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Technology Commercialisation - Inner Maven
- 1. Simplifying your path to market Developed to simplify and demystify the commercialisation process & guide inventors in the early stages of commercialisation. © InnerMavenPty Ltd2011 www.innermaven.com
- 2. We believe: • That technologies help save and improve lives. • Many of the greatest medical technologies are still under development today. We care: • About delivering these new technologies to market. • Achieving the best results possible within reasonable timeframes. • Making your journey as enjoyable and successful as possible. 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 particular field, who seeks to pass knowledge onto others. Introduction © InnerMavenPty Ltd2011 www.innermaven.com 2
- 3. • Inner Maven was established by Dr. Anabela Correia in 2009. • Anabela holds a PhD in Medicine and has over 15 years experience in managing and growing asset portfolios. • She has been involved in raising over $100 million in government and private funding. Importantly Anabela is passionate about working with inventors in delivering new technologies to market. Introduction © InnerMavenPty Ltd2011 www.innermaven.com 3
- 4. • We have > 40 years combined experience in managing and commercialising technologies. • We work closely with inventors and organisations in developing and implementing the best go-to-market strategy for your company or technology. • We understand and have managed solutions to the diverse & technical issues facing inventors today on their path to commercialisation. Introduction © InnerMavenPty Ltd2011 www.innermaven.com 4
- 5. Developing Your Ideas • We all have ideas. Some of them have a strong market need and the potential to make a difference. • Developing and commercialising the right ideas can create significant wealth.... However few ideas become truly profitable business opportunities. • Getting to the next step and understanding what to do is not always simple or obvious. Inner Maven specialises in mentoring and guiding entrepreneurs along the path to successful commercialisation. © InnerMavenPty Ltd2011 www.innermaven.com 5
- 6. • Commercialisation is the process of driving a technology or idea to market. It is how you turn your idea into dollars. • The path to successful commercialisation is almost never straight forward or simple. • The world is screaming for new and improved products that add value, all you need is the right support system. What is Commercialisation 6 © InnerMavenPty Ltd2011 www.innermaven.com For a confidential discussion on how to best approach your commercialisation activities, contact Inner Maven at anabela@innermaven.com
- 7. • The best & most creative ideas pay and are well worth progressing. If you believe you have a brilliant or new idea, then Inner Maven can guide you along your best path to commercialisation. • The following pack provides an overview of the key aspects involved in commercialisation. Commercialisation Starter Pack 7 © InnerMavenPty Ltd2011 www.innermaven.com For a confidential discussion on how to best approach your commercialisation activities, contact Inner Maven at anabela@innermaven.com
- 8. Examples of success Coco Research Sonoplex needle Inner Maven worked with an Australian anesthetist to identify suitable licensing partners and managed the license negotiations on behalf of the inventor. • The negotiations were completed and an agreement executed within 4 months. • The anaesthetist is continuing to collect royalties today and the product has undergone 2nd generation development and market sales. Pacific Edge Pty Ltd CxBladder • Inner Maven worked with a publically listed international client to identify strategic partners for a non-invasive cancer diagnostic. • The product was successfully licensed to a major pathology provider. • Inner Maven is currently managing Australian activities including; sales, marketing, R&D Tax Credit, clinical trails and business development. For a confidential discussion on how to best approach your commercialisation activities, contact Inner Maven at anabela@innermaven.com
- 9. A valuable idea may: • Be useful • Address a market need • Be original & unique • Generate a commercial return • Provide an improvement to an existing product or service • Be easy to understand (to those in the field) • Often leave others saying ... “why didn’t I think of that” TIP: Keep an Inventor Diary & well documented company and technology records. What makes an idea valuable? 9 © InnerMavenPty Ltd2011 www.innermaven.com For a confidential discussion on the commercial viability of your idea, contact us at www.innermaven.com
- 10. Market & Competitor Intelligence Before entering any market it is best to know what similar products or services already exist. Armed with this valuable information you can then start to position your product more competitively. • How is your product better than others. • What are its key features and benefits. • Can it be manufactured to a higher standard. • Is there a strong market need for your product. 10 © InnerMavenPty Ltd2011 www.innermaven.com For information on how to conduct and manage your market and competitor intelligence, contact us at anabela@innermaven.com
- 11. Every product starts with an idea; however developing that idea to a fully functioning, marketable prototype takes time, money, and input from a few experts along the way. A prototype or at least sketches of your idea will be useful in communicating your idea to a developer, investor and/ or patent attorney. Possess the Idea 11 © InnerMavenPty Ltd2011 www.innermaven.com TIP: Keep organised records together with your Technology Development Diary.
