Regardless of the source – seed, angel, venture capital, corporate or public – money is vital at every step of your journey. The level of need and the type of funding changes throughout the innovation process.
Activities are funded by research councils, grants or from our own pockets.
Investment from various sources and a business that is trading successfully and making a profit.
At every stage of the innovation continuum, people are vital to the idea, its development and its delivery to market. The type and number of people change throughout the process.
Our scientists are good at research, but have limited awareness of commercial business.
Strong senior management team and fully staffed functions at all levels that know how to run a commercial business.
A driving force within the organisation must champion the process or product at every stage to maintain momentum.
Has limited experience of creating and leading a team in a business.
Is a strong, motivational leader with deep experience of running commercial businesses.
Equipment that can be used to assess, prove, scale-up and develop the product or process is essential. It can be too expensive for many companies due to the scale and the associated risk.
Research only, with limited knowledge of the equipment needed for scale-up or production.
Innovation is complete and ready for market; commercial-scale equipment available and in use.
There must be an actual or perceived need for your product or process to ensure continued demand once the product is launched. Sales and market planning will be essential for success.
A belief of market need that our potential product or service might satisfy.
Clearly differentiated product that is successfully marketed; competing on quality, price
Your process, product or service must have a combination of price and value that makes it attractive to customers and consumers. It must meet a need and be seen as having sufficient value that the user is prepared to pay for.
Limited qualitative understanding of the value the product may realise in the market.
Quantified evidence-based value:price analysis for the product supporting profitable business growth.
In order to manufacture your product at scale and deliver it to market, you need a full supply chain that stretches from raw material to finished product.
Work is laboratory based only with early demonstration of final product.
Complete functioning supply chain from feedstock to finished marketed product.
Legislators and regulators have the power to support the adoption of your product – or to prevent its release. They need to be closely involved in your innovation to ensure you are able to sell your process or product.
Rudimentary awareness of legislative and regulatory environment for the product.
All the relevant regulatory and legislative approvals in place and ready for implementation.
Third party recognition is vital for the market to see your proposition as viable.
Published work may have been peer reviewed.
Product endorsed by market experts and independent organisations.
This is a constant need and driver – from the initial discovery or intervention to continuing academic support as you navigate the steps to commercialisation.
We have identified technology that could possibly lead to a new business.
Final product fully specified and process is well defined and optimised; quality and costs are consistent and repeatable.
Protecting the ideas that underpin your process or product is as important as the concept itself. From patents and copyright to registered design and know-how, your intellectual property must be safeguarded.
Knowledge could be registerable IP or outline know-how to protect.
Granted patents, trademarks and/or copyrights which are being commercially exploited.
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