Industry Offering Expansion Opportunities Essay

1569 words - 7 pages

The Front Door is like the neighbor that saves you when you are trying to bake cookies and realize you do not have enough sugar to finish your recipe. Although The Front Door is not readily stocked with baking goods, it is a place for businesses to go when they are in need of just about anything. They act as a liaison between Metro Detroit based businesses and the resources that are offered by Wayne State University. There are many ways that The Front Door lends a helping hand, creating opportunities for businesses to thrive in Detroit. Providing research talent and supplying funding are just two of the many services that The Front Door may provide. Their target market is composed of companies that are already established but may be facing some issues (staffing, legal, funding, etc.). Competition in this industry is very complex. The Front Door, and the similar services offered around the state, tend view each other as competition, but more importantly, they view each other as partners. Everyone has the same goal of transforming and strengthening Michigan’s economy and when The Front Door cannot provide something, they will recommend another service. This is a very unique industry which offers many expansion opportunities for The Front Door.
The Front Door has many noteworthy objectives. The first one is having the genuine desire to benefit Wayne State University and its students, faculty, and alumni. The second purpose is to educate businesses of the various resources that are available to them through Wayne State. Finally, they have the goal of retaining these business partners in Michigan, or even better, in the Metro Detroit area. Wayne State and the businesses that utilize The Front Door are mutually benefitted. For example, a business may have the funds for a research project and no resources, while Wayne State has the labs and faculty experts the company needs. In this situation, the businesses benefits by receiving expert assistance that helps them discover useful data. The university benefits through the funding provided to the project; and, like the business, the discovery of new data to be analyzed. Along with research and education resources, The Front Door also offers help in areas like professional development, economic development, providing Wayne State alumni/student talent, patent support, and technology commercialization. It is only through fully understand who their target market is that The Front Door will be able to fuel the economic development of Detroit and help to keep Michigan’s talented students and professionals in the state.
Although The Front Door is a unique organization in Detroit, they do have competition in their Michigan market. Wayne State is a member of The University Research Corridor (URC), which also includes the University of Michigan and Michigan State University. The URC uses the resources available to these three public, research universities to transform, strengthen and diversify Michigan's economy...

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