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Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
Commercialising your New Idea workshop
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Commercialising your New Idea workshop

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Resources from Business Victoria's workshop giving early stage innovators information on the steps you need to take to turn your new product into a commercial reality.

Resources from Business Victoria's workshop giving early stage innovators information on the steps you need to take to turn your new product into a commercial reality.

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  • 1. Learning objectives of this workshop are to provide you with the skills to: Understand the stages of commercialisation Assess the feasibility of your idea at each stage Make more informed decisions to proceed or cease activity Better understand what is required in preparing a focused commercialisation plan Page 3 Introduction and Workshop Objectives
  • 2. Are you competing with established businesses? Overview of the stages of commercialisation Understanding the stages of commercialisation Do you have what it takes? Page 4 Where to with your big ideas?
  • 3. Page 4 - 5 Are you competing with established businesses?
  • 4. Show me - prove it works Prove the market needs it Prove it to the market Prove it can build a business EMERGING GROWTH BUSINESS IDEA PROOF OF CONCEPT PROOF OF PRODUCT /OPPORTUNITY MARKET VALIDATION COMMERCIALISATION Page 5 Stages of commercialisation
  • 5. STAGE : PROOF OF CONCEPT 0 1 2 3 4 5 6 7 8 9 10 STRATEGY PRODUCT /TECHNOLOGY IP MARKETTEAM OPERATIONS FINANCE Proof of Concept STAGE : PROOF PRODUCT/ OPPORTUNITY 0 1 2 3 4 5 6 7 8 9 10 STRATEGY PRODUCT /TECHNOLOGY IP MARKETTEAM OPERATIONS FINANCE Proof of Product Opportunity STAGE : MARKET VALIDATION 0 1 2 3 4 5 6 7 8 9 10 STRATEGY PRODUCT /TECHNOLOGY IP MARKETTEAM OPERATIONS FINANCE Market Validation STAGE : COMMERCIALISATION 0 1 2 3 4 5 6 7 8 9 10 STRATEGY PRODUCT /TECHNOLOGY IP MARKETTEAM OPERATIONS FINANCE Commercialisation Page 6 Understanding the stages of commercialisation
  • 6. Do you have the : Right expertise, skills & experience Risk profile to invest and convince others Ability to commit the required time, and Perseverance, passion and drive Page 8 Do you have what it takes to make the journey?
  • 7. What is Intellectual Property (IP)? The most common types of IP IP strategies & considerations IP protection structures Selecting an IP advisor Page 10 Intellectual Property
  • 8. Intellectual Property is defined as: ‘a term referring to a number of distinct types of creations of the mind for which property rights are recognised’ Keeping the ‘secret’ Using confidentiality agreements Page 10 What is Intellectual Property?
  • 9. Patents Trademarks Designs Copyright * Confidentiality agreements / trade secrets Others – circuit layer rights * & plant breeder rights www.ipaustralia.gov.au Page 10-11 The most common types of IP
  • 10. Definition : A patent is a right granted for any device, substance, method or process which is new, inventive and useful To be eligible your invention must be: Be new, ‘novel’ Involve an ‘inventive’ step Be a ‘manner of manufacture’ Be useful (do what you say it will do) Page 11 Patents
  • 11. 2 types of patents : Standard patent (20 years) Innovative patent (8 years) 3 types of applications: Provisional applications (sets priority date) Complete applications (incl specifications & claims) International applications (PCT) Page 11 Patents (cont.)
  • 12. Definition : Trade mark can be a word, phrase, letter, number, sound, smell, shape, logo, picture, aspect of packaging or a combination. Used as a marketing tool to distinguish goods & services from each other Examples of things you can’t use Importance of determining what ‘classes’ to register Page 12 -13 Trademarks
  • 13. Definition : A design is the overall appearance of a product. The visual features that form the design include the shape, configuration, pattern, and ornamentation which when applied to the product, give it an unique appearance. A registrable design must be new and distinctive Provides protection for 5 years (+ renew 5 years) Page 12 Design
  • 14. Definition : Copyright protects the original expression of ideas, not the ideas themselves - automatic Examples: Original works of art and literature, music, films, sound recording, broadcasts and computer programs Can licence to others Copyright generally lasts 70 years Page 13 Copyright
  • 15. A confidentiality agreement is often used to stop parties and employees from revealing your secret or proprietary knowledge during and after employment / discussions A trade secret is both a type of IP and a strategy for protecting IP Page 13 Confidentiality / Trade secrets
  • 16. Patent lodgement – starts the ‘clock’ on commercialisation timetable Weighing up total IP protection –v- access to funding How do you decide – which countries? Alternative strategies for IP protection Page 13 IP Protection strategies and considerations
  • 17. The importance of assessing the feasibility of your idea/product Key criteria in assessing the feasibility of a product Feasibility assessment activity Page 22 Assessing the feasibility of your idea
  • 18. Not every good idea will lead to commercial success Need a balance between innovative skills and your ability to assess the ‘feasibility’ of your idea Need to maintain focus on the ‘end goal’ Feasibility assessment will help you : Decide if you should cease activity (before it costs you significantly) Refocus during product development stage Page 22 The importance of feasibility assessment
  • 19. The 3 P’s – Product, Potential & People Product – Innovation, product, IP novelty, ability to meet market need, value proposition Potential – Market size, access to market channels, target market, competitive advantage, export potential, barriers to entry People – business experience, industry expertise/skills, management mix of skills, vision, strategy, ability to adapt, financial/business planning Key criteria in assessing feasibility of product
  • 20. Feasibility assessment activity includes a series of questions set out by key areas of activity of : Product / technology feasibility IP feasibility Market feasibility Financial feasibility Overall commercial feasibility Page 22 Feasibility assessment activity (page 22)