- 12. 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: Go to Market Strategy • Licensing • Joint Venture • Partnership • Spin-out company • Start up company TIP: Identify and put in place the right commercialisation structure early. 12 © InnerMavenPty Ltd2011 www.innermaven.com For a confidential discussion on the best “go to market” strategy and for detailed information on the advantages & disadvantages of key strategies contact anabela@innermaven.com
- 13. • Often it will be best to form a company which will act as the commercialisation vehicle for your technology/idea – but this may not always be the case. • Know who or what entity will own any Intellectual Property. • Know who will be involved in the company & their obligations. • Assemble the best team you can. Get your affairs in order 13 © InnerMavenPty Ltd2011 www.innermaven.com
- 14. 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 protection methods include: • Patents • Trademarks • Copyright • Trade-secrets • Confidential Information TIP: Align yourself closely with a recommended patent attorney – ask for referrals. 14 © InnerMavenPty Ltd2011 www.innermaven.com
- 15. • Build your identity early- Identifying and developing your brand early will save you a lot of time and effort in the long run. • Committing to a brand early has the added advantage of keeping you focused on a brand that you can own and develop its identity. TIP: It is useful for entrepreneurs to think about the end goal right from the start; who will you licence to, will you build a franchise model, will your brand be local or global, who will your ideal commercial partner be? Build Your Brand 15 © InnerMavenPty Ltd2011 www.innermaven.com For a confidential discussion on how to develop your idea and achieve the greatest market impact with your brand, contact us at anabela@innermaven.com
- 16. Financial Modelling • Understanding the financial costs and projected revenues required to develop your idea will enable you to build and test assumptions and understand how your technology will work in the market place. • When building your model include all your expenses (current and future) and projected revenue streams for at least the first 5-10 years. For access to tried and tested financial models applied in various commercialisation strategies and for a checklist of what to include in your own financial model contact anabela@innermaven.com 16 © InnerMavenPty Ltd2011 www.innermaven.com
- 17. • Keep it simple to start with – it is more important to get it done. • A Business Plan should be a living document which evolves over time as you research your market, your IP position and understand your financial and market entry requirements. TIP: Only disclose confidential information under a confidentiality agreement and after you have conducted due diligence on the person or company you are disclosing to. Business Plan & Marketing Pack 17 © InnerMavenPty Ltd2011 www.innermaven.com On how to compile and present targeted business and marketing packs, and how to identify and approach your market contact us at anabela@innermaven.com
- 18. Finance & Resources • Accessing capital from investors has become an increasingly competitive activity. • Depending on your technology or idea and its stage of development, funding is available from many sources including: government, private investors, venture capital etc. • We have expertise in sourcing capital from different sources and has a proven track record and established relationships with many strategic investors. 18 © InnerMavenPty Ltd2011 www.innermaven.com TIP: Finding and securing the right investment takes careful research, good negotiating skills and serious commitment to your technology or idea. For assistance and guidance on how to prepare and approach the investor market contact us at anabela@innermaven.com
- 19. • Consider the advantages and disadvantages of finance sources before making choices as finance decisions are difficult to undo. • Understand the types of investment available and be very selective about who you choose to invest in your business. TIP: 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. Choose the Right Investor 19 © InnerMavenPty Ltd2011 www.innermaven.com For assistance and guidance on how to prepare and approach the investor market contact us at anabela@innermaven.com
- 20. • Regardless of the path you take to market, you will almost certainly enter into a contractual agreement with another party. • Become aware of the different types of agreements you may require and when they apply. • We have expertise in managing contracts and a proven track record in negotiation of highly profitable agreements for its clients. TIP: Have your agreement/s reviewed by your legal &/or commercial advisor before signing. Contracts & Negotiation For assistance in approaching and negotiating with third parties or for information negotiation strategies, contact us at anabela@innermaven.com 20 © InnerMavenPty Ltd2011 www.innermaven.com
