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Posts Tagged ‘market research’

Organizations Collaborate in Berks County to Assist Healthworks, Inc.

Posted September 14th, 2011 by admin

Helping entrepreneurs grow their businesses is the goal of both the Ben Franklin Technology Partners (BFTP) and Innovation Transfer Network (ITN).  When Connie Faylor, Regional Manager for BFTP of Northeastern PA, began consulting with Healthworks, Inc. - an established business preparing to launch a new innovative service - she suggested an independent market feasibility study.  When the costs for this diagnostic procedure exceeded the firm’s current budget, a potential remedy was to connect the company to a college professor willing to undertake the project as a class project.

Faylor described the conditions to ITN Business Development Officer Jennifer Leinbach, who concurred and recommended a highly qualified Kutztown University practitioner who recently tackled a similar challenging case with excellent results.  An office appointment was set with Kutztown University Business Professor Dr. Therese Maskulka and two star graduate students to review the proposed project’s complexity and scope with Healthwork’s President/CEO Sandra Wolfe-Korejwo and Marketing Officer Keith Chamberlain.  The team felt an immediate attraction and is eager to begin work.

Additionally, Leinbach connected Healthworks to leadership at Reading Area Community College to discuss the development of new training programs to address workforce development issues. 

Guest Post by Jennifer Leinbach, ITN Business Development Officer

Helping Companies Build a Revenue Pipeline

Posted May 3rd, 2011 by admin

How can the concept of “innovation” be boiled down to elements that impact company revenue? ITN recently brought in manufacturing company CEO, Richard Dennis, of Die-Tech to share his strategy at the CREDC Manufacturers’ Roundtable

Dennis shared several points, but one that generated a bunch of follow-on questions was his policy that employees are evaluated and financially rewarded by how many ideas they bring to the table each month that get implemented, outside of their core area - meaning thinking outside the box. This innovative thinking could be product or systems related, didn’t matter, although Dennis pointed out that “product innovation alone is the least profitable and easiest to duplicate.”  Reducing the turnaround time in a large stamping process is worth thousands, if not millions of dollars, and requires his employees to think differently. After implementing his “ideas” expectation, Dennis’ data points to a significant increase in annualized gross margin per employee.

Dennis has similar expectations for his partners. About a year ago, he tasked our organization with pulling together a meaningful group of faculty who could discuss the current trends in health care, as it related to potential market opportunities in metal stamping. (I blogged about this in a May 2010 post.) During the roundtable, Dennis shared the results of this endeavour: The information discussed during the faculty session enabled Die-Tech to close $100,000 of revenue in the medical segment in 2010, and helped expand his pipeline to $1,000,000 in 2011.

Dennis has worked hard to develop a strong culture of innovative thinking at his metal stamping business and is constantly on the hunt for people and partners who can improve its top line growth. By linking with organizations like ITN that connect CEO’s with local, bright, minds on the college campuses,  business leaders can potentially speed market expansion and better understand how to translate innovation into customer solutions.

Millersville University Makes Big Splash at HydroWorx

Posted March 4th, 2010 by admin

HydroWorx CEO, Anson Flake, has extensive experience working with colleges and universities in his line of business. As co-founder of the company, he’s enjoyed success manufacturing and selling premium aquatic therapy pools to big name institutions and organizations in the NFL, MLB, NHL, and NCAA. I sat down with him to better understand the impact academia, and ITN, could have on expanding a business like his.

In Pa, ITN has assisted HydroWorx by connecting the company with talented faculty in graphics & design, and business at one of our members, Millersville University. Together the faculty pair led a select group of students as they compiled and ultimately presented their findings on market research and competitive analysis to company executives. From Anson’s view, the collaborative opportunity injected a small team into his company for a short-term, specialized project. As he put it, a faculty team identified by ITN is like having your own scout for research talent. ITN did the searching, calling, and connecting of faculty in his designated sweet spot while faculty did the heavy lifting guiding, leading, and supporting students as they addressed real-world issues from HydroWorx.  

According to Anson, ITN’s model of representing a group of small colleges and universities is both a pre-launch and post launch opportunity for companies. Pre-launch involves demographics, market validation, product development, packaging, messaging, the works. Post launch is all about studies to confirm and validate the product deliverable, lending further credibility to the product once it lands squarely in the market.  With so many experienced faculty to choose from, across such a broad spectrum, the odds of finding the right fit are equally as good, if not better, than working with only one institution.

For students, the experience is one more notch on the belt for those seeking every advantage in building their portfolio and getting a foot in the door as a future hire. In this case, the Millersville student’s successful data collection and information analysis was integrated into HydroWorx existing research and is being used to enhance their decision-making process. These budding professionals got the chance to understand working on a specific timeline, under pressure, and making presentations that had an impact on real business decisions, and then hearing the feedback. All while calling a dorm room home.

Back at ITN, we’ll continue to work on the challenges - coordinating schedules, improving communication, and increasing face time between companies, students, and faculty, all immersed in crammed schedules. This project was a great chance to get our feet wet with HydroWorx, and now, as we discuss our next joint effort, we’re ready to take the plunge.