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Simplifying your path to marketDeveloped to simplify and demystify the commercialisation process
& guide inventors in the early stages of commercialisation.
© Inner Maven P ty L td 2011www.innermaven.com
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
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• 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
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• 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
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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.
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• 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
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For a confidential discussion on how to best approach your commercialisation activities, contact Inner Maven at [email protected]
• 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
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For a confidential discussion on how to best approach your commercialisation activities, contact Inner Maven at [email protected]
Examples of successCoco ResearchSonoplex 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 LtdCxBladder
• 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 [email protected]
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?
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For a confidential discussion on the commercial viability of your idea, contact us at www.innermaven.com
Market & Competitor IntelligenceBefore 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.
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For information on how to conduct and manage your market and competitor intelligence, contact us at [email protected]
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
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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: Identify and put in place the right commercialisation structure early.
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For a confidential discussion on the best “go to market” strategy and for detailed information on the advantages & disadvantages of key strategies contact [email protected]
• 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
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Protect the IdeaOnce 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 recommendedpatent attorney – ask for referrals.
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• 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
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For a confidential discussion on how to develop your idea and achieve the greatest market impact with your brand, contact us at [email protected]
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 [email protected]
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• 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
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On how to compile and present targeted business and marketing packs, and how to identify and approach your market contact us at [email protected]
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.
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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 [email protected]
• 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
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For assistance and guidance on how to prepare and approach the investor market contact us at [email protected]
• 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 [email protected]
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• 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 [email protected]
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Ongoing Relationship Development
For more information on our mentoring services and for a confidential discussion on how we can help you, contact [email protected]
• 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.
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Inner Maven
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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
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© Inner Maven P ty L td 2011www.innermaven.com
Start your path to successful commercialisation of your technology today.
Contact us now to discuss your path to market
