Visionary Engineering Innovation for Entrepreneurs

Zella Jackson & John Lloyd
Michigan State University

Michigan State University is currently developing a multi-disciplinary advanced degree program that uses the visionary engineering innovation (VEI) business model in its new curriculum. This session describes the VEI model, which is designed to equip existing firms with proven strategies to systematically launch new technologies. First, these firms are challenged to abandon the less effective, traditional extension business model often used to launch new technologies, and to adopt the VEI model, which combines entrepreneurial start-up methods with holistic outcomes. The model specifies that a multidisciplinary team of innovators with entrepreneurial accountability simultaneously devises the innovation, business plan, business launch, and sales projections as well as manages the initial marketing and sales functions during product launch. Direct financial incentives are provided for milestone achievements, which compress the global market timeline and provide first/early to market advantages.

>>Read the peer-reviewed paper here (PDF)

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