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Technology Commercialisation - Inner Maven

Technology Commercialisation - Inner Maven



Technology Commercialisation Overview - Inner Maven

Technology Commercialisation Overview - Inner Maven



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    Technology Commercialisation - Inner Maven Technology Commercialisation - Inner Maven Presentation Transcript

    • Commercialise  101     Developed  to  simplify  and  demys1fy  the  commercialisa1on  process     &  guide  inventors  in  the  early  stages  of  commercialisa1on.©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com    
    • Introduc1on   •  At  Inner  Maven  we  believe  that  technologies  help  save  and  improve  lives.     •  Our  greatest  medical  technologies  are  s1ll  under  development  today.     •  The  Mavens  in  our  community  develop  these  technologies  but  oFen  need   guidance  in  transla1ng  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.       A  maven  is  a  trusted  expert  in  a  par0cular  field,  who  seeks  to     pass  knowledge  onto  others.      ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     2  
    • Introduc1on   •  Inner  Maven  was  established  by  Dr.  Anabela  Correia  in  2009.     •  Anabela  completed  a  PhD  in  Medicine  in  2001  and  has  15   years  experience  in  managing  and  growing  asset  porPolios.     •  She  has  raised  tens  of  millions  in  government  and  private   funding,  and  has  held  senior  management  posi1ons  in  public,   private  and  government  organisa1ons.     •  Importantly  Anabela  is  passionate  about  working  with   inventors  in  delivering  new  technologies  to  market.      ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     3  
    • Introduc1on   •  Inner  Maven  is  a  technology  commercialisa1on  company   with  >  40  years  combined  experience  in  managing  and   commercialising  technologies.     •  We  work  closely  with  inventors  and  organisa1ons  in   developing  and  implemen1ng  the  best  go-­‐to-­‐market   strategy  for  your  company  or  technology.     •  We  understand  and  have  managed  solu1ons  to  the   diverse  &  technical  issues  facing  inventors  today  on  their   path  to  commercialisa1on.    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     4  
    • Developing  Your  Ideas  •  We  all  have  ideas.  Some  of  them  have  a  strong   market  need  and  the  poten1al  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  opportuni1es.    •  Ge[ng  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   commercialisa1on.  ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     5  
    • What  is  Commercialisa1on  •  Commercialisa1on  is  the  process  of  driving  a   technology  or  idea  to  market.  It  is  how  you   turn  your  idea  into  dollars.    •  The  path  to  successful  commercialisa1on  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.       For  a  confiden0al  discussion  on  how  to  best  approach  your  commercialisa0on  ac0vi0es,   contact  Inner  Maven  at  www.innermaven.com     ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     6  
    • Commercialisa1on  Starter  Pack  •  The  best  &  most  crea1ve  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   Commercialisa1on.  •  Inner  Maven  understands  commercialisa1on   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  commercialisa1on.     For  more  informa0on  and  a  specific  discussion  on  your  commercialisa0on  needs  contact  us  at   www.innermaven.com    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     7  
    • Examples  of  success  Coco  Research  Sonoplex  needle    •   Inner  Maven  worked  with  an  Australian  anesthe1st  to  iden1fy  suitable  licensing  partners  and  managed  the  license  nego1a1ons  on  behalf  of  the  inventor.  •     The  nego1a1ons  were  completed  and  an  agreement  for  a  mul1  million-­‐dollar  license  was  executed  within  4  months.    •     The  anaesthe1st  is  con1nuing  to  collect  royal1es  today  and  the  product  has  undergone  2nd  genera1on  development  and  market  sales.  Pacific  Edge  Pty  Ltd  CxBladder    •   Inner  Maven  worked  with  a  publically  listed  interna1onal  client  to  iden1fy  strategic  partners  for  a  non-­‐invasive  cancer  diagnos1c.    •     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,  marke1ng,  R&D  Tax  Credit,  clinical  trails  and  business  development  ac1vi1es.    
