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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!
Inventor resources

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

8.  State & Federal Commercialization Funding

10. New Venture Funding

Angel investor networks
Venture capital funds
Corporate venture arms

 

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.




 

Feasibility: The technology works as intended and can be produced at scale

 

Desirability: There is persuasive evidence that customers are likely to buy it - the technology addresses real needs or problems of targeted customer segments

 

Viability: A viable business model for commercializing the technology can be designed to create, deliver and capture new value

new venture venn diagram