Technology Innovation and Entrepreneurship Degree - Master of Professional Science
The Master of Professional Science in Technology Innovation and Entrepreneurship (MPS) is addressing the issue of translating scientific and technological research and development (R&D) into successful marketable innovations. The MPS structure consists of three main parts: a series of ‘core courses’, an individual portfolio development, and two virtual residencies. These residencies will be set up as a hybrid model that gives students the option for both local and virtual contribution.
The program is designed to be 18 months (plus) in length with a total of 40 credit hours. Four main areas will be covered in the MPS: Ideation/Innovation, Business plan development, Legal/Regulatory issues, and Teambuilding/Communication.
The student portfolio can be developed in one of the following focus areas, provided there is a technology innovation component involved:
- Biosciences with focus on:
- Renewable Energy
- Sustainable Agriculture
- Animal and Human Health
- Medical Devices and Diagnostics
- Information Systems
- Data mining in genomics and proteomics
- Natural Language Processing (NLP) in chemistry and biology
- Data mining in health sciences and disease patterns
The Master of Professional Science in Technology Innovation and Entrepreneurship program is designed to serve the industry workforce needs and close the 'educational gap' between academia and industry, by providing scientists, engineers and technology student the necessary industry business skills.
Students that master the skills offered through the MPS program will join or rejoin the workforce as innovators and leaders that can recognize emerging science or technology innovations, perform the necessary critical analysis, and have the vision and skills to act and turn promising inventions into economically valuable solutions. Therefore, graduates from the program will not only be trained with applied performance skills, they will have the capability to translate 'basic' R&D into solutions that create value for businesses and generate economic growth.
Major Requirements (40 credit hours)
(Click a course name below to view course details)
MPS 500 Science and Technology Innovation
This course explores concepts of ideation and innovation in science and technology. It covers techniques of how to apply known ideas to new situations or in new ways to create original concepts. Topics are introduced through case studies of successful scientific or technological innovations and individually created technology innovation ideas.
MPS 510 Fundamentals of Economics
This course provides an introduction to micro- and macroeconomics and introduces the concepts of capitalism, competition and monopoly, growth, inflation and interest rate. Fundamental economic concepts are discussed based on applications that address current economic problems. In addition to introducing the fundamental concepts, the course focuses on how these concepts are applicable to science and technology ventures.
MPS 530 Emerging Markets in Science and Technology
This course explores how to effectively understand the global scientific marketplace. Focus points are on rapidly emerging markets, developing global value chains and the exploration of global contemporary health and technological issues. The course will highlight the emerging business opportunities in the next five years and discuss the challenges and how to successfully address these opportunities.
MPS 550 Financial Modeling for Innovation
This course provides coverage of how to analyze and construct financial statements (income statements, cash flow statements, and balance sheets) and provides an introduction to corporate finance and accounting principles. In addition, financial models for a pro forma venture in a technology field are generated to apply the learned skills.
MPS 560 Business Plan Development
This course provides an understanding of venture creation and what is needed to write a successful business plan for a science or technology based company. Topics included are how to create a competitive advantage, risk assessment planning, and the importance of having a business plan for fundraising. A specific focus is provided on successful business plans for high value, high growth science and technology ventures.
MPS 580 Entrepreneurial Marketing
This course introduces the conceptual frameworks in market strategy and market assessment with reference to the bioscience and technology industries. This includes discussion of strategies to develop comprehensive market research related to a specific scientific or technological innovation. Other topics that are explored are building a successful market and sales plan, how to communicate with prospective customers and sustainable customer relationship management.
MPS 600 Science and Technology Business Strategy
This course provides an introduction to business strategy concepts, with an emphasis on the business of biosciences and technology. Focus points include venture formation and planning, acquiring organizing and managing resources and developing a profit and harvest plan. This course also covers the importance of creating a strategic competitive advantage, challenges with organizational structure, and the need for a sustainable growth plan.
