The Research and Development (R&D) and Business Development Division is divided into three sections: R&D, Business Development, and Manufacturing and Assembly.
The R&D Section is responsible for:
- Establishing and maintaining contacts with governmental R&D centers and University R&D centers for products of interest to EconoTeque,
- Assisting in the commercialization of R&D intellectual property related to the improvement of EconoTeque Inc.’s products,
- Encourage innovation by assisting inventors and innovators to patent and implement their innovations,
- Carrying out and managing R&D projects,
- Customization of existing technology,
- Attending science and technology conferences,
- Inviting speakers to come and give talks to department personnel,
- Arranging field trips to local, provincial, federal, and international science and technology centers,
- Advising the division vice president which technologies may be of interest,
- Providing periodic department status and other reports to the Division Vice President.
The R&D Center is one of the pillars of Job Development.
R&D and the Internet of Things – IoT
Living Learning and Working will use IoT to develop many new products in the future.
The Internet of Things, IoT, is the network of smart, connected products. There are consumer IoT and industrial IoT.
Any IoT product directly used by a consumer is part of the consumer IoT. For example, consumer IoT is used in fitness tracking devices, smart watches, home products, cars, and lawn-watering systems.
The industrial IoT includes any product used by a company to deliver a good or service.
How IoT Works
The IoT process:
- Sensors capture data about the device and its environment.
- Data from the sensors is sent to the cloud via a communication protocol.
- The cloud stores, processes, and analyzes the data it receives with software. Data mining is often used. Rules programmed in software send messages to devices and users based on the data received.
- Data from external sources is also analyzed in the cloud, and software tells the physical product how to react to this information.
- Data is translated into actionable information and visualized on display devices by software for users.
- Data provides insights to engineers about actual product performance.
The product is equipped with both mechanical and electrical components, including sensors. Besides the mechanical enclosure of the product, there are key electronic aspects including sensors, data storage devices, and control software. These components are what make the “smart” part of smart products possible.
Sensors are electro-mechanical hardware devices attached to a product that generate data about itself and its environment. These small components can collect a very large amount of data from a product.
A gateway is a bridge between devices that are capturing machine data and the Internet. The gateway normalizes data normalizing data from sensors to a standardized format and provides communication to the Internet.
A massive amount of data generated by smart products is transmitted from the products to the cloud - the storage and computing part of the IoT system. In the cloud, data is securely stored, processed, and analyzed. It operates remotely and has basically unlimited storage capacities.
The IoT cloud component consists of software, a big data engine, an application platform, and a database.
The software is the controller of the operation, monitoring and controlling product functions. Software adds value to hardware by converting unorganized data into actionable information.
The big data engine crunches the numbers – it analyzes incoming data and uncovers product insights.
The application platform organizes and presents information – it enables visualization and access to data so users can see the status of their product.
The database stores information, aggregating and managing incoming data in real time.
Also informing the cloud are external sources, including internet resources and business systems. This additional data is processed in the cloud along with data from sensors, all of which reveal further insights about product performance. The incorporation of external sources into big data analysis provides additional information about the environment a product.
Data visualization displays allow users to view information about the product and control it remotely.
Business development is typically an activity of Entrepreneurship. Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations generally in response to identified opportunities. Entrepreneurship can be a difficult undertaking. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities.
Business development may involve a business incubator. We believe that the best way to start up and nurture a business is via a business incubator. The business incubator is responsible for:
- Researching business opportunities and new products,
- Providing patent search services,
- Assisting innovators in obtaining and implementing patents,
- Providing for technology transfer, when required.
- Developing, purchasing, or otherwise obtaining the “know-how” or technology required to support the development of new businesses and the improvement of existing businesses.
- Evaluating and selecting business opportunities and new products,
- Developing business plans for business opportunities and new products,
- Assisting in the implementation of business plans.
Also, the Business Incubator will be responsible for:
- Setting up and hosting Economic and trade fairs,
- Establishing and conducting economic and trade conferences,
- Finding feasible businesses to be established,
- Finding, encouraging, and mentoring entrepreneurs,
- Ensure a high level of business success by:
- Providing prospective business owners the required resources and training,
- Helping prospective business owners to:
- Obtain a charter or incorporate their business.
- Obtain loans and financing.
- Obtain federal, state, and local contracts.
- Write grants.
- Develop business plans and procedures and simulate them.
- Establish computerized accounting systems and hire a bookkeeper.
- Develop marketing plans.
- Partnering prospective business owners with mentors who have experience in their prospective line of business,
- Ensuring that their businesses are properly structured and organized,
- Helping to market prospective businesses’ products and services.
- Finding investors willing to invest in businesses which are feasible and show great promise,
- Setting up new businesses to commercialize R&D intellectual property,
- Launching new businesses,
- Forming business consortiums.
When starting up a business, the following should be kept in mind:
- A business requires:
- A name,
- Incorporation in a State,
- A mission,
- Intellectual property rights,
- Where the raw materials or supplies will be obtained for the goods or services,
- Where the goods or services will be sold,
- The price for goods and services,
- Where the finances for the business startup or expansion will be obtained,
- Form of the business ownership (sole proprietorship, partnership, corporation, LLC),
- How the business will be organized
- Operating officers and managers,
- Members the board of directors and board of advisors,
- The role and responsibilities required,
- The company policy,
- The company procedures and task instructions,
- The company’s flow of work from one task to another,
- The number of employees required,
- The size of budget required and the break-even point,
- Capture and record all revenues and expenses in an accounting system,
- All salaries and benefits,
- Healthcare Insurance,
- Federal and state taxes,
- Incorporation fees,
- Accounting fees,
- Legal fees,
- Business licensing fees,
- Tax advisor fees,
- Web site development fees,
- Other business expenses
- Borrow enough money to start up and run the business for more than one year,
- Pay your bills on time to develop and maintain a good credit rating.
Remember that Business Development is another pillar of Job Development.
Manufacturing and Assembly
The Manufacturing and Assembly Section is responsible for:
- Establishing, managing, and maintaining manufacturing and assembly lines,
- Incoming inspection,
- Shipping and receiving,
- Planning and scheduling of delivery, including shipping products to clients in a timely manner,
- Product assembly and repair,
- Establishing, implementing and maintaining an inventory system,
- Inventory management and control; order scheduling, and tracking of stock levels,
- Computerization of the inventory system,
- Total Quality Management and quality control,
- Helping to solve company problems,
- Providing periodic department status and other reports to the Division Vice President.
Incoming Inspection comprises:
- Ensuring that all the parts of the product are there, that the product functions the way it should, and that the correct quantity of the product was received.
- Documenting the product quality condition.
- Processing and shipping rejected products.
Inventory Management Control comprises:
- Identifying and arranging stock in the stock room.
- Sending stock requests to purchasing for restocking inventory.
- Entering stock levels into a computerized inventory system.
- Issuing products to delivery and repair specialists.
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