This document discusses the importance of commercializing university research through technology transfer offices (TTOs). It notes that most TTOs operate at a loss and focus on licensing, while most disruptive innovations never reach customers. The root causes identified include researchers lacking commercialization expertise, research not considering commercial needs, and the commercialization process starting too late. The document advocates for design thinking and taking a customer-centric approach to commercialization from the start of the innovation process. It emphasizes determining customer needs and viable business models to overcome adoption barriers.
An overview of why technology commercialization is important for those undertaking research in universities - insights into why the current process is broken and some insights into new apporaches.
Design thinking is a human-centered approach to innovation that draws on design methods and tools. It emphasizes empathizing with users, defining problems from the user's perspective, ideating many potential solutions, prototyping ideas, and testing prototypes with users. This process aims to create innovative solutions that meet user needs. For software development, design thinking can be applied at each stage to develop solutions focused on the user experience through methods like customer research and iterative testing. It helps shift the focus from functionality to delivering an experience that solves users' problems in a better way.
Slicing and dicing corporate innovation vehiclesDan Toma
Corporations have access to multiples innovation vehicles to drive change. The innovation vehicle must be in sync with its expected outcomes hence it's it is important to pick the right one before executing it right.
The document summarizes an agenda for the TechConnect event at Temple University. It includes:
- Welcome and introductions from Dr. McNamee and Dr. Maxwell of Temple University
- Exercises for participants to explore the relationships between technology, jobs, and customer needs, as well as business models
- Lunch and closing remarks
- The goal of TechConnect is to apply design thinking to help participants recognize applicable customer needs and viable business strategies to commercialize university technologies. It aims to build relationships within the Temple community and across sectors to make Temple a more entrepreneurial institution.
At the Advertising Research Foundation’s (ARF) 2011 Annual re:think convention, Richard Thorogood-Director of Strategic Insights and Analytics for Colgate Palmolive presented sponsor feedback on the NeuroStandards Collaboration Project
Companies are not satisfied with measuring innovation or the returns on innovation. Only 32% of companies in 2009 were satisfied with measuring innovation practices, up slightly from previous years. Revenue from new products and services is considered the most important innovation metric, followed by performance of projects and allocation of investments across projects.
More than 80% of corporate executives are unhappy with their company's innovation efforts. Survey results showed the top reasons for innovation failure were lack of customer relevance and slow speed to market. Companies struggle with developing quality, market-relevant ideas due to insufficient consumer insights and a fear of failure. They also have too many in-flight projects, too much innovation risk, and underdeveloped innovation capabilities, leading to late market introductions. Opening innovation processes to external collaborators can increase speed and quality by leveraging diverse expertise and solutions from other industries.
An overview of why technology commercialization is important for those undertaking research in universities - insights into why the current process is broken and some insights into new apporaches.
Design thinking is a human-centered approach to innovation that draws on design methods and tools. It emphasizes empathizing with users, defining problems from the user's perspective, ideating many potential solutions, prototyping ideas, and testing prototypes with users. This process aims to create innovative solutions that meet user needs. For software development, design thinking can be applied at each stage to develop solutions focused on the user experience through methods like customer research and iterative testing. It helps shift the focus from functionality to delivering an experience that solves users' problems in a better way.
Slicing and dicing corporate innovation vehiclesDan Toma
Corporations have access to multiples innovation vehicles to drive change. The innovation vehicle must be in sync with its expected outcomes hence it's it is important to pick the right one before executing it right.
The document summarizes an agenda for the TechConnect event at Temple University. It includes:
- Welcome and introductions from Dr. McNamee and Dr. Maxwell of Temple University
- Exercises for participants to explore the relationships between technology, jobs, and customer needs, as well as business models
- Lunch and closing remarks
- The goal of TechConnect is to apply design thinking to help participants recognize applicable customer needs and viable business strategies to commercialize university technologies. It aims to build relationships within the Temple community and across sectors to make Temple a more entrepreneurial institution.
At the Advertising Research Foundation’s (ARF) 2011 Annual re:think convention, Richard Thorogood-Director of Strategic Insights and Analytics for Colgate Palmolive presented sponsor feedback on the NeuroStandards Collaboration Project
Companies are not satisfied with measuring innovation or the returns on innovation. Only 32% of companies in 2009 were satisfied with measuring innovation practices, up slightly from previous years. Revenue from new products and services is considered the most important innovation metric, followed by performance of projects and allocation of investments across projects.
More than 80% of corporate executives are unhappy with their company's innovation efforts. Survey results showed the top reasons for innovation failure were lack of customer relevance and slow speed to market. Companies struggle with developing quality, market-relevant ideas due to insufficient consumer insights and a fear of failure. They also have too many in-flight projects, too much innovation risk, and underdeveloped innovation capabilities, leading to late market introductions. Opening innovation processes to external collaborators can increase speed and quality by leveraging diverse expertise and solutions from other industries.
https://www.facebook.com/handicorp
HandICorp contracts inventors across different fields and transforms their creations into new products for the industry based on global consumer opinions with the help of online and offline services to let:
- Consumers voice their pain points.
- Industries seek their future products.
- Inventors monetize their unique creations.
Yulia Smotrova - Running experiments like a pro in a corporate environmentLean Startup Summit EMEA
The document outlines 5 tactics for experimenting in a corporate environment:
1. Run many small experiments in parallel teams to test ideas quickly.
2. Focus each experiment on testing a single hypothesis about customer problems or solutions.
3. Begin experiments by engaging customers to understand their needs and test potential solutions.
4. Gather enough data through customer interviews or other tests to determine if hypotheses are supported statistically.
5. Leverage all available corporate resources like marketing, IT, purchasing to conduct experiments at low cost and with real customers.
Product Management Is Really Innovation ManagementTom Grant
No list of tasks or responsibilities captures the essence of product management. As companies grapple with the challenges with innovation, they have realized that the product manager is really the shepherd of innovation. The essential role of product management, therefore, starts with the generation of ideas, and does not end until customers adopt these ideas, and the company has assessed the assumptions and strategies for every part of the innovation process.
