Technology Evaluation and Commercialization – Engineering Assignment Help

Assignment Task

Task 

Technology Evaluation and Commercialization 

Background 
It is a wellaknown fact that only a small percentage of innovative ideas lead to successful enterprises. Indeed, a famoLi quotation on the success of startaups is as follows: “Starting and growing a business is as much about the innovation, drive, and determination of the people behind it as the product they sell”.     Elon Musk, 2017
    

Entrepreneurship
Simply stated, entrepreneurs are responsible for converting ideas into viable business enterprises. To do this, they must be able to communicate their ideas effectively at a range of levels. They must have a good understanding of the technology that the enterprise involves and the required business acumen, including an appreciation of the risks and uncertainties involved in the relevant technologies.

Risk and uncertainties

1. Risk: This is a calculated risk that can be measured statistically. For example, the probability of drawing a red colour ball from .a jar containing five red balls and five white balls. In this kind of risk, both the likelihood of a particular outcome, and the nature of its impact, are well understood
2. Ambiguity: This type of risk is hard to measure statistically but nevertheless it needs to be estimated.. For example, the probability of drawing a red ball from a jar containing five red balls but with an unknown number of white balls.
3. True Uncertainty: This type of risk is impossible to estimate or predict statistically,: for example, the prOfrobility of drawing a red ball from a jar whose number of red balls is unknown as well as the number of other coloured bails.

Assignment Business Plan
Assignment # 2: Business Plan and strategic analysis of commercialisation of the technology identified in the Formal Report and in accordance with the TEC Algorithm process model. Maximum 40 sides of A4. Please also provide any relevant supporting information as appendices that you feel are necessary to clarify your analysis and findings. The plan and all appendices should be part of this same document. The document should be in pdf format. 

This report will be marked according to the following areas of assessment:
a) Understanding of emerging technologies and related engineering theory.
b) Use of the TEC Algorithm and worksheets to enable technology evaluation, product development, market assessment and business planning.
c) Use of knowledge, frameworks and tools from lectures, including technology management, innovation, marketing, business analysis, finances and risk management.
d) Overall structure and quality of the report as well as the standard of grammar.

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