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Rose-Hulman Institute of Technology’s innovative product development center,
Rose-Hulman Ventures, earns high customer loyalty by delivering positive
experiences and business value, according to a recent study by Walker, an
Indianapolis-based consulting firm that specializes in customer strategy.
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Putting Pieces Together: Andrew Boneff, a senior optical
engineering major, assists Robert Bunch, professor of physics
and optical engineering at Rose-Hulman Institute of Technology,
inspect optical components during assembly of a prototype at
Rose-Hulman Ventures for Indiana's Fast Diagnostics.
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An online survey of 54 Rose-Hulman Ventures customers from the last two years
revealed the following about customer experiences and loyalty:
• Rose-Hulman Ventures creates positive business impact for customers.
• Rose-Hulman students are more attractive for the workforce through their Rose-Hulman
Ventures’ experiences.
• Customers tend to have positive experiences with Rose-Hulman Ventures.
• Rose-Hulman Ventures customer loyalty exceeds the norm for businesses across
the many industries in Walker’s database.
“Rose-Hulman Ventures’ performance in customer loyalty stands up to scores
achieved by some of the best commercial companies we have worked with,” noted
Jeff Marr, vice president of strategic accounts for Walker Information. “Our
take is there were two main reasons for such high loyalty: how customers enjoyed
working with Rose-Hulman Ventures’ project managers and students, and how the
project deliverables –- design or commercialization of a product concept -–
helped their business.”
Rose-Hulman Ventures is a program which meets engineering and product
development needs of companies as an innovative way to educate engineering
undergraduate students. It helps companies to develop new products, implement
new technologies, expand markets, increase speed to market and utilize
additional resources.
Virtually all of the surveyed customers (94 percent) indicated that Rose-Hulman
Ventures’ work had an impact on their business, and over half (55 percent) said
the impact was high or very high –- affirming how Rose-Hulman Ventures solves
business challenges for clients, and delivers functional designs and prototypes,
not simply reports or concepts.“Rose-Hulman Ventures’ ability to think and
execute creativity is unsurpassed. Tasks were completed on time and on budget,”
stated one customer in the Walker survey. “To replicate their efforts for the
same amount of money and time invested . . . would be difficult if not
impossible.”
Another customer simply remarked: “We wouldn’t have a business without Rose-Hulman
Ventures’ efforts.”
The Walker study revealed that the Rose-Hulman Ventures’ experience makes Rose-Hulman
students more attractive for the workforce. Customers also value the ability to
find new talent from Rose-Hulman Ventures, and student interns develop into
technical professionals attractive for hire by clients and the marketplace.
“One of the students who worked on our project is now an employee,” stated one
client.
Since its inception in 2000, Rose-Hulman Ventures has provided over 313,000
hours of student professional practice experience to 705 students at 105
companies.
One key reason that customers plan on using Rose-Hulman Ventures again stems
from 83 percent having had positive experiences, according to the Walker study.
Any initial hesitancy that businesses had working with a university was
eliminated by the positive working experience that Rose-Hulman Ventures creates.
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Collaborative Projects: Students and a project manager at Rose-Hulman
Ventures discuss project ideas for a client during a team meeting at
Rose-Hulman Institute of Technology's South Campus.
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Rose-Hulman Ventures has added a new product, new product features or
enhanced capabilities for 57 percent of surveyed customers. Other key outcomes
included better processes, other efficiencies or expanded product offerings.
Achieving strong customer loyalty (66 percent) is gratifying, given the project
nature of Rose-Hulman Ventures’ business compared to companies with continuous
customer relationships.
“We feel Rose-Hulman’s cost structure yields a strong return on investment
for the concept-feasibility portion of a new product development effort,” stated
one customer in the Walker survey.
The fact that Rose-Hulman Ventures’ project managers are professional, full
time staff members does not go unnoticed by customers. Clients applaud Rose-Hulman
Ventures’ project management, viewing it as a key strength. The kick off
meeting, project leadership, communication, deliverables and student intern
capability are all viewed as core competencies contributing to customer loyalty.
One customer stated, “Due to the expertise in Rose-Hulman Ventures’ project
management, little effort at our company has been required to manage or mentor
the team.”
Rose-Hulman Ventures has partnered with companies to advance the
commercialization of technology. Recent projects have included component design,
systems integration, equipment testing, machine design, process controls,
robotics, analytical instrumentation and data logging. The program is located in
a 35,000 square-foot facility in a Certified Technology Park on Rose-Hulman’s
South Campus along Indiana 46.
To begin a project with Rose-Hulman Ventures, persons can contact Mitch
Landess, Rose-Hulman’s manager of client programs, Landess at (812) 244-4027 or
mitch.landess@rhventures.org.
More information about Rose-Hulman Ventures can be found at
http://www.rhventures.org.
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