Khalifa University students have collaborated with Zayed University students in a first-of-its-kind joint project to develop business plans for innovative and technologically advanced products and services. The business plans will be presented to various organisations and investors for sponsorship opportunities.
A group of 38 engineering students from Khalifa University and 31 business students from Zayed University formed 10 teams who worked together in a global virtual team environment, where geographically distanced teams work together using communication technology.
The teams developed economically viable business plans for new or enhanced products or services that will fulfill a market niche, have the position to create value, increase sales or reduce costs. The collaboration provided an opportunity for the students to share knowledge and enhance their learning experience by exposing them to business and management best practices for their future careers.
"This is a wonderful opportunity for our students to learn how to develop a viable business plan for technologically advanced products or services and how to attract investors and financers," said Dr. Bayan Sharif, Dean of the Engineering College and Professor of Electrical and Computer Engineering. "Khalifa University is determined to provide educational opportunities of this kind to benefit our students and provide them with a multi-disciplinary education in order to prepare them to be future industry leaders, in alignment with Abu Dhabi 2030 vision." The products and services that were developed by Khalifa University students will cater to various sectors such as medical, retail and communication. Some of these products included a robot to dispatch medicine according to patient's schedule, a mobile phone application for booking hospital appointments, a device aimed to help autistic patients, a solar thermal desalination unit, an advanced insulin pin and smart home applications.
Students presented their business plans to a panel of Khalifa University and Zayed University faculty members, industry professionals and experts. Two of the 10 teams will be awarded with "Most Innovative Idea" for best product and "Best Business Plan".