Beyond Agile – Preparing for DigitalizationJutta Eckstein
The digitalization calls for rapid organizational flexibility and adaptability. This has an impact on all dimensions of a company: its strategy, structure, and the processes. Agile will help implementing some of this flexibility and adaptability yet mainly in terms of processes. Thus, the digital transformation needs companies to change beyond Agile. Beyond Budgeting, Open Space, and Sociocracy provide the missing links for a company to fully embrace digitalization. The combination of these concepts enables a company not only to survive but also to thrive (digital) disruptions.
Differing Approaches to Industry-University Engagementegiegerich
Differing Approaches to Industry-University Engagement -- A Panel Introduction and Presentation at the University Industry Demonstration Partnership meeting, December 2-4, 2008, at National Academy of Sciences, Washington, DC
Organisations keep on sending project personnel to different training and education programs. Methodologies evolve and tools improve, but project performance keeps the same. There seem to be invisible obstacles on the way to success. In his speech Tapsa speculates with the possibility that it might be the management that should be trained and working habits changed. The speech includes topics like steering committee is under utilised resource, are right things measured?, why communication efforts don’t make an impact and why bold targets get diluted over the course of project execution.
State of Product Management & Your Career 2015 - ProductCampTodd Middlebrook
This document summarizes the results of the 15th Annual Product Management and Marketing Survey conducted by Pragmatic Marketing. The survey was completed by 1,300 product management and marketing professionals between November and December 2014. Key findings include that over 90% of respondents were somewhat or very technical, over 60% were male, and over 40% had a Master's degree. The survey also found that product managers spend varying amounts of time on different activities, with higher salaries associated with more time spent on strategic activities and customer discovery.
The document discusses the challenges facing agribusiness ventures, including issues with logistics, over-regulation, lack of technology and infrastructure. It suggests possible solutions such as business model innovation, end-to-end value chain management, focusing on controllable factors, innovating processes and technology, and having a customer product focus. Additionally, it notes that agribusiness requires long term commitment, more funding than planned, and passion to succeed.
This document discusses the development of intravascular medical device coatings to promote vascular healing. It summarizes interviews conducted with various stakeholders regarding a startup company's drug-coated balloon and stent technology. Based on feedback, the company realized clinicians will require strong clinical trial data for adoption. While the regulatory pathway is challenging, it can be overcome. The interviews also informed pivoting priorities to focus on developing the drug-coated balloon first due to its shorter regulatory timeline and larger market opportunity. Going forward, the company will pursue partnerships and continue developing their technology and business model.
What challenges does a company face in developing new products and services.pptxSameer Mathur
The document discusses the challenges of developing new products and services. It notes that fewer than 10% of new products are truly innovative. Developing new products presents high technological uncertainty, fierce competition, and high investment risks. It provides an example of how Gore overcame these challenges by involving customers early, giving employees flexibility to choose projects, and judging ideas based on feasibility, competitiveness, and profitability. The document also discusses reasons for new product failure, including poor advertising and wrong timing.
There are many models for engaging in corporate venturing and innovation. But how can we expand the models we think of when we think of "strategic partnerships"? And what practices can we engage in so these initiatives aren't conducted as isolated engagements but as ones that can centrally influence the business? Drawing on lessons learned and experiences from PARC today, CEO Steve Hoover will share cases and specific innovation practices we can engage in, particularly for moving ideation to impact, optimizing for timing especially under uncertainty, and for influencing the entire organization.
PARC presented this talk during the "Innovation Storytelling: Nurturing The Seeds of Innovation, Case Study Illustrations" segment at the IBF Corporate Venturing and Innovation Partnering conference on February 7, 2012.
Attended by corporate investors, new business development executives, venture capitalists, private equity investors, mergers & acquisition executives, institutional investors, technology transfer experts, licensing executives, investment bankers, corporate counsel, as well as CTOs, CIOs, CEOs and CFOs of emerging growth companies, this annual International Business Forum event shares strategies to gain a competitive advantage through corporate venturing and innovation initiatives. Over two days, attendees will have an opportunity to share B2B alliance models, investment approaches, strategies to capture technology innovation from external sources, and insights on ways to enhance their corporate venturing initiatives.
The Southeast Asia Open Innovation Challenge (SEA OIC) brings together conglomerates and startups to collaborate on solutions. This questionnaire aims to identify problems within conglomerate departments that could be addressed through pilots with startups. Representatives are asked to describe their top three problems by outlining what each problem is, how it is currently managed, what prevents it from being solved, its business impact, and the department's willingness to commit to a pilot for solutions. Providing this information will help the SEA OIC craft targeted problem statements and arrange pilots between interested departments and suitable startups.
Larta commercialization and case studies Bucharest& BrasovRICAP
This document discusses commercialization of innovations and provides examples from RICAP case studies. It makes the following key points:
1) Commercialization is a long process that requires understanding business prospects rather than just the technology. It engages many stakeholders through communication.
2) Innovations often need to "pivot" and be flexible to understand customer needs and how they fit with existing options.
3) Lessons from RICAP case studies indicate the importance of identifying customer problems, solutions, and competition to have realistic expectations and focus on why customers would buy. The "cool factor" of innovations is important but not sufficient.
4) RICAP focuses on innovations in IT, life sciences,
1) The document discusses challenges with commercializing university research and proposes a new approach using design thinking and lean startup methods.
2) Current commercialization success rates are low because research is not designed with commercialization in mind and researchers lack entrepreneurial skills.
3) The proposed approach would apply design thinking to iterate from technologies to applicable customer needs and business models in order to increase commercialization success rates. It focuses on recognizing customer jobs that could provide competitive advantage.
The document discusses the importance of commercializing university research and working with industry partners. It notes that there is an increasing focus on commercialization in grant applications. It also discusses the need to understand the difference between incremental and disruptive innovation. Finally, it lists several ways that universities can help in preparing technologies to be adopted, such as by helping to find industry partners, do customer research, and provide funding and IP guidance to get technologies from the lab to market.
This presentation discusses technology entrepreneurship and its relevance for engineering students. It defines technology entrepreneurship as applying existing technologies in innovative ways to meet unmet market needs. The biggest challenges for technology entrepreneurs are learning business skills and dealing with stakeholders. Critical factors for venture success include market adoption, potential, and barriers to entry. The presentation suggests students consider commercializing design projects and outlines resources for learning more about entrepreneurship.