  • 21. Assess each area of activities in your commercialisation Page 26 Feasibility assessment activity (cont.)
  • 22. Understanding the government regulations in your country Understanding the regulations in different markets Establishing your business structure Registering a company & business name www.asic.gov.au www.austrade.gov.au Page 19 Requirements for licenses, registrations and permits
  • 23. How a commercialisation plan differs to a business plan Essential ingredients in your commercialisation strategy Product description & value proposition Market assessment & validation of market opportunity Identifying the business model & market entry strategy Template of a commercialisation plan Overview of the commercialisation strategy process Page 40 Developing a commercialisation strategy and plan
  • 24. A commercialisation plan often encounters : No clear comparative model to follow Multiple variations of ‘the product’ available Different target markets which need the product A number of business models options Page 40 How a commercialisation plan differs to a business plan
  • 25. Funding is often the most limiting factor in the process Requires an open mind to the possibilities & common - sense approach to the realities Strategies need to be well researched How a commercialisation plan differs to a business plan (cont.)
  • 26. The product & value proposition to the customer (product description, features & benefits, value proposition) Market assessment & validation of market opportunity (which industry, structure, who gets value, relationships & influences, key players, selecting market validation partners) Identifying the business model & market entry strategy (which business activities do you want to do? market entry – product, pricing, promotion, place) Page 40-41 Essential ingredients in your commercialisation strategy
  • 27. Product 1 Product 2 Product 3 List 4 Key features List 4 key benefits What problem does the product solve for customers? How is the problem being solved currently and by whom? Explain the customer value proposition Page 41 Product description and value proposition
  • 28. ROUTE TO MARKET INFLUENCERS PRODUCT MANUFACTURER DISTRIBUTER RETAILER END CONSUMER ☺☺☺☺☺☺☺☺☺☺☺☺☺☺☺☺☺☺ MARKET / INDUSTRY STRUCTURE Page 42 Market assessment – industry structure
  • 29. R&D / Technology Distribution / Delivery Sales / Business Development Warranty & Customer Support Manufacturing / Assembly / Services KEY BUSINESS ACTIVITIES & COST CENTRES Page 43 The business model description
  • 30. TARGET MARKET R&D Product Manufacturing / Assembly Sales / Business Development Distribution / Delivery Customer Support / Warranty Australia US 1 = In-house 2 = Outsource 3 = Licensing Page 44 The business model description (cont.)
  • 31. PRODUCT PLACE PROMOTION PRICE Developing the right ‘product’ for the target market Getting the right’ product ‘into’ the target market ‘Informing’ the market about the right product Getting the ‘price’ right  Product features & benefits  Identifying the value proposition  Quality  Packaging / product branding  Warranty  Installation  Instruction manual  Distribution channels  Selection & relationships with intermediaries  Identifying the influencers in the market  Service levels  Market exposure  Identifying sales staff  Training / motivation of staff  Advertising  Publicity  Developing promotional material – brochures, internet, testimonials  Determining the $$ value pricing of the product for each market  Flexibility to meet market demand  Discount / rebate policy Page 45 Key elements of marketing entry strategy
  • 32. 1. Executive summary 2. The product & value proposition 3. IP protection 4. Market profile (industry structure, competitor products, key industry players, critical success factors) 5. Route to market (business model, commercial partnerships, market entry strategy) 6. Financial analysis (costing, projections, funding) 7. Team & operations 8. Action Plan Page 45 Overview of commercialisation plan
  • 33. R&D development finished Invention & R&D / working prototype Commercial design Testing / certification, technical review commercial product in place Identified commercial product offering Clear product features & benefits Value proposition / competitive advantage identified market place assessment Detailed market research undertaken - - Clear understanding of market structure - Evaluate competitor prods /key players - Look at industry relationships & CSFs IP protection & strategy in place Management skills review Determine your vision/objectives market validation to be done Plan investment raising activity Plan potential legal structure commercialisation strategy development Determine strategic position of product / business Identify the Business Model to commercialise the product Commercialisation options evaluation Market entry strategy determined = COMMERCIALISATION STRATEGY STRATEGY - Comm Plan - Ongoing bus strategy - Strategic partnership - Fund raising strategy - Direction IP - Ongoing management - Confidentialit y agreements - Licensing MARKET - Target mkt - Route to mkt - Pricing - Distn channels - Promotion FINANCE - Financial projections - Acctounting system - Budgets TEAM / OPERATIONS - Management team - Recruitment - Manufacturing set up - Location PRODUCT - Future R&D enhancement - New product development Financial evaluation $$$ $$$ $$$ COMMERCIALISATION STRATEGY
  • 34. FREE Mentoring Session Business mentors help you to identify a clear direction for you and your business You are entitled to 2 free mentoring sessions in this program Business mentors can advise you on how to: conduct market research cost your products or services develop an effective commercialisation strategy & plan use other business management tools move forwards in commercialisation To arrange a free mentoring session with a business mentor complete the evaluation form and select FREE Mentoring Session on page 2. You will then receive an email with details on claiming your free mentoring session.
  • 35. Questions? Thank you for attending Check out business.vic.gov.au/events for more workshop information

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