We believe that technologies help save and improve lives. Our greatest medical technologies are still under development today. The Mavens in our community develop these technologies but often need guidance in translating them to commercial outcomes. At Inner Maven we care about delivering these new technologies to market. We work side by side with our clients to develop and create commercial success stories – Which benefit people’s lives.
Inner Maven was established by Dr. Anabela Correia in 2009. Anabela holds a PhD in Medicine and has over 15 years experience in managing and growing asset portfolios. She has raised tens of millions in government and private funding, and has held senior management positions in public, private and government organisations. Importantly Anabela is passionate about working with inventors in delivering new technologies to market.
Inner Maven is a technology commercialisation company with > 40 years combined experience in managing and commercialising technologies. We work closely with inventors and organisations in developing and implementing the best go-to-market strategy for your company or technology. We understand and have managed solutions to the diverse & technical issues facing inventors today on their path to commercialisation.
We all have ideas. Some of them have a strong market need and the potential to make a difference in people’s lives. Developing and commercialising the right ideas can also create significant wealth.... However few ideas become truly profitable business opportunities. Getting to the next step and understanding what to do in order to be successful is not always simple or obvious. Many inventors require access to specialist skills, knowledge and resources to develop and take a product to market. Inner Maven specialises in mentoring and guiding entrepreneurs along the path to successful commercialisation.
Commercialisation is the process of driving a technology or idea to market. It is how you turn your idea into dollars. The path to successful commercialisation is almost never straight forward or simple. If it was, then we would all be entrepreneurs. With the right support, it may well be worth your effort in commercialising a technology or idea – the world is screaming for new and improved products that add value.
The best & most creative ideas pay and are well worth progressing. If you believe you have a brilliant or new idea, then Inner Maven can guide you along your best path to Commercialisation. Inner Maven understands commercialisation and has a proven track record in mentoring entrepreneurs and in delivering technologies to market. The following pack provides an overview of the key aspects involved in commercialisation.
Coco Research Sonoplex needle
Inner Maven worked with an Australian anesthetist to identify suitable licensing partners and managed the license negotiations on behalf of the inventor. The negotiations were completed and an agreement for a multi million-dollar license was executed within 4 months. The anaesthetist is continuing to collect royalties today and the product has undergone 2nd generation development and market sales.
Pacific Edge Pty Ltd CxBladder
Inner Maven worked with a publically listed international client to identify strategic partners for a non-invasive cancer diagnostic. The product was successfully licensed to a major pathology provider. Inner Maven is currently managing the Australian arm of the company, a role that encompasses, financial, sales, marketing, R&D Tax Credit, clinical trails and business development activities.
A valuable idea may:
Be useful Address a market need Be original & unique Generate a commercial return Provide an improvement to an existing product or service Be easy to understand (to those in the field) Often leave others saying ... “why didn’t I think of that”
TIP: Keep an Inventor Diary & well documented company and technology records.
Before entering any market it is best to know what similar products or services already exist.
Armed with this valuable information you can then start to position your product more competitively.
How is your product better than others. What are its key features and benefits. Can it be manufactured to a higher standard. Is there a strong market need for your product
Every product starts with an idea; however developing that idea to a fully functioning, marketable prototype takes time, money, and input from a few experts along the way.
A prototype or at least sketches of your idea will be useful in communicating your idea to a developer, investor and/ or patent attorney.
Often it will be best to form a company which will act as the commercialisation vehicle for your technology/idea – but this may not always be the case. Know who or what entity will own any Intellectual Property. Know who will be involved in the company & their obligations. Assemble the best team you can.
Build your identity early. Not only will identifying and developing your brand early be a valuable exercise, it will save you a lot of time and effort in the long run. Identifying and committing to a brand early has the added advantage of keeping you focused on a brand that you can own and develop its identity.
TIP: It is useful for entrepreneurs to think about the end goal right from the start; who will you licence to, will you build a franchise model, will your brand be local or global, who will your ideal commercial partner be?
Understanding the financial costs and projected revenues required to develop your idea is important.
Developing the right financial model will also enable you to build and test assumptions and understand how your technology will work in the market place.
When building your model include all your expenses (current and future) and projected revenue streams for at least the first 5-10 years.
Too many entrepreneurs stop for many months (and sometimes longer) “to write a plan” and lose valuable time. Keep it simple to start with – it is more important to get it done. A Business Plan should be a living document which evolves over time as you research your market, your IP position and understand your financial and market entry requirements.
TIP: Only disclose confidential information under a confidentiality agreement and after you have conducted due diligence on the person or company you are disclosing to.
Accessing capital from investors has become an increasingly competitive activity as investors have become increasingly sophisticated and selective in their investments. Depending on your technology or idea and its stage of development, funding is available from many sources including: government, private investors, venture capital, equity partners etc. Many capital sources exist but finding and securing the right investment takes careful research, good negotiating skills and serious commitment to your technology or idea.
Each finance source carries advantages and disadvantages. Consider them well before making choices as finance decisions are difficult to undo.
Do your homework and understand the types of investment available and be very selective about who you choose to invest in your business.
Try to find investors who bring more than cash to the table. Look for supporters who can help you with financial advice, technical assistance, or who can connect you with key customers.
Regardless of the path you take to market, you will almost certainly enter into a contractual agreement with another party in order to progress your technology towards its commercial outcome. Become aware of the different types of agreements you may require and when they apply. Depending on the type of agreement you are entering into it will be helpful to have your agreement/s reviewed by your legal &/or commercial advisor before signing.
Relationship and people management, together with clear communication are fundamental skills to a successful and enjoyable commercialisation experience.
When getting started you will need to build relationships with many professionals such as commercial, legal and technical experts as well as mentors in order to progress your technology to market.
As your technology advances through its various stages of development you will continue to build and expand your team to include manufacturers, international advisors, licensing partners and investors to give a few examples.
Once you have negotiated and signed an agreement with a commercial partner and “done the deal” – the relationship (and work) really starts.
After you have poured the champagne! - Do not take a signed contract for granted. You are now contractually bound to your commercial partner and must fulfil (and ideally exceed) those obligations. Typically the better you manage your commitment from this point, the more successful your relationship and commercial outcomes will become.
Examples of success
Inner Maven worked with an Australian anesthetist to identify suitable licensing
partners and managed the license negotiations on behalf of the inventor.
• The negotiations were completed and an agreement executed within 4 months.
• The anaesthetist is continuing to collect royalties today and the product has
undergone 2nd generation development and market sales.
Pacific Edge Pty Ltd
• Inner Maven worked with a publically listed international client to identify
strategic partners for a non-invasive cancer diagnostic.
• The product was successfully licensed to a major pathology provider.
• Inner Maven is currently managing Australian activities including; sales,
marketing, R&D Tax Credit, clinical trails and business development.
For a confidential discussion on how to best approach your commercialisation
activities, contact Inner Maven at firstname.lastname@example.org