This document discusses Sberbank's approach to deploying innovative technologies. It outlines Sberbank's technology innovation strategy, activities, and management model. The strategy involves monitoring technology trends, exploring new ideas through pilots, and demonstrating potential solutions. Sberbank manages a portfolio of innovation projects and assesses their maturity, value gaps, and alignment with strategic initiatives. The document provides templates for tracking innovation projects and managing the project portfolio. It also discusses potential derailment factors for technology innovation efforts.
This document discusses Sberbank's approach to deploying innovative technologies. It outlines Sberbank's technology innovation strategy, activities, and management model. The strategy involves monitoring technology trends, exploring new ideas through pilots, and demonstrating potential solutions. Sberbank manages a portfolio of innovation projects and assesses their maturity, value gaps, and alignment with strategic initiatives. The document provides templates for tracking innovation projects and managing the project portfolio. It also discusses potential derailment factors for technology innovation efforts.
The document summarizes common reasons why entrepreneurs fail, including lack of proper planning, inadequate financial or marketing strategies, production problems, and failure to adapt to changes. It also discusses administrative issues like poor management, labor problems, and lack of technical skills. The conclusion emphasizes that failure provides learning opportunities and success depends on applying lessons from past failures to avoid common pitfalls within an entrepreneur's control.
How to Reduce the Risk of New Technology Commercialization FailureIntelCollab.com
The document discusses a webinar on reducing the risk of new technology commercialization failures. It provides biographies of the speakers, Clay Phillips and Arik Johnson. The webinar will cover lean innovation and intelligence methods. Lean innovation involves customer discovery, hypothesis testing with minimal viable products, and pivoting based on validation of the business model and product-market fit. Two case studies will be discussed: a flow battery technology startup and applying habits for a large healthcare provider. The document encourages participants to ask questions during the webinar.
https://www.facebook.com/handicorp
HandICorp contracts inventors across different fields and transforms their creations into new products for the industry based on global consumer opinions with the help of online and offline services to let:
- Consumers voice their pain points.
- Industries seek their future products.
- Inventors monetize their unique creations.
Yulia Smotrova - Running experiments like a pro in a corporate environmentLean Startup Summit EMEA
The document outlines 5 tactics for experimenting in a corporate environment:
1. Run many small experiments in parallel teams to test ideas quickly.
2. Focus each experiment on testing a single hypothesis about customer problems or solutions.
3. Begin experiments by engaging customers to understand their needs and test potential solutions.
4. Gather enough data through customer interviews or other tests to determine if hypotheses are supported statistically.
5. Leverage all available corporate resources like marketing, IT, purchasing to conduct experiments at low cost and with real customers.
Product Management Is Really Innovation ManagementTom Grant
No list of tasks or responsibilities captures the essence of product management. As companies grapple with the challenges with innovation, they have realized that the product manager is really the shepherd of innovation. The essential role of product management, therefore, starts with the generation of ideas, and does not end until customers adopt these ideas, and the company has assessed the assumptions and strategies for every part of the innovation process.
Beyond Agile – Preparing for DigitalizationJutta Eckstein
The digitalization calls for rapid organizational flexibility and adaptability. This has an impact on all dimensions of a company: its strategy, structure, and the processes. Agile will help implementing some of this flexibility and adaptability yet mainly in terms of processes. Thus, the digital transformation needs companies to change beyond Agile. Beyond Budgeting, Open Space, and Sociocracy provide the missing links for a company to fully embrace digitalization. The combination of these concepts enables a company not only to survive but also to thrive (digital) disruptions.
Differing Approaches to Industry-University Engagementegiegerich
Differing Approaches to Industry-University Engagement -- A Panel Introduction and Presentation at the University Industry Demonstration Partnership meeting, December 2-4, 2008, at National Academy of Sciences, Washington, DC
Organisations keep on sending project personnel to different training and education programs. Methodologies evolve and tools improve, but project performance keeps the same. There seem to be invisible obstacles on the way to success. In his speech Tapsa speculates with the possibility that it might be the management that should be trained and working habits changed. The speech includes topics like steering committee is under utilised resource, are right things measured?, why communication efforts don’t make an impact and why bold targets get diluted over the course of project execution.
State of Product Management & Your Career 2015 - ProductCampTodd Middlebrook
This document summarizes the results of the 15th Annual Product Management and Marketing Survey conducted by Pragmatic Marketing. The survey was completed by 1,300 product management and marketing professionals between November and December 2014. Key findings include that over 90% of respondents were somewhat or very technical, over 60% were male, and over 40% had a Master's degree. The survey also found that product managers spend varying amounts of time on different activities, with higher salaries associated with more time spent on strategic activities and customer discovery.
The document discusses the challenges facing agribusiness ventures, including issues with logistics, over-regulation, lack of technology and infrastructure. It suggests possible solutions such as business model innovation, end-to-end value chain management, focusing on controllable factors, innovating processes and technology, and having a customer product focus. Additionally, it notes that agribusiness requires long term commitment, more funding than planned, and passion to succeed.
This document discusses the development of intravascular medical device coatings to promote vascular healing. It summarizes interviews conducted with various stakeholders regarding a startup company's drug-coated balloon and stent technology. Based on feedback, the company realized clinicians will require strong clinical trial data for adoption. While the regulatory pathway is challenging, it can be overcome. The interviews also informed pivoting priorities to focus on developing the drug-coated balloon first due to its shorter regulatory timeline and larger market opportunity. Going forward, the company will pursue partnerships and continue developing their technology and business model.
What challenges does a company face in developing new products and services.pptxSameer Mathur
The document discusses the challenges of developing new products and services. It notes that fewer than 10% of new products are truly innovative. Developing new products presents high technological uncertainty, fierce competition, and high investment risks. It provides an example of how Gore overcame these challenges by involving customers early, giving employees flexibility to choose projects, and judging ideas based on feasibility, competitiveness, and profitability. The document also discusses reasons for new product failure, including poor advertising and wrong timing.
