One of the exciting elements of taking entrepreneurship courses at the Wisconsin School of Business is the opportunity to work on semester-long projects. Projects which take our business ideas from an early ideation stage all the way to developing a business plan. Throughout the semester we take key frameworks, principles, and ideas, and apply them to business ideas that could eventually be brought to market. This provides students with real-life hands-on experience developing business ideas. And it builds confidence in our abilities to identify and develop market opportunities.
This semester I had the opportunity to work with a professionally diverse group on a project in Venture Creation. Students in my project group came from a variety of academic backgrounds including Wisconsin’s Mechanical Engineering, Accounting, and MBA programs. The mechanical engineer in my group had an existing relationship with an advanced sensor technology company used in a variety of industries including wind energy, food process monitoring, and polymer monitoring. They proposed using this technology to improve ultrasound technology in order to improve early detection of breast cancer.
During the semester we applied a variety of concepts and frameworks. These included conducting market research, developing a value proposition, and ultimately creating an investor presentation and business plan. Through my team’s research and efforts, we identified a significant market opportunity for this technology. Most importantly, we developed a strategy that could ultimately have a significant impact on early cancer detection, lessening the need for invasive biopsies, and eventually improving the lives of patients across the world.
All students interested in entrepreneurship should consider taking classes like Venture Creation and Entrepreneurial Development; even if you don’t have a business idea. The beauty of these classes is that they expose you to people and ideas outside of school of business. They allow all students to contribute, utilizing their complementary and academically diverse backgrounds. Working on this project allowed me to develop my professional network, work on a meaningful project that has the potential to improve patient outcomes, and make friends along the way.