Technology Commercialisation - Inner Maven

Commercialise 101 Developed to simplify and demys1fy the commercialisa1on process

& guide inventors in the early stages of commercialisa1on.

© Inner Maven P ty L td 2011 www.innermaven.com

•  At Inner Maven we believe that technologies help save and improve lives. •  Our greatest medical technologies are s1ll under development today. •  The Mavens in our community develop these technologies but oFen need

guidance in transla1ng them to commercial outcomes. •  At Inner Maven we care about delivering these new technologies to market. •  We work side by side with our clients to develop and create commercial

success stories – Which benefit people’s lives.

A maven is a trusted expert in a par0cular field, who seeks to

pass knowledge onto others.

Introduc1on

© Inner Maven P ty L td 2011 www.innermaven.com 2

•  Inner Maven was established by Dr. Anabela Correia in 2009. •  Anabela completed a PhD in Medicine in 2001 and has 15

years experience in managing and growing asset porPolios. •  She has raised tens of millions in government and private

funding, and has held senior management posi1ons in public, private and government organisa1ons.

•  Importantly Anabela is passionate about working with inventors in delivering new technologies to market.

Introduc1on


•  Inner Maven is a technology commercialisa1on company with > 40 years combined experience in managing and commercialising technologies.

•  We work closely with inventors and organisa1ons in developing and implemen1ng the best go-‐to-‐market strategy for your company or technology.

•  We understand and have managed solu1ons to the diverse & technical issues facing inventors today on their path to commercialisa1on.

Introduc1on


Developing Your Ideas •  We all have ideas. Some of them have a strong

market need and the poten1al to make a difference in people’s lives.

•  Developing and commercialising the right ideas can also create significant wealth.... However few ideas become truly profitable business opportuni1es.

•  Ge[ng to the next step and understanding what to do in order to be successful is not always simple or obvious.

•  Many inventors require access to specialist skills, knowledge and resources to develop and take a product to market.

•  Inner Maven specialises in mentoring and guiding entrepreneurs along the path to successful commercialisa1on.


•  Commercialisa1on is the process of driving a technology or idea to market. It is how you turn your idea into dollars.

•  The path to successful commercialisa1on is almost never straight forward or simple. If it was, then we would all be entrepreneurs.

•  With the right support, it may well be worth your effort in commercialising a technology or idea – the world is screaming for new and improved products that add value.

What is Commercialisa1on

6 © Inner Maven P ty L td 2011 www.innermaven.com

For a confiden0al discussion on how to best approach your commercialisa0on ac0vi0es, contact Inner Maven at www.innermaven.com

•  The best & most crea1ve ideas pay and are well worth progressing. If you believe you have a brilliant or new idea, then Inner Maven can guide you along your best path to Commercialisa1on.

•  Inner Maven understands commercialisa1on and has a proven track record in mentoring entrepreneurs and in delivering technologies to market.

•  The following pack provides an overview of the key aspects involved in commercialisa1on.

Commercialisa1on Starter Pack


For more informa0on and a specific discussion on your commercialisa0on needs contact us at www.innermaven.com

Examples of success Coco Research Sonoplex needle •  Inner Maven worked with an Australian anesthe1st to iden1fy suitable licensing partners and managed the license nego1a1ons on behalf of the inventor. •  The nego1a1ons were completed and an agreement for a mul1 million-‐dollar license was executed within 4 months. •  The anaesthe1st is con1nuing to collect royal1es today and the product has undergone 2nd genera1on development and market sales.

Pacific Edge Pty Ltd CxBladder •  Inner Maven worked with a publically listed interna1onal client to iden1fy strategic partners for a non-‐invasive cancer diagnos1c. •  The product was successfully licensed to a major pathology provider. •  Inner Maven is currently managing the Australian arm of the company, a role that encompasses, financial, sales, marke1ng, R&D Tax Credit, clinical trails and business development ac1vi1es.

A valuable idea may: •  Be useful •  Address a market need •  Be original & unique •  Generate a commercial return •  Provide an improvement to an exis1ng product or service •  Be easy to understand (to those in the field) •  OFen leave others saying ... “why didn’t I think of that” TIP: Keep an Inventor Diary & well documented

company and technology records.

What makes an idea valuable?


For a confiden0al discussion on the commercial viability of your idea, contact us at www.innermaven.com

Market & Compe1tor Intelligence Before entering any market it is best to know what similar products or services already exist. Armed with this valuable informa1on you can then start to posi1on your product more compe11vely. •  How is your product bejer than others. •  What are its key features and benefits. •  Can it be manufactured to a higher standard. •  Is there a strong market need for your product.


For informa0on on how to conduct and manage your market and compe0tor intelligence, contact us at www.innermaven.com

Every product starts with an idea; however developing that idea to a fully func1oning, marketable prototype takes 1me, money, and input from a few experts along the way. A prototype or at least sketches of your idea will be useful in communica1ng your idea to a developer, investor and/ or patent ajorney.

Possess the Idea


TIP: Keep organised records together with your Technology Development Diary.

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: Iden1fy and put in place the right

commercialisa1on structure early.


For a confiden0al discussion on the best “go to market” strategy and for detailed informa0on on the advantages & disadvantages of key strategies contact www.innermaven.com .

