The prototypes for a railroad tank car monitoring system have been developed in prior IPRO projects. The prototypes now need to be developed into potential product form, beta tested, and evaluated... Show moreThe prototypes for a railroad tank car monitoring system have been developed in prior IPRO projects. The prototypes now need to be developed into potential product form, beta tested, and evaluated both technically and from a market perspective. A patent application has been outlined. A business plan needs to be written that gathers the information required to decide on a commercial product offering to Union Tank Car as the first customer. A market survey should define the potential market within the railroad industry, the economics of such a business, and its potential in other related market segments, such as trucking. At the end of this Entrepreneurial IPRO, we should have beta tested the potential product. If the results are successful, manufacturers and suppliers should be identified to bring the product to market. A first sale offering should be made to Union Tank Car, assuming beta testing is successful. The possibility to formulate a successful business together with our first customer, Union Tank Car, will be evaluated. The team required to execute the business plan will be identified; and the.potential for financing will also be addressed. This entrepreneurial team would ideally consist of chemistry and chemical engineering students for sensor development work; mechanical and electrical engineering students for product engineering and production setup; business school and law school students to support business plan development, market analysis and patenting for the business. Show less