- 21. • Relationship and people management, together with clear communication are fundamental to a successful outcome. • When getting started you will need to build relationships with professionals such as commercial, legal and technical experts. • As your technology advances through its various stages of development you will need to expand your team to include manufacturers, advisors & licensing partners. Relationship Development For support in assembling your commercialisation team contact anabela@innermaven.com 21 © InnerMavenPty Ltd2011 www.innermaven.com
- 22. Ongoing Relationship Development For more information on our mentoring services and for a confidential discussion on how we can help you, contact anabela@innermaven.com • Once you have negotiated and signed an agreement with a commercial partner and “done the deal” – the relationship (and work) really starts. • The better you manage your commitment from this point, the more successful your relationship and commercial outcomes will become. TIP: After you have poured the champagne do not take a signed contract for granted. 22 © InnerMavenPty Ltd2011 www.innermaven.com
- 23. Inner Maven 24 © InnerMavenPty Ltd2011 www.innermaven.com Inner Maven specialises in the successful delivery of technologies to market and in mentoring and supporting its clients through the commercialisation process. For further information on our products & services and how we can help you commercialise your idea, contact Inner Maven at www.innermaven.com
- 24. 24 25 © InnerMavenPty Ltd2011 www.innermaven.com Start your path to successful commercialisation of your technology today. Contact us now to discuss your path to market anabela@innermaven.com www.innermaven.com
Editor's Notes
- We believe that technologies help save and improve lives. Our greatest medical technologies are still under development today. The Mavens in our community develop these technologies but often need guidance in translating them to commercial outcomes. At Inner Maven we care about delivering these new technologies to market. We work side by side with our clients to develop and create commercial success stories – Which benefit people’s lives.
- Inner Maven was established by Dr. Anabela Correia in 2009. Anabela holds a PhD in Medicine and has over 15 years experience in managing and growing asset portfolios. She has raised tens of millions in government and private funding, and has held senior management positions in public, private and government organisations. Importantly Anabela is passionate about working with inventors in delivering new technologies to market.
- Inner Maven is a technology commercialisation company with > 40 years combined experience in managing and commercialising technologies. We work closely with inventors and organisations in developing and implementing the best go-to-market strategy for your company or technology. We understand and have managed solutions to the diverse & technical issues facing inventors today on their path to commercialisation.
- We all have ideas. Some of them have a strong market need and the potential to make a difference in people’s lives. Developing and commercialising the right ideas can also create significant wealth.... However few ideas become truly profitable business opportunities. Getting to the next step and understanding what to do in order to be successful is not always simple or obvious. Many inventors require access to specialist skills, knowledge and resources to develop and take a product to market. Inner Maven specialises in mentoring and guiding entrepreneurs along the path to successful commercialisation.
- Commercialisation is the process of driving a technology or idea to market. It is how you turn your idea into dollars. The path to successful commercialisation is almost never straight forward or simple. If it was, then we would all be entrepreneurs. With the right support, it may well be worth your effort in commercialising a technology or idea – the world is screaming for new and improved products that add value.
- The best & most creative ideas pay and are well worth progressing. If you believe you have a brilliant or new idea, then Inner Maven can guide you along your best path to Commercialisation. Inner Maven understands commercialisation and has a proven track record in mentoring entrepreneurs and in delivering technologies to market. The following pack provides an overview of the key aspects involved in commercialisation.