    • What  makes  an  idea  valuable?   A  valuable  idea  may:     •   Be  useful     •   Address  a  market  need   •   Be  original  &  unique     •   Generate  a  commercial  return   •   Provide  an  improvement  to  an  exis1ng      product  or  service   •   Be  easy  to  understand  (to  those  in  the  field)   •   OFen  leave  others  saying  ...  “why  didn’t  I      think  of  that”     TIP:  Keep  an  Inventor  Diary  &  well  documented     company  and  technology  records.    For  a  confiden0al  discussion  on  the  commercial  viability  of  your  idea,  contact  us  at  www.innermaven.com   ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     9  
    • Market  &  Compe1tor  Intelligence   Before  entering  any  market  it  is  best  to  know  what   similar  products  or  services  already  exist.       Armed  with  this  valuable  informa1on  you  can  then   start  to  posi1on  your  product  more  compe11vely.       •  How  is  your  product  bejer  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.      For  informa0on  on  how  to  conduct  and  manage  your  market  and  compe0tor  intelligence,  contact  us  at  www.innermaven.com  ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     10  
    • Possess  the  Idea   Every  product  starts  with  an  idea;   however  developing  that  idea  to  a  fully   func1oning,  marketable  prototype   takes  1me,  money,  and  input  from  a   few  experts  along  the  way.       A  prototype  or  at  least  sketches  of  your   idea  will  be  useful  in  communica1ng   your  idea  to  a  developer,  investor  and/   or  patent  ajorney.         TIP:  Keep  organised  records  together  with  your  Technology  Development  Diary.    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     11  
    • Go  to  Market  Strategy   Determine  the  most  profitable  and  best  path  to  market  for  your  technology   early  and  think  laterally  about  how  your  technology  may  reach  the  market.   Some  examples  include:     •   Licensing   •   Joint  Venture   •   Partnership   •   Spin-­‐out  company   •   Start  up  company       TIP:  Iden1fy  and  put  in  place  the  right   commercialisa1on  structure  early.     For  a  confiden0al  discussion  on  the  best  “go  to  market”  strategy  and  for  detailed  informa0on  on  the   advantages  &  disadvantages  of  key  strategies  contact  www.innermaven.com  .    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     12  
    • Get  your  affairs  in  order   •  OFen  it  will  be  best  to  form  a   company  which  will  act  as  the   commercialisa1on  vehicle  for  your   technology/idea  –  but  this  may   not  always  be  the  case.     •  Know  who  or  what  en1ty  will  own   any  Intellectual  Property.   •  Know  who  will  be  involved  in  the   company  &  their  obliga1ons.   •  Assemble  the  best  team  you  can.  ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     13  
    • Protect  the  Idea  Once  you  have  condensed  your  idea  into  something  more  tangible  and  determined  that  your  idea  is  novel  and  commercial,  then  in  most  cases  it  will  be  useful  to  protect  your  idea.  Intellectual  Property    (IP)  can  be  protected  in  a  number  of  different  ways  and  in  most  cases  it  will  be  helpful  to  discuss  your  IP  strategy  with  a  lawyer.        Common  IP  protec-on  methods  include:    •   Patents  •   Trademarks  •   Copyright  •   Trade-­‐secrets    •   Confiden1al  Informa1on          TIP:  Align  yourself  closely  with  a  recommended   patent  ajorney  –  ask  for  referrals.    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     14  
    • Build  Your  Brand  •  Build  your  iden1ty  early.  Not  only  will   iden1fying  and  developing  your  brand  early   be  a  valuable  exercise,  it  will  save  you  a  lot  of   1me  and  effort  in  the  long  run.    •  Iden1fying  and  commi[ng  to  a  brand  early   has  the  added  advantage  of  keeping  you   focused  on  a  brand  that  you  can  own  and   develop  its  iden1ty.          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?    For  a  confiden0al  discussion  on  how  to  develop  your  idea  and  achieve  the  greatest  market  impact  with  your  brand,  contact  us  at  www.innermaven.com.     ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     15  
    • Financial  Modelling  •  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   assump1ons  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.      For  access  to  tried  and  tested  financial  models  applied  in  various  commercialisa0on  strategies  and  for  a  checklist  of  what  to  include  in  your  own  financial  model  visit  www.innermaven.com.   ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     16  
