Lead Institution

Purdue University

Core Partners

University of New Mexico, Northwestern University, University of Notre Dame, University of Texas at Austin

Fact Sheet

CISTAR Fact Sheet.pdf

Impact/benefits

The course teaches students a combination of business-led and technology-led entrepreneurship theory. Students learn how to assess the risk of technology failure versus potential return on investment.

Explanation/Background

Ideas presented are the cornerstones of the NSF iCorps and DOE Energy iCorps programs. The concepts taught are required for early-stage funding of small businesses such as the SBIR and STTR programs. Participants who complete the Academy will receive a Certificate of Completion from CISTAR.

The course covers numerous concepts, including how to think of an idea with potential and turn it into a venture with a proposition and a logo; how companies form and how to create a model to test ideas; the concept of value proposition and what determines the minimum viable product; principles such as customers, channels, key assets, resources, and partners; commercial potential and risks involved with your adventure; and ways to get early-stage funding to turn your idea into a proposition.