NEEDHAM, MA, September 23, 2014 - Continuing with its mission to provide best in class teaching and learning opportunities to students interested in product design, PTC (Nasdaq:PTC) today announced the University of Utah Lassonde Entrepreneur Institute is the latest group to deliver PTC software and training to help students develop smart, connected product design skills in the Internet of Things era.
The number of things connected to the Internet now exceeds the total number of humans on the planet, and we're accelerating to as many as 50 billion connected devices by the end of the decade. For manufacturers, the implications of this emerging "Internet of Things" are huge.
According to a recent McKinsey Global Institute report, the Internet of Things (IoT) has the potential to unleash as much as $6.2 trillion in new global economic value annually by 2025. The firm also projects that 80 to 100 percent of all manufacturers will be using IoT applications by then, leading to potential economic impact of as much as $2.3 trillion for the global manufacturing industry alone.
PTC is providing software to empower students to create, model, connect and manage their smart, connected product design ideas. The gift includes PTC Creo® design software, PTC Windchill® software for product lifecycle management, and the PTC ThingWorx® application platform to build and run connected products. The company is also creating 20 PTC scholars. These are students that have access to all PTC software to become brand advocates on campus and to help others who want to learn the same technology.
"The University of Utah is a vibrant place for student entrepreneurs, and working with PTC will ignite more interest in smart, connected product design development," said Kathy Hajeb, a director at the Lassonde Entrepreneur Institute. "This program will give students a jumpstart in the job market by helping them learn the skills that global organizations need."
The University of Utah anticipates a growing number of students who will participate in this type of program. As a result, the university is planning to open the Lassonde Studios, a new $45 million facility in fall 2016. This facility will combine 400 residences with a 20,000 square foot "garage" area designed specifically for student entrepreneurs and innovators. The PTC software and learning resources are a few of the many tools that will be available to all students on campus that utilize this building.
"The smart, connected product design process being adopted by global manufacturers is a necessary skill for graduating students entering the Internet of Things era," said John Stuart, senior vice president, global education, PTC. "We are pleased to work with the University of Utah and the Lassonde Entrepreneur Institute to give students the opportunity to learn new and understand the new technology that will help them design smarter, better products."