There are many models for engaging in corporate venturing and innovation. But how can we expand the models we think of when we think of "strategic partnerships"? And what practices can we engage in so these initiatives aren't conducted as isolated engagements but as ones that can centrally influence the business? Drawing on lessons learned and experiences from PARC today, CEO Steve Hoover will share cases and specific innovation practices we can engage in, particularly for moving ideation to impact, optimizing for timing especially under uncertainty, and for influencing the entire organization.
PARC presented this talk during the "Innovation Storytelling: Nurturing The Seeds of Innovation, Case Study Illustrations" segment at the IBF Corporate Venturing and Innovation Partnering conference on February 7, 2012.
Attended by corporate investors, new business development executives, venture capitalists, private equity investors, mergers & acquisition executives, institutional investors, technology transfer experts, licensing executives, investment bankers, corporate counsel, as well as CTOs, CIOs, CEOs and CFOs of emerging growth companies, this annual International Business Forum event shares strategies to gain a competitive advantage through corporate venturing and innovation initiatives. Over two days, attendees will have an opportunity to share B2B alliance models, investment approaches, strategies to capture technology innovation from external sources, and insights on ways to enhance their corporate venturing initiatives.
The Southeast Asia Open Innovation Challenge (SEA OIC) brings together conglomerates and startups to collaborate on solutions. This questionnaire aims to identify problems within conglomerate departments that could be addressed through pilots with startups. Representatives are asked to describe their top three problems by outlining what each problem is, how it is currently managed, what prevents it from being solved, its business impact, and the department's willingness to commit to a pilot for solutions. Providing this information will help the SEA OIC craft targeted problem statements and arrange pilots between interested departments and suitable startups.
Larta commercialization and case studies Bucharest& BrasovRICAP
This document discusses commercialization of innovations and provides examples from RICAP case studies. It makes the following key points:
1) Commercialization is a long process that requires understanding business prospects rather than just the technology. It engages many stakeholders through communication.
2) Innovations often need to "pivot" and be flexible to understand customer needs and how they fit with existing options.
3) Lessons from RICAP case studies indicate the importance of identifying customer problems, solutions, and competition to have realistic expectations and focus on why customers would buy. The "cool factor" of innovations is important but not sufficient.
4) RICAP focuses on innovations in IT, life sciences,
1) The document discusses challenges with commercializing university research and proposes a new approach using design thinking and lean startup methods.
2) Current commercialization success rates are low because research is not designed with commercialization in mind and researchers lack entrepreneurial skills.
3) The proposed approach would apply design thinking to iterate from technologies to applicable customer needs and business models in order to increase commercialization success rates. It focuses on recognizing customer jobs that could provide competitive advantage.
The document discusses the importance of commercializing university research and working with industry partners. It notes that there is an increasing focus on commercialization in grant applications. It also discusses the need to understand the difference between incremental and disruptive innovation. Finally, it lists several ways that universities can help in preparing technologies to be adopted, such as by helping to find industry partners, do customer research, and provide funding and IP guidance to get technologies from the lab to market.
This presentation discusses technology entrepreneurship and its relevance for engineering students. It defines technology entrepreneurship as applying existing technologies in innovative ways to meet unmet market needs. The biggest challenges for technology entrepreneurs are learning business skills and dealing with stakeholders. Critical factors for venture success include market adoption, potential, and barriers to entry. The presentation suggests students consider commercializing design projects and outlines resources for learning more about entrepreneurship.
This document discusses Sberbank's approach to deploying innovative technologies. It outlines Sberbank's technology innovation strategy, activities, and management model. The strategy involves monitoring technology trends, exploring new ideas through pilots, and demonstrating potential solutions. Sberbank manages a portfolio of innovation projects and assesses their maturity, value gaps, and alignment with strategic initiatives. The document provides templates for tracking innovation projects and managing the project portfolio. It also discusses potential derailment factors for technology innovation efforts.
This document discusses Sberbank's approach to deploying innovative technologies. It outlines Sberbank's technology innovation strategy, activities, and management model. The strategy involves monitoring technology trends, exploring new ideas through pilots, and demonstrating potential solutions. Sberbank manages a portfolio of innovation projects and assesses their maturity, value gaps, and alignment with strategic initiatives. The document provides templates for tracking innovation projects and managing the project portfolio. It also discusses potential derailment factors for technology innovation efforts.
The document summarizes common reasons why entrepreneurs fail, including lack of proper planning, inadequate financial or marketing strategies, production problems, and failure to adapt to changes. It also discusses administrative issues like poor management, labor problems, and lack of technical skills. The conclusion emphasizes that failure provides learning opportunities and success depends on applying lessons from past failures to avoid common pitfalls within an entrepreneur's control.
How to Reduce the Risk of New Technology Commercialization FailureIntelCollab.com
The document discusses a webinar on reducing the risk of new technology commercialization failures. It provides biographies of the speakers, Clay Phillips and Arik Johnson. The webinar will cover lean innovation and intelligence methods. Lean innovation involves customer discovery, hypothesis testing with minimal viable products, and pivoting based on validation of the business model and product-market fit. Two case studies will be discussed: a flow battery technology startup and applying habits for a large healthcare provider. The document encourages participants to ask questions during the webinar.
The document provides information about an optional briefing for applicants in London on May 19th regarding technology strategy board competitions. It discusses the competition process, criteria, and funding rules. Key points covered include understanding competition scope and objectives, the application and review process, criteria across business proposition, project details, and value add sections, and financial commitment and funding thresholds.
Open Innovation: Evolution of research at Cambridge University Engineering De...Tim Minshall
Talk given at Tsinghua University, Beijing, by Dr Tim Minshall and Dr Letizia Mortara on 18th June 2013. The event was organised as part of the EC-HVEN project (www.birmingham.ac.uk/hven) and Open Innovation Research Forum.
The document provides information about upcoming Technology Strategy Board competitions on Metadata Production Tools and Collaborating Across Digital Industries 2. It outlines the agenda for a briefing on the competitions, including an introduction to the Technology Strategy Board, application criteria, competition scopes, and a Q&A session. Attendees will learn about the competition processes, criteria, timelines and deadlines to effectively apply. The briefing aims to help applicants understand the objectives and requirements to submit competitive proposals that are well aligned with the competitions' goals of driving business innovation through technology.
