Evening Primrose Project

Evening Primrose Project - Technology Transfer Project New...

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Technology Transfer Project New Species of Evening Primrose Oil Michela PROCTOR Christian ROJMAR Kyle WEATHERBY Alexander YOANG Table of Contents
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Executive Summary pg. 1 pgs. 1-3 pgs. 3-6 Future Outlook Recommendation pgs. 6-8 References pg. 9 Appendix pg. 10 Executive Summary 2
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The technology that we are researching is evening primrose oil. Two inventors at Texas Tech University, Dr. Cynthia McKenney and Dr. Dick Auld, have been researching and perfecting this species for over fifteen years. Currently, the product is not moving forward, but the inventors continue to grow small amounts on University farmland in order to continue testing and modifying the species. Evening primrose is similar to the primrose plant that already exists, but differs in several small ways. This is what is the inventors have hoped will help set this new species apart from the other versions of primrose. The most significant trait of our inventor’s primrose is due to the fact that the flower bloom only opens at night. However, this is not a new product that is being invented. Inventors are simply modifying the current version that is already available, so that the new species can be grown in different environments from those presently being used. Primrose is typically grown in China and Canada, and this evening primrose would provide the ability to be grown in areas with climates similar to that of Lubbock and West Texas (McKenney, 2009, p. 1). Because primrose plants and oils are already available to various markets, it will be hard for the new evening primrose species to establish a viable place in any of the three markets primrose is currently penetrating. Evening primrose does not offer significant benefits over other primrose, making our technology obsolete to buyers and consumers. Although the inventors have a good vision of where they would like to go with this, it will be very difficult for this product to be implemented effectively. Our group has decided that the inventors should not continue with this technology. Too much time has been lost in the process of perfecting and marketing the product, and there are currently no buyers interested in working with our inventors and their species of evening primrose oil. Although it seemed to be a good idea from the beginning, our research has shown us that it is not a smart path to continue down, and losses in time and money will only increase the longer this project is worked on. Currently our inventors do not have the funding needed to produce the seeds and oil needed to sell as a success to the three markets. The chance of funding being re-established for our inventors to continue their research and production is very small, making the need for this product insignificant. Overview of Technology and Associated Products and Services
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This note was uploaded on 11/29/2010 for the course MBA 1 taught by Professor Payne during the Spring '10 term at Texas Tech.

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Evening Primrose Project - Technology Transfer Project New...

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