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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!

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

8.  State & Federal Commercialization Funding

9.  Startup Accelerators

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.




 

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 rate, deliver and capture new value

new venture venn diagram