Why do I need a business development managerv11 12829986305757 Phpapp01natchap
The document discusses the value that a Business Development Manager (BDM) can provide to an organization, especially when working closely with technical specialists. It outlines the role of a BDM in activities like market research, sales, and developing business strategies. Three case studies show how utilizing a BDM effectively helped commercialize software, grow a business, and avoid lost opportunities. The conclusion emphasizes that BDMs and technical specialists need to understand each other's expertise and work collaboratively to realize a product or service's full market potential.
Intelligence Data Services is a leading software development company based in the USA, renowned for its cutting-edge solutions and innovative approach. With a strong commitment to excellence, the company specializes in creating bespoke software applications tailored to meet the unique needs of its clients. Leveraging state-of-the-art technologies and a team of highly skilled professionals, Intelligence Data Services delivers high-quality, scalable, and secure software solutions across various industries. Their customer-centric approach and dedication to staying ahead of industry trends make them a preferred choice for organizations seeking top-notch software development services in the United States.
The document discusses perspectives for new technology companies from an established company. It outlines that new companies should have a clear long-term vision, use technology platforms to drive growth, follow a new product introduction process, and focus on core growth opportunities while minimizing risks. It also emphasizes developing an understanding of customer needs, regulatory requirements, and identifying any gaps to improve the probability of commercial success.
Oracle - How to take control of Product and Service Innovation guide.PDFFrancois Thierart
This document discusses best practices for structured product innovation management. It notes that while innovation is critical for growth, many companies struggle with ineffective processes that result in poor returns on innovation investments. It recommends that companies implement a connected, data-centric approach with digital tools to manage the entire innovation pipeline from idea generation through development and commercialization. This will allow companies to systematically capture and select the right ideas, build business cases, and create a balanced portfolio aligned with strategy. The document outlines five key steps top innovators take including managing ideas from diverse sources, developing requirements, managing concepts and resources, creating investment proposals, and optimizing the portfolio.
1) Technology can impact businesses by enabling new business models or changing existing ones. It allows companies to organize their activities and generate revenue differently.
2) Companies must assess whether technology presents an opportunity or threat to their competitive position. It may allow some businesses to gain an advantage while threatening others.
3) When developing new technologies, companies can choose between in-house development, alliances, or acquisitions, with each approach having different risks and requirements.
Outcome Engineering 101: Five Guidelines to Delivering Products that Create I...Cognizant
Outcome engineering is a creative process that marries technological perspective with design thinking to ensure products deliver desired business outcomes. The document provides 5 guidelines for outcome-oriented product development: 1) Reframe how designers and engineers work together from the start, 2) Make innovation practical through user empathy, 3) Iteratively improve products through small changes, 4) Validate ideas quickly with prototyping, and 5) Motivate teams through gamification by tying rewards to impact. The goal is to anticipate customer needs, bring out the best in design and technology, and continually refine products through testing to gain a competitive edge.
Want to Become a Great Innovator? Here are some of the Innovation Mistakes that you canu2019t Afford to Make!
To know more details, visit us at : https://mitidinnovation.com/recreation/innovation-mistakes-that-you-cant-afford-to-make/
World Innovation Forum Survey Full Details FinalDianne
The document discusses a survey on innovation conducted by Capgemini. Some key findings:
- Innovation leaders (over 75% success rate) significantly outperform the market financially over 5 years.
- Most companies continued innovating during the recession, with leaders using it as a transformation opportunity.
- Successful innovation is customer-focused, intentional, and creates value.
- Day-to-day business demands are the top barrier to breakthrough innovation.
- Innovation leaders engage employees at all levels and take advantage of external partners and customers more than others.
- Having executive commitment to innovation and aligning innovation with strategic vision correlates with success.
Leadership Keynote - Highly Effective IT organizationsCraig W. Ethridge
Around 2001, I had the privilege to be part of a great company and leadership team. From this team, we created a 'charter of principles', or foundational commitments that remained constant to our success - while methodologies and technologies continuously changed.
Since that time, I've shaped these Principles into my personal compass, allowing me to navigate and successfully lead teams through the ever turbulent and exciting technology waters that sustain innovation.
Adopting Applied Innovation to Achieve Competitive AdvantageCapgemini
The document discusses Capgemini's approach to applied innovation and its partnership with Oracle. Capgemini helps clients embrace applied innovation through discovery of market disruptions and innovations, contextualizing ideas to their business, deploying innovations quickly on a global scale, and sustaining innovation application. Capgemini's methodology combines its innovation assets and partners to develop prototypes addressing client needs, with some solutions already 80% built. The partnership with Oracle leverages both companies' technologies and expertise to quickly deliver solutions through Capgemini's applied innovation approach.
This document provides an overview of prototyping and storyboarding. It discusses the importance of prototyping in the design thinking process as a way to test ideas quickly and improve upon them. Both low-fidelity and high-fidelity prototyping are described, as well as different types of prototypes like sketches, physical models, role playing, and storyboards. Guidelines for effective prototyping emphasize starting quickly, focusing on the testing goal, and keeping the user in mind. Storyboarding is presented as a way to visualize and guide users through experiences to better understand needs.
Evaluates technical feasibility and
Adoption Blockers:
• Economic Blocker - Sees no ROI or too risky
• Political Blocker - Threatened by change
• Process Blocker - Disrupts existing processes
• Values Blocker - Conflicts with personal values
Adoption Approvers:
• Economic Approver - Sees ROI
• Visionary - Values innovation
• Process Approver - Supports process change
investment
- Evaluates technical risks and
complexity
• Process Champion - Drives process change
• Economic Champion - Drives ROI case
• Values Champion - Drives cultural acceptance
- Evaluates legal/compliance risks
• Legal
Starting a business is challenging and full of risks. Many new ventures fail for reasons outside of the founder's control like broader economic conditions or an unanticipated disruption in the industry. While failure is difficult, entrepreneurs who are resilient and learn from mistakes are often able to recover and succeed with future business ideas.
This document provides an overview of the Future Agenda project exploring the future value of data. The project will examine how data itself will be valued over the next decade through a collaborative, global approach. Workshops will be held in multiple locations to identify opportunities and implications. The project aims to challenge assumptions, understand constraints, and share diverse views on the key drivers of change. Insights will inform a global synthesis report on priority opportunities regarding how data will create value in the future.
