Syllabus in 60: New Product Design and Business Development

ENTR 6041: New Product Design and Business Development

Simply put, the course connects leading companies with exceptional University of Minnesota graduate students to develop valuable new products. In this nine-month course co-taught by Associate Professor Daniel Forbes and professors from the College of Science and Engineering, each client company sponsors a team of engineering and business students in connection with a specific product.

Drawing on guidance from their client, faculty coaches, and industry advisors, student teams work independently to conduct background research and develop a working prototype with an accompanying business plan, which the client then carries forward to launch.

5 Takeaways

• Designing new products is inherently a cross-functional activity. It involves linking technical skills with an understanding of marketing, finance, and strategy.
• That’s why the course is co-taught by faculty in the Carlson School and the College of Science and Engineering, and master’s students from both colleges work in teams to develop new products.
• The products and clients are real. Student participants acquire hands-on experience in new product development, technology management, and business creation.
• Students—and clients—can learn through failure. New product development is inherently hard, and failure is common even in seasoned corporate R&D departments—so it happens in this class, too.
• Forbes says while instructors always look for ways to persist and learn in the face of adversity, they don’t want to shield students or clients from failure when it occurs.