Class: 2013 Summer Accelerator
HPT Engineering specializes in developing innovative technologies for the assistive technology field. We make it our mission to increase mobility and rehabilitate those who suffer from weak core and leg strength. The assistive technology business is growing at an unconditional rate and we have developed and implemented a state-of-the art new technology, The Hybrid Power Tricycle (HPT). The HPT was designed for those who suffer from weak core and leg strength such as Cerebral Palsy and offers the user the ability to feel the freedom of mobility and the joy of riding a bicycle. The HPT may be outfitted for all age groups and can be distributed nationwide. HPT Engineering operates as a small business that relies on personal sales as our income. We aspire to outfit hospitals, rehabilitation centers, daycare centers, and households with the HPT to ensure those with poor core and leg strength may receive the best possible product for treatment and rehabilitation. The assistive technology market is constantly changing and HPT Engineering will ensure that each of our products are ahead of the curve.
On 8/7, we heard from Valerie Kijewski, a professor from UMass Lowell. We learned about costs and the different types of them. Some of the costs we talked about were sunk costs (time spent in the business before pricing starts), fixed cost (costs that need to be covered no matter what), and variable cost (costs that can change). We talked about pricing stratagies and how to come up with a cost by either letting the customer decide the price or you having a cost no matter what. The biggest take away from this session was learning about value in use. I believe the best pricing stratagy for HPT Engineering is to look at the next best option and then determine our price.
On 8/8, we heard from Trisha Blanchet, Founder and President of Operation Delta Dog, and David Parker, Executive Director of Merrimack Valley Sandbox. They had some very good stories and words of advice. Some take aways from the night was about knowing the legality behind your business and how every business is different and will be run the same way. Also, something else that I found important was that your morals that you have highley determine the type and reputation of the company.