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
Business model testing and validation
7. Startup Formation
Formal legal entity creation
10. New Venture Funding
VT Innovation Fund, VT seed fund
Innovation vs. Invention
Innovation is distinct from invention. Invention is about creating something new and innovation is about creating new value. The central difference is in the demand for what is created. A novel technology may be inventive, but unless it is useful and creates value for customer or users, it will fail in commercialization. This is the core challenge in creating successful new technology ventures.
New Venture Innovation
A new venture technology commercialization opportunity must be feasible, desirable and viable.