Tech connect spring 2014 technology commercialziation overview (2)

• 1. Technology Commercialization Overview

2. Importance of technology commercilaization 3. The management of technology commercialization Successful technology commercialization involves a formal management process that can: Ensure poor potential ideas killed rapidly Guide allocation of resources Increase likelihood of success for good ideas Requires understanding of technology, process, market and people Follows a consistent process which can be measured, studied and improved 4. From Stevens and Burley, 1997 Most ideas are not successful 5. Different definition of commercial success Published research results allow rapid technology adoption, deployment and impact Organizations freely embed solutions into their current products or practices Technologies licensed to larger companies to enhance current product/service portfolio Technologies used to form consulting or technology service company Technologies become the basis of a new technology venture 6. incorporation from often premature suffer we Alex The Innographer Bruton 7. We get stuck on a perspective and find it difficult to change Have a narrow perspective on the problem we are trying to solve Focus on technology (product) and not solutions that technology allows us to offer Focus on features not benefits Focus on a limited market segment Dont hear customer issuesand challenges Only consider a single path to market or a single business model 8. Typical university view of technology commercialization Grant application Initial research Addl research OTDC Funding Research funded based of academic excellence Outcomes of research published OTDC patent technologies and seek global licensee Funding Funding Funding 9. Changing view of technology commercialization Grant application Initial research Addl research OTDC Funding Research funding requires a market opportunity Research ends before commercialization begins OTDC explores licensing opportunities, as they are less risky and require lower resources than new venture creation Funding Funding Funding 10. Lean view of technology commercialization Iterate initial idea Feasibility study Business model Business plan Reject Reject Reject Test opportunity (prototype) before undertaking research Build voice of customer into development plan Identify viable business models that makes money and addresses strategic objectives Develop business plan to create start up Reject 11. Split up the process into a series of go/no go decisions Develop value proposition Iterate to create big opportunity Develop revenue model Develop business model Evidence that value offered exceeds customer costs? Can value offered have impact & feasibility to be viable? Can you develop a revenue model that ensures profitability and attracts customers Can you scale the business to be sustainable Reject Reject Reject Reject 12. Opportunity prototypes 13. Venture creation process