MPS 610 Legal Formation of Technology Ventures
This course introduces concepts of how to legally protect scientific and technological innovations and build intellectual property. In addition the course covers the different legal forms of firms and discusses legal considerations involved in each of these. Other topics include an introduction to fundamentals of regulatory affairs that pertain to specific scientific fields.
MPS 630 Business and Science Leadership
Topics covered in this course include effective writing and oral communication techniques, personal brand development, teamwork and leadership. Topics are introduced through group discussions, assignments and lectures from faculty and industry experts from specific scientific or technological fields. Emphasis is placed on the role of leadership to successfully start, execute and manage a new venture. Coverage includes how to engage peers, prospective team members and stakeholders in the new venture, and how to communicate to a variety of audiences. Discussion also includes the application of ethical principles to business management.
MPS 520 Portfolio I: Innovation Plan
Generate a draft plan describing your scientific or technological innovation in your field. The plan will be developed in collaboration with a Faculty mentor. Prerequisite: Recommended: MPS 500 Science and Technology Innovation.
MPS 620 Portfolio II: Market Potential Plan
Generate a market research and sales strategy plan related to the technology from Portfolio I. The plan will be developed in collaboration with a Faculty mentor. Prerequisite: MPS 520 Portfolio I and recommended MPS 580 Entrepreneurial Marketing.
MPS 640 Portfolio III: Business Plan
Generate a formal business plan and present how your innovative idea is fundable and can be the basis of a new technology venture. Prerequisite: MPS 620 Portfolio II and MPS 560 Business Plan Development.
MPS 505 Residency I
The purpose of Residency I is to meet with program mentors and network with fellow students and entrepreneurs. A speaker series will be organized that can be attended either locally or virtually. In preparation for this residency students will submit and share networking information beforehand. This residency is planned early on in the program to promote collaboration and teambuilding, which are essential skills for professional entrepreneurship. Prerequisite: Instructor Permission
MPS 650 Residency II
The purpose of Residency II is to pitch the innovation to a team of potential investors, business professionals and community members. This residency will be near the end of the program and students will work with the program mentors to organize the pitch. Students will have a chance to pitch either locally or virtually. A feedback report is requested from students after this residency. Prerequisite: Instructor Permission
Specialty Career Focus
Choose one course from the following:
MPS 590 Energy and Sustainability in the 21st Century
This course provides an overview of emerging technologies that focus on natural resource and energy conservation. In addition, the course explores energy sources and overall energy needs and impacts. Coverage includes a comparative study of the trends, status and policies of alternative energy technologies and how these can be applied to industrial or residential scale projects, both currently and in the future. Specific topics also include biofuels and synthetic fuels, emerging technologies of energy capture (i.e. solar, wind, geothermal, etc.) and innovative energy management systems.
MPS 591 Food Sciences: Global Innovations
This course provides a general overview of ‘traditional’ food science and moves into current innovations, for example nutraceuticals, functional and medical foods. Topics explored include advancements in biotechnology related to food production, food processing innovations, the global impact of these innovations and the scientific, technological, regulatory and ethical challenges that the industry faces.
MPS 592 Fundamentals of Bioinformatics
This course introduces bioinformatics as an interdisciplinary field that uses the data storing, analysis and management power from IT and applies it to a growing amount of biological data. Topics covered will include current developments in genome sequencing and large-scale protein analysis, the use of bioinformatics as a new way of drug discovery and data mining in health sciences and disease pattern recognition. Topics will be introduced based on real life and current biological problems. In addition the course will explore recent commercial developments using bioinformatics.
CIS 608 Information Security Management
This course addresses the issues relating to successful information security management. Topics include access control systems, network and software security, management practices, risk management, protection mechanisms, business continuity planning, and legal and ethical issues. The course allows for analysis of current security management models.
CIS 629 Managing Emerging Technologies
This course provides an exploration of emerging information technologies, including how to define them, how they evolve, their role in the technology life cycle, and their potential economic, social, and cultural relationships. Topics covered include disruptive technologies, successes and failures of past emerging technologies, and integrating emerging technologies into a sustaining technology system.
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