This document discusses technology entrepreneurship and common myths. It begins with an overview of the speaker's background teaching technology commercialization and entrepreneurship. It then discusses why technology entrepreneurship is important and how experiential learning is key. The speaker notes that universities did not understand how to manage technology ventures or commercialize research. The document outlines common myths around entrepreneurship, such as the idea that it starts with a great idea or that entrepreneurs are risk takers. It emphasizes the importance of design thinking and linking it to venture creation.
The document discusses improving innovation capability. It identifies common barriers to innovation as not understanding innovation, designing organizations to stifle it, and stopping what used to work. The discussion focuses on measuring an organization's innovation quotient using factors like strategy, culture, processes, resources, and relationships. A behavioral trust framework is introduced to build relationships and encourage collaboration, knowledge sharing, risk-taking, and communication to improve innovation culture. Organizational ambidexterity is needed to balance performance and innovation.
This document provides guidance for those starting a journey and outlines what to expect and prepare for. It discusses exploring without end to continually learn and grow, and living life looking forward while learning lessons looking backward. The document also recommends focusing on making meaning over money. It notes the three stages of startups as ideation, validation, and actuation, and that the journey will involve learning how to navigate obstacles through a "startup slalom."
The document discusses the opportunities and challenges presented by blockchain technology. It describes how blockchain can disrupt existing industries by enabling new levels of performance and facilitating new business models. Blockchain creates a distributed ledger that eliminates duplication, allows secure record keeping, tracks provenance, and more. It also discusses how blockchain reduces costs and creates new revenue opportunities for organizations. The document outlines barriers to innovation adoption and how to develop a compelling value proposition to increase adoption of disruptive technologies like blockchain.
1. Teams developing technology face challenges like being informal, cross-functional with little training, and having outcomes that are not clear.
2. High-performance teams develop a sense of purpose and direction, embrace complementary skills, make consensus-based decisions incorporating different perspectives, and leverage individual strengths.
3. Embracing diversity improves innovation but is more difficult, as different problem-solving styles are needed at each stage and individuals value their own style over others, creating potential conflicts.
1) Barriers to innovation include changing current processes and procedures, modifying management styles, developing new organizational structures, abandoning existing products, and modifying incentives and company culture.
2) Maxwell's three laws of innovation inertia state that organizations naturally resist change, larger organizations require more force to change, and any force applied to an organization generates an equal and opposite reaction force.
3) The innovation quotient measures five factors that determine an organization's ability to innovate: strategy, culture, processes, resources, and relationships. Organizations need both a performance engine to exploit existing capabilities and an innovation engine to explore new opportunities.
This document outlines an agenda and schedule for a two-day workshop on tools and techniques for innovation. Day one covers introductions, goals of innovation, ideation exercises, innovation portfolios, and barriers to innovation. Day two focuses on reviewing exercises, sources of innovation, leadership, implementation, and an concluding exercise. The workshop is led by Dr. Andrew Maxwell and aims to provide frameworks and processes for generating, evaluating, and implementing innovative ideas.
The document outlines the agenda and schedule for Day 2 of a workshop on tools and techniques for innovation. The schedule includes reviewing concepts from Day 1, discussing innovation portfolios, barriers to innovation, sources of innovation, and innovation implementation. Key lessons from the prior week are reviewed, including establishing innovation goals and criteria. Common causes of innovation failure like poor leadership, communication, and understanding customer adoption are examined. The importance of organizational culture and aligning activities to foster innovation over incremental improvement is highlighted.
This document discusses disruption and how to anticipate and manage it. It defines disruption as changes in the marketplace that affect players, interactions, and functions by creating new levels of low-cost and novel solutions. While some changes in business models are difficult to anticipate, changes in technology that enable new levels of performance can be scanned for trends. The document suggests that the most optimal disruptors are new ventures focused on the opportunity without constraints of existing customers. It provides tips for managing innovation risk through mitigation strategies and lean startup approaches, as well as managing an innovation portfolio that assumes most projects will fail.
The document provides information about Lassonde's International Experience Course at the Technion in Israel from May 14 to June 4, 2018. It is a graded, 3-credit course open to undergraduate students from any year interested in entrepreneurship, broadening their cultural exposure, or advanced technologies. The trip includes a bootcamp in Toronto from May 8-12 before traveling to Israel. In Israel, students will spend time in Tel Aviv, Jerusalem, the Dead Sea, and Haifa visiting the Technion campus. Fees for the course are covered but students are responsible for airfare, some tours, and have options for financial support. Security and visa issues are also addressed.
BEST at Lassonde School of Engineering offers a holistic approach to engineering education that integrates entrepreneurship skills and experiences. It addresses the need for engineers to better communicate, problem solve, and understand their societal impact. BEST enhances student learning through hands-on activities that develop creativity, teamwork, and an understanding of technology commercialization. It combines engineering courses with business and law courses, as well as experiential opportunities like co-ops, international programs, and competitions, to prepare students for evolving careers and help them achieve their potential.
Business angels are the second most important source of capital for high-growth ventures. Understanding how business angels make investment decisions is critical for entrepreneurs who want their money. Business angels approach investment opportunities using a boundedly rational approach, where they minimize decision-making effort. They first look at objective venture factors like market size, barriers to entry, and financial viability, then use individual subjective factors to reject opportunities. When assessing risk, business angels examine inherent risk, performance risk, and relationship risk. They also consider the entrepreneur's experience, expertise, and characteristics to assess performance risk, and use behavioral cues to evaluate long-term relationship risk. Business angels also consider the potential exit when making investment decisions.
The document summarizes the Bergeron Entrepreneurs in Science and Technology (BEST) program at Lassonde School of Engineering. BEST takes a holistic approach to engineering education focused on helping students impact society. It provides societal and entrepreneurial skills through experiential learning opportunities, a transcripted certificate, awards and fellowships, industry outreach, and research in technology commercialization and innovation management. BEST aims to prepare engineering students for evolving careers by addressing needs for better communication, problem-solving, and understanding their roles and teamwork.
1. The document outlines the creative problem solving process, which includes conceptualizing the problem, generating ideas, evaluating solutions, and implementing a plan.
