Creating New Venture Opportunities
Many new technologies from deep research provide a foundation for creating commercial ventures, but exciting technologies alone are never enough. Early stage technologies have a high degree of perceived risk and uncertainty – unattractive attributes from an investor perspective. Resources are needed to reduce the risk and uncertainty from both a technology and market opportunity perspective.
THE NEW VENTURE JOURNEY
1. Submit Invention Disclosure(s)
Submit BEFORE any public presentation or publication!
2. LICENSE Assessment Begins
Market & Patentability assessment
Patent application decision
3. Assemble Team
Shared interest in commercialization of the technology
4. Consider LAUNCH Proof-of-Concept Program
Early stage commercialization grants and venture incubation
5. Consider I-Corps Regional Short Course
Provides Eligibility for I-Corps Grant Program
6. Customer Discovery Process
Who is the customer?
What do they need?
Business model testing and validation
7. Startup Formation
Select legal form and create a company
Secure formal technology license
9. Startup Accelerators
Innovation vs. Invention
Innovation is distinct from invention. Invention is about creating something new and innovation is about creating and delivering new value. The central difference is in the application of what is created. A novel technology may be inventive, but unless it can be applied in a way that generates value for users or customers it may never be considered innovative. Innovation is about inducing positive change – it requires activity beyond invention.
This is the essence of translating research to commercialization. Discovery from research often results in invention, sometimes including patentable invention. Successful commercialization requires much more. These new technologies must be developed into valuable products, processes or services that users or customers want to buy.
New Venture Innovation
New venture creation is about establishing a startup to pursue commercialization. Success depends upon feasibility, desirability and viability.