eas 445/545 - the School of Engineering and Applied Science ...

University of Pennsylvania 

School of Engineering and Applied Science 

Syllabus 

EAS 445/545 – ENGINEERING ENTREPRENEURSHIP I 

Professor Tom Cassel 

Room 310 Towne Building 

tcassel@seas.upenn.edu 

Office hours by appointment 

Course Description: 

Engineers and scientists create and lead great companies, hiring managers when and where needed 

to help execute their vision. Designed expressly for students having a keen interest in technological 

innovation, this course investigates the roles of inventors and founders in successful technology 

ventures. Through case studies and guest speakers, we introduce the knowledge and skills needed 

to recognize and seize a high-tech entrepreneurial opportunity - be it a product or service - and then 

successfully launch a startup or spin-off company. The course studies key areas of intellectual 

property, its protection and strategic value; opportunity analysis and concept testing; shaping 

technology-driven inventions into customer-driven products; constructing defensible competitive 

strategies; acquiring resources in the form of capital, people and strategic partners; and the 

founder's leadership role in an emerging high-tech company. Throughout the course emphasis is 

placed on decisions faced by founders, and on the sequential risks and determinants of success in 

the early growth phase of a technology venture. 

Prerequisite(s) 

Junior, Senior or Graduate standing is required. The course is designed for, but not restricted to, 

students of engineering and applied science and assumes no prior business education. The course is 

cross-listed for graduate students who are expected to provide more in-depth case study analysis 

and complete expanded assignments. 

Course Materials: 

Reading Pack (required), to be purchased from the SEAS Copy Center. Availability to be 

announced in class. 

Additional readings and notes are handed out in class or posted from time to time on the 

Blackboard course website. 

Blackboard Course Website: 

The Blackboard course website may be accessed at http://courseweb.library.upenn.edu. All course 

announcements and assignments are posted on this site. Supplementary readings may also be 

posted on this site from time to time.

Grading: 

Course grades are determined approximately as follows: 

� Class attendance and participation: 35% 

� Assignments and in-class quizzes: 45% 

� Term project: 20% 

100% 

Excessive unexcused absences are penalized. Extra credit opportunities, which may enhance a 

course grade, are also provided from time to time during the semester. 

Attendance and Participation: 

Attendance at all class sessions is presumed. An unexcused absence results in an “F” participation 

grade for the missed class. Excessive, unexcused absences result in additional grade penalties and 

possible failure of the course. Late arrival for class may also result in a grade penalty. 

In-class discussion is an important element of the course pedagogy. Substantive classroom 

participation, which enhances the intellectual level of discussion, results in an “A+” participation 

grade for that class. Thoughtful classroom participation, not simply “air time,” results in an “A” 

participation grade for that class. Inattentiveness results in a participation grade of “C” or lower. 

As a common courtesy to other students and the instructor, use of cell phones, laptops and other 

distracting devices or activities are not permitted in the classroom. 

Assignments: 

Written homework assignments must be submitted at the beginning of class on the due date. Late 

submittals generally will not be accepted. All work must be typed neatly and concisely on 8½ x 11 

inch paper. Multiple pages must be stapled together. All individual assignments and quizzes must 

be the product of a student’s own effort, consistent with the University’s Code of Academic 

Integrity at http://www.vpul.upenn.edu/osl/acadint.html. 

Quizzes: 

In-class quizzes are given weekly during the semester. These are brief, open-notes, closed-case 

tests, covering material assigned for that class session. 

Re-Grading Policy: 

All re-grade requests must be made in writing within one week of the day the assignment, quiz or 

essay is returned. The request must be specific and identify the reason for the re-grade. If part of a 

multi-part assignment is submitted for re-grading, the entire assignment may be re-graded at the 

instructor’s discretion.

Term Project: 

EAS445/545 requires a final term project in which students, working in teams, investigate an 

innovative technology to assess its marketplace potential and to recommend initial positioning 

strategies. The objectives of the term project are: (1) to shape a technology-driven discovery into a 

customer-driven product; (2) to identify the target market(s) for the product; (3) to develop a 

marketing strategy for penetrating first the early market and then the mainstream market; and (4) to 

provide an assessment of the total market potential and a dollar sales forecast over time for the 

product. The project serves to integrate material learned throughout the course and it requires 

significant primary research. The specific assignment and due date will be provided in class and 

will be posted on the Blackboard course website. 

