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.
The TE Capstone program has several tenets including:
- Innovation is the engine that drives economic growth “Innovate, automate, emigrate or evaporate!” (Lee Iacocca Lehigh Class of ’45)
- The greatest opportunity for innovation occurs at the intersections of disciplines!
- Innovation is a process that can best be learned by doing it!
- Experiential learning comes from engaging our students in real-world projects provided by our industry partners.
- All projects require a global perspective through each stage of the Integrated Product Development (IPD) process.
- Our industry sponsors represent established companies, local startups and student startups.
- Diverse interdisciplinary teams applying creative processes and methods have the best chance for success.
- Entrepreneurs are needed to lead these teams.
- Lehigh University provides an environment where student entrepreneurship will flourish.