The Research Group
Academic research groups developing new and innovative technology are often unsure of how to realise their innovation in the marketplace. With so many considerations needed for the best chance of commercial success, the process of setting up a science business can be a challenging and intimidating step. This proved to be the case for a research group with a patented technology that came to us looking for advice on whether to incorporate.
The researchers approached us seeking recommendations on how to best navigate the transition from an academic setting to commercial venture, and whether this journey was right for themselves and their technology. They were looking for clarity as to the market need for such a technology, and how far to take development themselves.
We started with an assessment of the technology to generate an understanding of potential applications considering its current development level and capacity for further R&D. We identified fundamental markets and wider commercial applications to pinpoint possible customers for the technology in its current state. We spoke with key experts in the identified industries and verified that there was a customer need for such a technology; however, some fundamental functionality would require further development.
We advised the group to produce a pilot run of units and embed these within target industries as research instruments, sold at cost, to gain further insight into customer requirements. Keeping with the academic momentum of the technology, we recommended continuing to pursue high-profile journal publications, and developed a simplified landing page for those interested in connecting with the researchers for collaboration, both industrial and academic. After devising the instruments upon which to test the markets, we detailed a roadmap for incorporating the business; highlighting key resources, funding avenues, and personnel required.
Since last we spoke, the group is looking to incorporate a business shortly based upon the model we helped develop with them. We are looking forward to seeing their technology deployed within the market place and will help to support them as their venture grows.