Course Outline (Spring Term): 

The following course outline and schedule for a typical spring term is subject to change at the 

instructor’s discretion. Students are advised to check the Blackboard course website regularly for 

assignments and announcements. 

Class Lecture Topic(s) Assignments Due 

1 

• Introduction: Seizing the 

Opportunity 

2 • High-Tech Ventures: Overview I 

3 • High-Tech Ventures: Overview II 

4 

5 

6 

7 

8 

9 

10 

11 

• Intellectual Property and IP 

Strategy I 

• Intellectual Property and IP 

Strategy II 

• Understanding Financial 

Statements 

• High-Tech Product Development 

• Concept Testing 

• High-Tech Market Strategy: 

Crossing the Chasm 

• Conjoint Analysis 

• Decision Trees and Expected 

Values 

• Pricing Strategy and Market 

Potential 

• FDA Regulatory Process 

• Present Value Analysis 

• GUEST: Biotechnology Start-Up 

Executive 

• Term Project Guidelines 

• Operations Strategy and 

Strategic Alliances 

• Louis Agassiz as a Teacher 

• The New Venture 

• Hewlett Packard: Creating, Running and 

Growing an Enduring Company 

• The Winning Strategy 

• Vermeer Technologies (A, A-1, B, C) 

• Intellectual Property and Strategy 

• X-IT and Kidde (A) 

• Palm Computing, Inc. (A) 

• Product Development: A Customer- Driven 

Approach 

• The Sales Learning Curve 

• Innovating for Cash 

• Palm Computing: The Pilot Organizer 

• The Power of Virtual Integration: Interview with 

Michael Dell 

• Product Development at Dell Computer 

• Price on Value but Charge What the Market Will 

Bear 

• Biopure Corporation 

• Questions for Guest Speaker 

• The Era of Open Innovation 

• Nucleon, Inc.

Class Lecture Topic(s) Assignments Due 

12 • The Venture Capital Method 

13 

14 

• GUEST: Founder, Medical 

Device Company 

• Venture Capital: It’s More Than 

Just the Money 

15 • The High-Tech Business Plan 

• Bootstrap Finance: The Art of Start-ups 

• Angel Investing 


• Onset Ventures 

• Venture Capital Problem Set 

• Walnut Venture Associates (A): RBS Group 

Investment Memorandum 

16 • Deal Structure and Term Sheets 

• You Can Negotiate with Venture Capitalists 

• Walnut Venture Associates (D): RBS Deal 

Terms 

17 • Negotiation Skills • Johnson-Grace 

18 

19 

• Capital Requirements and 

Alternatives 

• The Entrepreneurial Opportunity 

of Disruptive Technology 

• GUEST: Founder, Medical 

Diagnostics Company. 

20 • IPO Process and Considerations 

21 • Leadership and Motivation 

22 

23 

GUEST: Partner, Venture Capital 

Firm 

• GUEST: Founder, Software 

Products Company 

24 • Leadership and Vision 

25 

26 

• Leadership and Crossing the 

Chasm 

• GUEST: Founder, 

Communications Software 

Company 

27 • Leadership and Execution 

28 

• Leadership in High-Tech 

Ventures 

• Wrap-up: Harvesting and Giving 

Back 

• Palm Computing, Inc 1995: Financing 

Challenges 

• Exploiting an Age of Disruption 

• Disruptive Technology a Heartbeat Away: 

Ecton, Inc. 


• A Note on the Initial Public Offering Process 

• Teleswitch (A, B) 

• Why Incentive Plans Cannot Work 

• Visionary Design Systems: Are Incentives 

Enough? 



• Level 5 Leadership 

• The Spoiled Startup: Too Much Money is a Bad 

Thing 

• MIPS Computer Systems 

• Note on the Hiring and Selection Process 

• First Who … Then What 

• Vinod Khosla and Sun Microsystems (A) 


• Leading by Leveraging Culture 

• Momenta Corporation (A, B) 

• Managers and Leaders: Are They Different? 

• Reflections on (Schumpeterian) Leadership 

• Bridging the Gap Between Stewards and 

Creators 

• Growing Up but Staying Young

eas 445/545 - the School of Engineering and Applied Science ...

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