Five days, a patented technology, and a challenge: figuring out how to turn an innovation into a business opportunity. This was the experience of the students who participated in the Treasure Hunting Summer School, held last July in Berlin, at the Technical University of Berlin (TUB).
The initiative allowed students to gain hands-on experience with the process of commercializing a technology, from understanding a patent to designing a business model and presenting a project to a panel of judges. It was an international experience in which learning was fostered through teamwork, interaction with experts, and solving a real-world challenge.
“Who would have thought that, starting with a patent I didn’t even know what it was, we’d end up drawing up a business plan?”
JOEL, A COMPUTER ENGINEERING STUDENT AT THE ALCOY CAMPUS
This is how one of our participating students sums up the challenge he faced during this Summer School. Over the course of five days, the team worked on a technology designed to improve the efficiency of information transmission and went through the key steps necessary to explore its commercial potential.
From Understanding Technology to Identifying an Opportunity
The first day was devoted to getting to know the team and, above all, to understanding the technology they were working with. Analyzing the patent and understanding how it works was the first step toward asking the following questions: Who might find it useful? What needs might it address? And what opportunities exist in the market? From there, the students identified the main stakeholders and potential customer segments, while also conducting an initial assessment of the market and the stakeholders who could influence the development of the technology.
The next step was to address a fundamental issue for any innovation: How can I turn it into a business? With expert guidance, the team analyzed various marketing options and decided to pursue a model based on licensing the technology and collaborating with an OEM to develop the product.
A challenge that brings together universities, innovation, and business
During the week, participants also had the opportunity to get an up-close look at Berlin’s startup ecosystem and to work on the skills needed to communicate and pitch a business idea.
The fourth day was devoted to preparing the pitch, test the proposal and improve it based on the feedback received. Finally, on the fifth day, it was time to present the project to a panel of judges and receive new input to continue developing it. In this way, the Treasure Hunting Summer School offered students a learning experience based on a real challenge, in which they had to conduct research, make decisions, work as part of a team, discuss their ideas with professionals, and present a proposal to experts.
Original text from Joel Mira, adapted for the ENHANCE UPV microweb