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Market Engagement Seminar Nicta Bootcamp 11112008
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Market Engagement Seminar Nicta Bootcamp 11112008

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Seminar delivered to NICTA research teams on invention evaluation and market research/engagement strategies.

Seminar delivered to NICTA research teams on invention evaluation and market research/engagement strategies.

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Market Engagement Seminar Nicta Bootcamp 11112008 Market Engagement Seminar Nicta Bootcamp 11112008 Presentation Transcript

  • Researching and Engaging your Market
      • Cindy M. Reese
      • Business Development Manager
      • Lighthouse Business Innovation Centre
  • Epicorp Limited
    • 300 Applications
    • 19 Companies
    • Highly diverse portfolio
    • From spin-out to exit
  • www.lighthouseinnovation.com.au
    • ‘ Investor-ready’ coaching
    • Referrals to service providers, mentors, appropriate sources of funding
    • Investor support and education
  • Market Engagement
    • “ Because its purpose is to create a customer, the business enterprise has two and only two functions: marketing and innovation”.
    • -Peter Drucker
  • Agenda
    • Understanding the Market Opportunity
    • Market Research
    • Case Studies
      • Simmersion Holdings
      • Locata Corporation
  • The Marketing Process
    • Discovering what product, service or idea customers want.
    • Producing a product with the appropriate features and quality.
    • Pricing the product correctly.
    • Promoting the product
    • Selling and delivering the product into the hands of the customer.
  • The Marketing Process
    • Discovering what product, service or idea customers want.
    • Producing a product with the appropriate features and quality.
    • Pricing the product correctly.
    • Promoting the product.
    • Selling and delivering the product into the hands of the customer.
  • Sales
    • Process of ‘moving’ existing product
    • emphasis is ordinarily upon helping the customer determine if they want the product, or a variation on it, that is already being offered by the company
  • Early Market Engagement Mitigates Risk
    • The leap from an idea to market entry complex, costly and time consuming.
  • IDEAS
    • Aimed at early assessment when there is little tangible data available
    • Focuses on what you already know about related products
    • Lack of detailed early assessment is extremely costly
  • Early Opportunity Assessment
    • Potential Demand
    • Market Acceptance
    • Competitive Position
  • Windlab Systems
    • Complex Terrain Modeling (CSIRO)
    • Wind resource assessment
    • Early-stage risk mitigation—site selection
    • Wind farm developers/financiers
  • Potential Demand
    • What is the relative size of the potential market?
    • Is the trend of demand increasing or decreasing?
    • Is demand likely to be stable or unstable?
    • What potential is there for related products, processes or services?
  • GP Sports Systems
    • GPS/Heart Rate/Accelerometer
    • Elite athlete performance and content syndication
    • Assimulation/management of data to improve coaching/training outcomes.
    • Sports Clubs
  • Market Acceptance
    • Is the idea compatible with existing attitudes and patterns of use?
    • What degree of learning is required to consume or use it?
    • What level of needs is fulfilled or utility provided?
    • How visible are the benefits and what degree of promotion is needed to create customer awareness
    • How difficult and/or costly will it be to establish distribution channels?
  • Mediaware International
    • MPEG image and signal processing (CSIRO)
    • Numerous broadcast and Defence applications
    • Management of vast amounts of digital content
    • Multinational Systems Integrators
  • Competitive Position
    • How different is the idea from similar products, processes or services?
    • How will its perceived value compare with equivalent products, processes or services?
    • Is it vulnerable to the bargaining power of customers or suppliers?
    • Is it vulnerable to existing, potential, direct or indirect competitors?
  • Workshop Activity
    • Mapping Your Market Opportunity
  • Mapping Your Market Opportunity
    • Scoring:
      • A=5
      • B=4
      • C=3
      • D=2
      • E=1
  • Assessing Your Score
      • Score greater than 45 is considered a ‘good’ opportunity
      • Ideal Score for each of the three sections is around 15 or higher
      • Visualize the Assessment by plotting the scores, paying close attention to the areas that fall into the ‘Area of Concern’.
  • Market Research
    • Quantitative
    • Qualitative
    • Secondary
    • Primary
  • Primary
    • Talk to Prospective and Existing:
      • Customers
      • Go to Market Partners
      • Suppliers
      • Staff
      • Advisors
      • Professional
      • Govt Grants personnel
      • Investors
  • Cohda Wireless
    • Industry Conferences
    • Trade show exhibitions
    • Academic Papers
    • White papers
    • PR Marketing
  • How will you be engaging your target market?
  • Morning Tea
  • Market Engagement Case Studies
    • Simmersion Holdings
  • Lessons Learned--Simmersion
    • Low hanging fruit
    • Worked with local government as early-adopters
    • Establish basic functionality set
    • Early customer establish company value
  • Market Engagement Case Studies
    • Locata Corporation
  • Lessons Learned—Locata Corporation
    • Focused on their critics—very targeted marketing
    • Substantial academic press while protecting IP
    • Allowed reference clients to do the marketing
  • Summary
    • Importance of frank assessment process
    • Draw your customers in to your commercialization process early
    • Listen carefully to the feedback you receive
  •