The Technical Entrepreneurship (TE) Capstone program utilizes the proven Integrated Product Development (IPD) process created by Lehigh University. The process involves 5 stages as shown below with parallel efforts in process and data management. We use Ulrich and Eppinger’s process as well as IDEO’s “deep dive” across all five stages. TE Capstone staff members, while working with industry sponsors, identify each project as an opportunity worth investing time, effort and money. The student teams focus on stages 2 & 3 during the courses while planning stages 4 & 5 for the company to execute at the end of the project.
Companies, as well as individuals, invest in innovation and global manufacturing to get new products and services to paying customers to generate revenue and create individual and societal wealth when the return on investment is greater than any other alternative. This process by its nature requires a global perspective with global suppliers, manufacturers, and customers. Entrepreneurs are needed to start and lead these companies.