- Coco Research Sonoplex needle Inner Maven worked with an Australian anesthetist to identify suitable licensing partners and managed the license negotiations on behalf of the inventor. The negotiations were completed and an agreement for a multi million-dollar license was executed within 4 months. The anaesthetist is continuing to collect royalties today and the product has undergone 2nd generation development and market sales. Pacific Edge Pty Ltd CxBladder Inner Maven worked with a publically listed international client to identify strategic partners for a non-invasive cancer diagnostic. The product was successfully licensed to a major pathology provider. Inner Maven is currently managing the Australian arm of the company, a role that encompasses, financial, sales, marketing, R&D Tax Credit, clinical trails and business development activities.
- A valuable idea may: Be useful Address a market need Be original & unique Generate a commercial return Provide an improvement to an existing product or service Be easy to understand (to those in the field) Often leave others saying ... “why didn’t I think of that” TIP: Keep an Inventor Diary & well documented company and technology records.
- Before entering any market it is best to know what similar products or services already exist. Armed with this valuable information you can then start to position your product more competitively. How is your product better than others. What are its key features and benefits. Can it be manufactured to a higher standard. Is there a strong market need for your product
- Every product starts with an idea; however developing that idea to a fully functioning, marketable prototype takes time, money, and input from a few experts along the way. A prototype or at least sketches of your idea will be useful in communicating your idea to a developer, investor and/ or patent attorney.
- Often it will be best to form a company which will act as the commercialisation vehicle for your technology/idea – but this may not always be the case. Know who or what entity will own any Intellectual Property. Know who will be involved in the company & their obligations. Assemble the best team you can.
- Build your identity early. Not only will identifying and developing your brand early be a valuable exercise, it will save you a lot of time and effort in the long run. Identifying and committing to a brand early has the added advantage of keeping you focused on a brand that you can own and develop its identity. TIP: It is useful for entrepreneurs to think about the end goal right from the start; who will you licence to, will you build a franchise model, will your brand be local or global, who will your ideal commercial partner be?
- Understanding the financial costs and projected revenues required to develop your idea is important. Developing the right financial model will also enable you to build and test assumptions and understand how your technology will work in the market place. When building your model include all your expenses (current and future) and projected revenue streams for at least the first 5-10 years.
- Too many entrepreneurs stop for many months (and sometimes longer) “to write a plan” and lose valuable time. Keep it simple to start with – it is more important to get it done. A Business Plan should be a living document which evolves over time as you research your market, your IP position and understand your financial and market entry requirements. TIP: Only disclose confidential information under a confidentiality agreement and after you have conducted due diligence on the person or company you are disclosing to.
- Accessing capital from investors has become an increasingly competitive activity as investors have become increasingly sophisticated and selective in their investments. Depending on your technology or idea and its stage of development, funding is available from many sources including: government, private investors, venture capital, equity partners etc. Many capital sources exist but finding and securing the right investment takes careful research, good negotiating skills and serious commitment to your technology or idea.
- Each finance source carries advantages and disadvantages. Consider them well before making choices as finance decisions are difficult to undo. Do your homework and understand the types of investment available and be very selective about who you choose to invest in your business. Try to find investors who bring more than cash to the table. Look for supporters who can help you with financial advice, technical assistance, or who can connect you with key customers.
- Regardless of the path you take to market, you will almost certainly enter into a contractual agreement with another party in order to progress your technology towards its commercial outcome. Become aware of the different types of agreements you may require and when they apply. Depending on the type of agreement you are entering into it will be helpful to have your agreement/s reviewed by your legal &/or commercial advisor before signing.
- Relationship and people management, together with clear communication are fundamental skills to a successful and enjoyable commercialisation experience. When getting started you will need to build relationships with many professionals such as commercial, legal and technical experts as well as mentors in order to progress your technology to market. As your technology advances through its various stages of development you will continue to build and expand your team to include manufacturers, international advisors, licensing partners and investors to give a few examples.
- Once you have negotiated and signed an agreement with a commercial partner and “done the deal” – the relationship (and work) really starts. After you have poured the champagne! - Do not take a signed contract for granted. You are now contractually bound to your commercial partner and must fulfil (and ideally exceed) those obligations. Typically the better you manage your commitment from this point, the more successful your relationship and commercial outcomes will become.