2. It provides guidance on each step, such as using the "five whys" technique to understand the root cause of a problem and brainstorming constraints to divergently generate ideas.
3. Examples of solution selection criteria are given, like cost, feasibility, and sustainability, to help choose between potential ideas.
Based of Future Agenda framework, I provide some insights into how specific technologies are likely to disrupt to universities, and explain why the University current business model is flawed.
I explain how disrupting universities will improve student education
This document outlines plans for creating a shared online course in creativity and innovation between two universities. It discusses the motivation, which includes making courses more relevant, embracing online learning, and fostering collaboration. The goals are to develop a platform for co-creation between faculty and deliver high-quality expert content in a flipped classroom model. An example creativity and innovation course is described that uses a structured process to guide students from exploring passions to developing innovative ideas. Modules would include videos, online activities, and in-class exercises. Tools and approaches that could be taught are also listed. The overall aim is to bring thought leadership and best practices together from multiple universities.
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...indexPub
The recent surge in pro-Palestine student activism has prompted significant responses from universities, ranging from negotiations and divestment commitments to increased transparency about investments in companies supporting the war on Gaza. This activism has led to the cessation of student encampments but also highlighted the substantial sacrifices made by students, including academic disruptions and personal risks. The primary drivers of these protests are poor university administration, lack of transparency, and inadequate communication between officials and students. This study examines the profound emotional, psychological, and professional impacts on students engaged in pro-Palestine protests, focusing on Generation Z's (Gen-Z) activism dynamics. This paper explores the significant sacrifices made by these students and even the professors supporting the pro-Palestine movement, with a focus on recent global movements. Through an in-depth analysis of printed and electronic media, the study examines the impacts of these sacrifices on the academic and personal lives of those involved. The paper highlights examples from various universities, demonstrating student activism's long-term and short-term effects, including disciplinary actions, social backlash, and career implications. The researchers also explore the broader implications of student sacrifices. The findings reveal that these sacrifices are driven by a profound commitment to justice and human rights, and are influenced by the increasing availability of information, peer interactions, and personal convictions. The study also discusses the broader implications of this activism, comparing it to historical precedents and assessing its potential to influence policy and public opinion. The emotional and psychological toll on student activists is significant, but their sense of purpose and community support mitigates some of these challenges. However, the researchers call for acknowledging the broader Impact of these sacrifices on the future global movement of FreePalestine.
How Barcodes Can Be Leveraged Within Odoo 17Celine George
In this presentation, we will explore how barcodes can be leveraged within Odoo 17 to streamline our manufacturing processes. We will cover the configuration steps, how to utilize barcodes in different manufacturing scenarios, and the overall benefits of implementing this technology.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
Elevate Your Nonprofit's Online Presence_ A Guide to Effective SEO Strategies...TechSoup
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Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.pptHenry Hollis
The History of NZ 1870-1900.
Making of a Nation.
From the NZ Wars to Liberals,
Richard Seddon, George Grey,
Social Laboratory, New Zealand,
Confiscations, Kotahitanga, Kingitanga, Parliament, Suffrage, Repudiation, Economic Change, Agriculture, Gold Mining, Timber, Flax, Sheep, Dairying,
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
7. 80% of University TTOs
operate at a loss
What is the problem?92% of disruptive innovations
never reach first customer
75% of university TTO
activities focus on licensing
8. Root cause analysis
8. Researchers don’t have required
commercialization expertise
9. Researchers not motivated to achieve commercial
success
10. Research designed to resolve a technical
problem - not commercialization
6. Flawed assumptions about initial customers
and their adoption decisions
7. Flawed assumptions about technology
features and applications
5. Commercialization process only starts
after the research is finished
3. Commercialization is a function undertaken
by TTOs not innovators
4. Incorrect assumptions about the business
model likely to succeed
1. Limited resources to reduce technology
risk before customer adoption
2. Technology design does not sufficiently
consider customer needs
18. “Making your mark on the world is
hard. If it were easy, everybody would
do it. But it's not. It takes patience, it
takes commitment, and it comes with
plenty of failure along the way. The
real test is not whether you avoid this
failure, because you won't. it's
whether you let it harden or shame
you into inaction, or whether you
learn from it.”
Barrack Obama
Reflection
Editor's Notes
Today I would like to talk about innovation and specifically the type of innovation that derives from university research. I want to talk about why it’s important, to explain why we are doing a bad job and why this should be of concern to everyone working in an academic research environment.
I will then share with you my problem finding research and provides insights into solutions that are now being adopted at York and around the world. I will explain how we are gathering information on the effectiveness of this approach, and how the insights we are gathering set up the next phase of this research.
Let me start by talking about why innovation is important, which of course requires me to first define what innovation is….. “Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.” wikipedia
Innovation, as it applies to the commercialization of university research is important for three reasons:Supports research activity
NSERC Discovery grant“NSERC wording -Proposed research program is clearly presented, is extremely original and innovative and is likely to have impact by leading to groundbreaking advances in the area and/or leading to a technology or policy that addresses socioeconomic or environmental needs.” NSERC STRATEGIC Partnership Grants“It is expected that these grants will generate new knowledge/technology with the strong potential to strengthen Canada’s industrial base, generate wealth, create employment and/or influence Canadian public policy”Innovation is important in the research context, as research commercialization or translation) is increasingly a component of the funding process, as funding agencies are under increasing pressure to demonstrate the return on investment from academic research.
Universities are adapting their roll in local communities to become drivers of regional economic activity, jobs, wealth creation and investment. This is in part a response to the financial constraints under which they are operating, and partly due to the increasing importance of innovation in a globally connected knowledge economy, where universities can be viewed as nodes on a global network.
While the single most important role of Universities remains educating undergraduates and creating highly qualified graduates – there is a growing recognition of the importance of creating local employment opportunities. Increasingly in the knowledge economy, companies created by local university graduates, or linked to university research, represent an important component of this community building role. Interestingly, there is increasing recognition that venture creation has a greater positive long-term impact on universities than licensing.
New technologies have an increasingly important role to play in addressing the Grand Challenges for society. Yet, as I will discuss in a minute, most (90%) of new technologies are never adopted by users and simply remain on the lab shelf, or hidden away in academic papers. Given the challenges we face, and the investment made in research which produces limited results, the idea that we have solutions, releasing the underutilized potential of these innovations becomes a moral imperative for society and for academic institutions.
