In this practicum the students are required to identify and validate a market based new business opportunity without investing significant time or resources. Starting by understanding of real customers problems to be solved, students explore the nature of potential solutions and the customer groups that can benefit. In addition to using secondary market research data, students are expected to talk to industry experts to better understand the market niche or the industry they are targeting. The preliminary work in this phase will also focus on market competition, the business model and value proposition. EIE students will develop a preliminary technical plan that should include analysis of intellectual property issues associated with the solution and sketch out the plan for achieving a technology proof-of-concept. Finally, students prepare a new venture concept identification report and an investor oral presentation.