•  OFen it will be best to form a company which will act as the commercialisa1on vehicle for your technology/idea – but this may not always be the case.

•  Know who or what en1ty will own any Intellectual Property.

•  Know who will be involved in the company & their obliga1ons.

•  Assemble the best team you can.

Get your affairs in order


Protect the Idea Once you have condensed your idea into something more tangible and determined that your idea is novel and commercial, then in most cases it will be useful to protect your idea. Intellectual Property (IP) can be protected in a number of different ways and in most cases it will be helpful to discuss your IP strategy with a lawyer.

Common IP protec-on methods include:

•  Patents •  Trademarks •  Copyright •  Trade-‐secrets •  Confiden1al Informa1on

TIP: Align yourself closely with a recommended patent ajorney – ask for referrals.


•  Build your iden1ty early. Not only will iden1fying and developing your brand early be a valuable exercise, it will save you a lot of 1me and effort in the long run.

•  Iden1fying and commi[ng to a brand early has the added advantage of keeping you focused on a brand that you can own and develop its iden1ty.

TIP: It is useful for entrepreneurs to think about the end goal

right from the start; who will you licence to, will you build a franchise model, will your brand be local or global, who will your ideal commercial partner be?

Build Your Brand


For a confiden0al discussion on how to develop your idea and achieve the greatest market impact with your brand, contact us at www.innermaven.com.

Financial Modelling

•  Understanding the financial costs and projected revenues required to develop your idea is important.

•  Developing the right financial model will also enable you to build and test assump1ons and understand how your technology will work in the market place.

• When building your model include all your expenses (current and future) and projected revenue streams for at least the first 5-‐10 years.

For access to tried and tested financial models applied in various commercialisa0on strategies and for a checklist of what to include in your own financial model visit www.innermaven.com.


•  Too many entrepreneurs stop for many months (and some1mes longer) “to write a plan” and lose valuable 1me.

•  Keep it simple to start with – it is more important to get it done.

•  A Business Plan should be a living document which evolves over 1me as you research your market, your IP posi1on and understand your financial and market entry requirements.

TIP: Only disclose confiden1al informa1on under a

confiden1ality agreement and aFer you have conducted due diligence on the person or company you are disclosing to.

Business Plan & Marke1ng Pack


On how to compile and present targeted business and marke0ng packs, and how to iden0fy and approach your market contact us www.innermaven.com

Finance & Resources •  Accessing capital from investors has become an

increasingly compe11ve ac1vity as investors have become increasingly sophis1cated and selec1ve in their investments.

•  Depending on your technology or idea and its stage of development, funding is available from many sources including: government, private investors, venture capital, equity partners etc.

•  Many capital sources exist but finding and securing the right investment takes careful research, good nego1a1ng skills and serious commitment to your technology or idea.


Inner Maven has exper0se in sourcing capital from different sources and has a proven track record and established rela0onships with many strategic investors. For assistance and guidance on how to prepare and approach the investor market contact us at www.innermaven.com

•  Each finance source carries advantages and disadvantages. Consider them well before making choices as finance decisions are difficult to undo.

•  Do your homework and understand the types of investment available and be very selec1ve about who you choose to invest in your business.

•  Try to find investors who bring more than cash to the table. Look for supporters who can help you with financial advice, technical assistance, or who can connect you with key customers.

Choose the Right Investor


Inner Maven has exper0se in sourcing capital from different sources and has a proven track record and established rela0onships with many strategic investors. For assistance and guidance on how to prepare and approach the investor market contact us at www.innermaven.com

•  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.

Contracts & Nego1a1on

Inner Maven has exper0se in managing contracts and a proven track record in nego0a0on of highly profitable agreements for its clients. For assistance in approaching and nego0a0ng with third par0es or for informa0on nego0a0on strategies, visit us at www.innermaven.com


•  Rela1onship and people management, together with clear communica1on are fundamental skills to a successful and enjoyable commercialisa1on experience.

•  When ge[ng started you will need to build rela1onships with many professionals such as commercial, legal and technical experts as well as mentors in order to progress your technology to market.

•  As your technology advances through its various stages of development you will con1nue to build and expand your team to include manufacturers, interna1onal advisors, licensing partners and investors to give a few examples.

Rela1onship Development

For support in assembling your commercialisa0on team contact www.innermaven.com


Ongoing Rela1onship Development

Inner Maven provides a mentoring service which supports entrepreneurs through their commercialisa0on ac0vi0es. For more informa0on on our mentoring services and for a confiden0al discussion on how we can help you, visit us at www.innermaven.com

•  Once you have nego1ated and signed an agreement with a commercial partner and “done the deal” – the rela1onship (and work) really starts.

•  AFer you have poured the champagne! -‐ Do not take a signed contract for granted. You are now contractually bound to your commercial partner and must fulfil (and ideally exceed) those obliga1ons.

•  Typically the bejer you manage your commitment from this point, the more successful your rela1onship and commercial outcomes will become.


Inner Maven Services


•  Inner Maven specialises in the successful delivery of technologies to market and in mentoring and suppor1ng its clients through the commercialisa1on process.

•  For further informa1on on our products & services and how we can help you commercialise your idea, contact Inner Maven at www.innermaven.com or [email protected]

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Date post:	14-Jun-2015
Category:	Health & Medicine
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Technology Commercialisation - Inner Maven

Health & Medicine