Before discussing the nature of the problem, the challenges we face, and identifying some solutions, it is important to recognize that there are two fundamentally different types of innovation – incremental innovation and disruptive innovation. As the differences between the two highlight some of the false assumptions and challenges associated with technology commercialization.
The difference between incremental innovation, which offer slight improvements in performance over existing technologies, and disruptive innovation, which offer new levels of performance, and often create levels of performance that enable new applications and markets – is the impact each has on how people behave.
Incremental innovation primarily replace an existing technology solution, to offer slightly enhanced features or increased benefits. Most importantly, they require minimal changes in the way the technologies are offered to users, or in how users adopt the new technology.
In contrast, disruptive innovations, are called disruptive because they disrupt the marketplace, creating new products, services, processes and business models – and changing, in fact disrupting, what people and organizations do, and how they behave. It is this focus on behaviours that offers a key insight into the challenges of technology commercialization and the poor success rates – and offers some pointers for my embedded research approach
Evidence of the problem can be seen in three simple pieces of data:- 92% of disruptive innovations that emerge from research never reach a first customer- 80% of university technology transfer offices operate at a loss- 75% of university commercialization activity focuses on licensing
In combination, we can conclude that:- either most research is not suitable for use by customers, or that we do not know how to offer it in a way that attracts users- that university TTOs are not designed or resourced to achieve rates of success that enable them to achieve commercial viability- that there is a disconnect between university licensing activities and the increasing focus on building regional economic activity
This sets up the fundamental problem – what causes this poor performance?
As anyone taking my undergraduate class will know, the most important aspect of creative problem solving is to identify the problem you are trying to address and specifically the root causes of this problem.
In my case, and based on evidence I gathered in three years at the University of Toronto’s Innovation Foundation, and subsequently, I identified ten root causes.
10. Research designed to resolve a technical problem - not commercialization9. Researchers not motivated to achieve commercial success8. Researchers don’t have required commercialization expertise7. Flawed assumptions about technology features and applications6. Flawed assumptions about initial customers and their adoption decisions5. Commercialization process only starts after the research is finished4. Incorrect assumptions about the business model likely to succeed3. Commercialization is a function under taken by TTOs not innovators2. Technology design does not sufficiently consider customer needs1. Limited resources to reduce technology risk before customer
Before explaining Tech-Connect our Technology Driven – Customer Centric Approach, it is worth explaining why other approaches to this challenge are less than effective. Specifically, most of these approaches, often characterised as Lean StartUp or Design Thinking. Each of these approach is called a customer centric approach, designed to help you better understand the customer and anticipate the customer needs. Why this provides a great driver from a business perspective, it ignores a fundamental issue, that better understanding customer needs does not automatically put you in the best position to address them. This explains why our approach always starts from the technology, and either the development of a proprietary technology, or an enhanced understanding of the application of a new technology, that creates a competitive advantage. Embedding competitive advantage into your technology business gives you the competitive advantage that you will likely need for commercial success. Only after you have understood this and identified the jobs your novel technology can do, can you use a design thinking approach to better understand the user/customer and anticipate how they are likely to behave.
Our approach, designed to be deployed in parallel with the technology development process, provides a series of interventions, or stages, asking fundamental questions about the technology at each stage. Based on the answers to these questions, the innovator can decide to continue on to the next stage of the process, kill the project or pivot. Pivoting usually involves: changing the application, changing the form of the technology, or changing the business model. I will explain three of the challenge stages to help explain why each involves a potential pivot:
In general – innovators assume a specific application for their technology, without considering other technology applications. For example, LED lights were originally designed to save energy, but their long-life, and IP controllability, allowed them to be installed on the outside of buildings for decoration. This moved the product from a replacement product for existing bulbs (with a much less frequent replacement time) to create new markets – where the technology can be used to fulfil a different job. Attacking this external building market requires a fundamental difference approach to marketing replacement high-efficiency bulbs. This is important – as in the case of disruptive technologies, a first user will be more motivated to adopted, when there are no direct alternatives
We define the value proposition of a new technology as the motivation for a user to adopt the new technology, based on assessing the sum of all the benefits adopting that technology (financial, security, reliability and emotional benefits) minus all of the costs associated with adoption (costs, risk, ….). Importantly, as most of us are unwilling to change behaviours – due to innovation inertia – adoption by a user requires a compelling value proposition that makes the adoption decision easy, it must also offer more value than the other innovation projects the user is currently considering.
The third step I want to mention, is the idea that trying an innovative solution in a large organization is a lot more complex than persuading a single user. In fact, as we know from strategic selling, there are multiple stakeholders who may influence the adoption decision. We often forget impact that financial person can have on a purchase decision, or the influence of health and safety on the decision to adopt a new piece of equipment. Analyzing each of the stakeholders, and identifying their barriers to adoption, might suggest alternate business models that would be more likely to be successful. For example, concerns about the reputational risk of trying a new technology might be addressed by purchasing the technology through a partner, while reliability concerns might be addressed by a try-before you-buy approach. Overcoming barriers to adoption, can often be addressed by an alternate business model, which can mean that the technology itself has to be modified.
While technology commercialization in general is important, technology entrepreneurship plays a special role, and has a multiplier effect on local economies for five reasons:
It happens close to academic institutions linking to community engagement
It creates local jobs (directly and indirectly) Indirectly in that most technology ventures access the local eco-system for technology ventures – they also use local services and resources (this is called the multiplier effect)
It creates opportunities for co-op positions and full time employment
It creates opportunities for collaborative research
It fosters regional wealth creation (both directly through jobs and value creation) and indirectly (through equity growth and investment)
Academic institutions are not the right environment to manage the entrepreneurial process, and in many cases university intervention stifles entrepreneurship (and sometime technology commercialization)
This is partly due to the need to make decisions between which projects to back, and to take risks in terms of making investments. In addition venture portfolios require fast failure – an issue which is challenging in an academic environment. Finally the skill sets to successfully launch new ventures is not usually found in an academic environment And if it is – it does not usually stay in that environment for long.