    • Business  Plan  &  Marke1ng  Pack   •  Too  many  entrepreneurs  stop  for  many   months  (and  some1mes  longer)  “to  write  a   plan”  and  lose  valuable  1me.       •  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  1me  as  you   research  your  market,  your  IP  posi1on  and   understand  your  financial  and  market  entry   requirements.           TIP:  Only  disclose  confiden1al  informa1on  under  a   confiden1ality  agreement  and  aFer  you  have   conducted  due  diligence  on  the  person  or   company  you  are  disclosing  to.        On  how  to  compile  and  present  targeted    business  and  marke0ng  packs,  and  how  to  iden0fy  and  approach  your  market  contact  us    www.innermaven.com    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     17  
    • Finance  &  Resources  •   Accessing  capital  from  investors  has  become  an   increasingly  compe11ve  ac1vity  as  investors  have   become  increasingly  sophis1cated  and  selec1ve  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   nego1a1ng  skills  and  serious  commitment  to  your   technology  or  idea.     Inner  Maven  has  exper0se  in  sourcing  capital  from  different  sources  and  has  a  proven  track  record  and   established  rela0onships  with  many  strategic  investors.  For  assistance  and  guidance  on  how  to  prepare   and  approach  the  investor  market  contact  us  at  www.innermaven.com     ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     18  
    • Choose  the  Right  Investor  •  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   selec1ve  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.       Inner  Maven  has  exper0se  in  sourcing  capital  from  different  sources  and  has  a  proven  track  record  and     established  rela0onships  with  many  strategic  investors.  For  assistance  and  guidance  on  how  to  prepare   and  approach  the  investor  market  contact  us  at  www.innermaven.com     ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     19  
    • Contracts  &  Nego1a1on   •  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.    Inner  Maven  has  exper0se  in  managing  contracts  and  a  proven  track  record  in  nego0a0on  of  highly  profitable  agreements  for  its  clients.  For  assistance  in  approaching  and  nego0a0ng  with  third  par0es  or  for  informa0on  nego0a0on  strategies,  visit  us  at  www.innermaven.com    ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     20  
    • Rela1onship  Development  •  Rela1onship  and  people  management,   together  with  clear  communica1on  are   fundamental  skills  to  a  successful  and   enjoyable  commercialisa1on  experience.    •  When  ge[ng  started  you  will  need  to  build   rela1onships  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   con1nue  to  build  and  expand  your  team  to   include  manufacturers,  interna1onal  advisors,   licensing  partners  and  investors  to  give  a  few   examples.     For  support  in  assembling  your  commercialisa0on  team  contact  www.innermaven.com     ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     21  
    • Ongoing  Rela1onship  Development   •  Once  you  have  nego1ated  and  signed  an   agreement  with  a  commercial  partner  and   “done  the  deal”  –  the  rela1onship  (and   work)  really  starts.     •  AFer  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  obliga1ons.     •  Typically  the  bejer  you  manage  your   commitment  from  this  point,    the  more   successful  your  rela1onship  and   commercial  outcomes  will  become.      Inner  Maven  provides  a  mentoring  service  which  supports  entrepreneurs  through  their  commercialisa0on  ac0vi0es.  For    more  informa0on  on  our  mentoring  services  and  for  a  confiden0al  discussion  on  how  we  can  help  you,  visit  us  at  www.innermaven.com     ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     22  
    • Inner  Maven  Services  •  Inner  Maven  specialises  in  the  successful   delivery  of  technologies  to  market  and  in   mentoring  and  suppor1ng  its  clients  through   the  commercialisa1on  process.            •  For  further  informa1on  on  our  products  &   services  and  how  we  can  help  you   commercialise  your  idea,  contact  Inner  Maven   at  www.innermaven.com  or   anabela@innermaven.com       ©  Inner  Maven  P  ty      L  td    2011   www.innermaven.com     24  
    • END  ©  Inner  Maven  P  ty      L  td    2011   24   www.innermaven.com     25