"Caleb "If a rally car can do it, so can my Malibu" M. S." (calebms)
03/04/2016 at 14:12 • Filed to: None
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"Caleb "If a rally car can do it, so can my Malibu" M. S." (calebms)
03/04/2016 at 14:12 • Filed to: None | 1
| 0 |
I ‘ve been accepted to the second round of a business strategy idea contest put on by a small college in Grand Rapids. I am now one of 23 teams in the contest, and the only non-Michigan resident that made it to this round.
Now I have to fill out a form for my strategy that details how my idea helps People, the Planet, and how it turns me a Profit.
My strategy is as follows:
I wish to create a 3rd party Research and Development firm. We would develop and patent new technology, components, and other products. After patenting said products, my firm would auction off the patents to prospective companies looking for a new marketable product. In addition to auctioning patents, my firm would be a consulting resource for larger companies, thus eliminating the need for in-house Research and Development.
The company would be staffed by three main sectors, R&D, Marketing, and Management. The employees in R&D are the backbone, they create the designs which are then passed on to marketing. Marketing is responsible for patenting and attempting to sell the patents to prospective companies. Management directs and oversees all operations in the firm.
The advantage of going to this system instead of traditional Research and Development is twofold. One, my company benefits without ever making a physical product, thus cutting back drastically on development costs. Two, the market is huge, because many people have the ability and resources to make a great product, but no product to build.