The Commercialisation Process – A workshop by NuAge Vision
By Leanne Melbourne
Business is just like warfare
Dr Pete Hotten, Founder of NuAge Vision
On the Monday 8 June 2015, the Partnership hosted a workshop for members of the its Academic Marketplace to explore the knowledge, tools and skills needed to transform research into successful products and services.
The workshop was facilitated by Drs Pete Hotten and Nick Pay, founders of NuAge Vision, and focused on the commercialisation process, including how to recognise opportunities; understand customers, the asset pool and the market; develop a successful business model; and create shareholder value.
During the workshop, Dr Hotten suggested that researchers must ‘look for the low hanging fruit’. What he means is that often, we create a product or service and then need to find a customer to purchase it (a technology push), whereas a technology pull can be more successful. We need to find products or services that are already required by the market and then set about creating them.
Throughout the workshop, NuAge Vision highlighted a number of key points which are crucial for researchers to consider:
- Recognise what you are good at and find experts in other areas – researchers create incredible new products or services but that doesn’t make them the best person to sell them. You also need salesman, lawyers and other experts to help.
- Make use of your Technology Transfer Office – they are there to help guide research and early ideas along the commercialisation process.
- Understand your market – you must know who your customers are, your competition, market drivers and opportunities.
- Start small – sometimes waiting for the big product which will revolutionise the industry isn’t the best way and you are more likely to find commercial success with a product that subtly improves the industry and can be integrated easily into existing products or services.
At the conclusion of the workshop, participants found they had gained new insights into the commercialisation process and motivation to continue on the journey to creating new products and services.
The key to selling your product is to be able to in just one sentence position and capture the space in the customer’s mind where you can exploit
Dr Pete Hotten, Founder of NuAge Vision
Workshop Resources
Slides from the workshop are now available to view:
Presentation Copyright © NuAge Vision 2015
All rights reserved. No part of this presentation may be reproduced, distributed or transmitted in any form without the prior written permission of the author. For permission requests, please contact:
Dr Pete Hotten
Founder, NuAge Vision Ltd
Email: petehotten@nuage-vision.com
Tel: +44 (0) 78032 0122 5832
If you would like to get involved with future workshops and have specific areas that interest you, please contact the Partnership via email at enquiries@paccsresearch.org.uk.
Leanne Melbourne is currently working as an intern for the Partnership for Conflict, Crime and Security Research.
