Development Of A Virtual Center For Product Innovation And Commercialization

It is estimated that nearly 90% of all new businesses fail within the first five years. Failure of these businesses is often contributed to poor planning and management of the company. Although there is help available for new businesses, it is often very basic and not enough to assist new companies to grow and survive in the competitive global marketplace of today. Therefore, a need exists for a comprehensive resource center to provide various assistance to new companies. The Virtual Center for Product Innovation and Commercialization (CPIC) is a proposed consortium between Northern Kentucky University, University of Kentucky, University of Louisville and Purdue University. Each university would provide technical assistance in the areas of their expertise. CPIC would be available for new entrepreneurs, start-up companies, and existing companies to use 24 hours a day. In addition to reaching a wider audience this virtual center would reduce overhead costs for the universities. From conception CIPC would offer a number of modules to assist new businesses, with additional modules and features added in the future. Another innovative aspect of CPIC is that it involves students from participating universities to work with faculty experts assigned to each module. Students, especially those majored in entrepreneurial fields will gain valuable practical experience in this process. In this article, we present the development of this unique virtual center in details.