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Commercialisation Stages
Quick guide to the commercialisation stages |
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Idea Stage
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* It all starts with a concept or germ of an idea
* Totally in the dark about the market, competitors, how to make and sell
* No proof of concept, not sure if it will all work
* Totally unsure as to what to next
Action needed
* Assess the market as to what is there
* Start the search for possible intellectual property protection
* Use WSIAS to assess what you have, a free and confidential appraisal
* Use a screening analysis for a realistic appraisal of where you stand
Assistance available
* Innovation advisory services are free and confidential for initial interviews
* Get initial IP advice, as recommended by WSIAS
* Use Innovation Connections for a paid technical and commercial assessment
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Planning and Research
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* Identify customers and their needs and wants
* Identify substitutes and alternatives, why should they buy yours
* Look for competitors, how they tackle the problem, their cost and attributes
* Establish the required features and benefits to meet customer needs
* What are the environment factors affecting the product
Action needed
* Market research, analyse competition, distribution options
* Identify market segments, market characteristics, consumer behaviour
* What drives the buy, what are the trade offs
* Influences, who has a say in the buy, the different opinions and reasons
* Identification, what factors make the buy, the key factors for success
Assistance available
* Independent information sourcing
* Market researchers for focus group research
* Patent attorney assistance
* Coaching and mentoring to assist in the review process
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Product Development
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* How does the market operate, what is needed
* What are technical specifications, materials, processes
* What is the potential customer opinion as to effectiveness
* Where is the strategic plan to get it to market
* Who will make, where will you buy to supply chain
* What testing results are required
Action needed
* Documentation to include bills of materials, data sheets, quality plan
* Costing based on manufacturing processes, suppliers and volumes
* Options for distribution, agents, distributors, direct b2c, b2b, MUL, export
* Is there a business opportunity for investors
* Final IP coverage
Assistance available
* Mentoring, coaching, proposed plan review
* Review for IP spin offs, new markets
* Design for life cycle extension
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Late Stage Development
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* What changes to the prototype are needed
* What is the final designer view, design freeze
* Which market segments are to be tackled first
* What are the final cost impacts on the financial analysis
Action needed
* Project, marketing, business and operations plans to be completed
* Prepare promotional literature, presentations
* Financial analysis, ROI, funding needs
Distribution options
* Final pricing, profitability, discount structures
* Assistance available
* All aspects of planning
* Short term project management
* Supply chain sources
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Market Ready
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* All the marketing elements are in place
* Market research and market testing is complete
* People and the distribution system is in place
* Tooling, jigs, fixtures are tested and production is ready
Action needed
* The implementation plan in place with targets and what ifs
* Carry out pilot production to verify process and implement the quality plan
* Sales volumes are predicted and promotion started
* Financial planning is in place, customer’s credit checked, suppliers in place
Assistance available
* Distributor and customer negotiation
* Market intelligence system establishment
* Assistance with funding options, government grants
* Business processes, marketing, project implementation
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