Technology Commercialisation Overview - Inner Maven

1. Commercialise
101
Developed
to
simplify
and
demys1fy
the
commercialisa1on
process
&
guide
inventors
in
the
early
stages
of
commercialisa1on.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com

2. Introduc1on
• At
Inner
Maven
we
believe
that
technologies
help
save
and
improve
lives.
• Our
greatest
medical
technologies
are
s1ll
under
development
today.
• The
Mavens
in
our
community
develop
these
technologies
but
oFen
need
guidance
in
transla1ng
them
to
commercial
outcomes.
• At
Inner
Maven
we
care
about
delivering
these
new
technologies
to
market.
• We
work
side
by
side
with
our
clients
to
develop
and
create
commercial
success
stories
–
Which
benefit
people’s
lives.
A
maven
is
a
trusted
expert
in
a
par0cular
field,
who
seeks
to
pass
knowledge
onto
others.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
2

3. Introduc1on
• Inner
Maven
was
established
by
Dr.
Anabela
Correia
in
2009.
• Anabela
completed
a
PhD
in
Medicine
in
2001
and
has
15
years
experience
in
managing
and
growing
asset
porPolios.
• She
has
raised
tens
of
millions
in
government
and
private
funding,
and
has
held
senior
management
posi1ons
in
public,
private
and
government
organisa1ons.
• Importantly
Anabela
is
passionate
about
working
with
inventors
in
delivering
new
technologies
to
market.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
3

4. Introduc1on
• Inner
Maven
is
a
technology
commercialisa1on
company
with
>
40
years
combined
experience
in
managing
and
commercialising
technologies.
• We
work
closely
with
inventors
and
organisa1ons
in
developing
and
implemen1ng
the
best
go-­‐to-­‐market
strategy
for
your
company
or
technology.
• We
understand
and
have
managed
solu1ons
to
the
diverse
&
technical
issues
facing
inventors
today
on
their
path
to
commercialisa1on.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
4

5. Developing
Your
Ideas
• We
all
have
ideas.
Some
of
them
have
a
strong
market
need
and
the
poten1al
to
make
a
difference
in
people’s
lives.
• Developing
and
commercialising
the
right
ideas
can
also
create
significant
wealth....
However
few
ideas
become
truly
profitable
business
opportuni1es.
• Ge[ng
to
the
next
step
and
understanding
what
to
do
in
order
to
be
successful
is
not
always
simple
or
obvious.
• Many
inventors
require
access
to
specialist
skills,
knowledge
and
resources
to
develop
and
take
a
product
to
market.
• Inner
Maven
specialises
in
mentoring
and
guiding
entrepreneurs
along
the
path
to
successful
commercialisa1on.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
5

6. What
is
Commercialisa1on
• Commercialisa1on
is
the
process
of
driving
a
technology
or
idea
to
market.
It
is
how
you
turn
your
idea
into
dollars.
• The
path
to
successful
commercialisa1on
is
almost
never
straight
forward
or
simple.
If
it
was,
then
we
would
all
be
entrepreneurs.
• With
the
right
support,
it
may
well
be
worth
your
effort
in
commercialising
a
technology
or
idea
–
the
world
is
screaming
for
new
and
improved
products
that
add
value.
For
a
confiden0al
discussion
on
how
to
best
approach
your
commercialisa0on
ac0vi0es,
contact
Inner
Maven
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
6

7. Commercialisa1on
Starter
Pack
• The
best
&
most
crea1ve
ideas
pay
and
are
well
worth
progressing.
If
you
believe
you
have
a
brilliant
or
new
idea,
then
Inner
Maven
can
guide
you
along
your
best
path
to
Commercialisa1on.
• Inner
Maven
understands
commercialisa1on
and
has
a
proven
track
record
in
mentoring
entrepreneurs
and
in
delivering
technologies
to
market.
• The
following
pack
provides
an
overview
of
the
key
aspects
involved
in
commercialisa1on.
For
more
informa0on
and
a
specific
discussion
on
your
commercialisa0on
needs
contact
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
7

8. Examples
of
success
Coco
Research
Sonoplex
needle
•
Inner
Maven
worked
with
an
Australian
anesthe1st
to
iden1fy
suitable
licensing
partners
and
managed
the
license
nego1a1ons
on
behalf
of
the
inventor.
•
The
nego1a1ons
were
completed
and
an
agreement
for
a
mul1
million-­‐dollar
license
was
executed
within
4
months.
•
The
anaesthe1st
is
con1nuing
to
collect
royal1es
today
and
the
product
has
undergone
2nd
genera1on
development
and
market
sales.
Pacific
Edge
Pty
Ltd
CxBladder
•
Inner
Maven
worked
with
a
publically
listed
interna1onal
client
to
iden1fy
strategic
partners
for
a
non-­‐invasive
cancer
diagnos1c.
•
The
product
was
successfully
licensed
to
a
major
pathology
provider.
•
Inner
Maven
is
currently
managing
the
Australian
arm
of
the
company,
a
role
that
encompasses,
financial,
sales,
marke1ng,
R&D
Tax
Credit,
clinical
trails
and
business
development
ac1vi1es.

9. What
makes
an
idea
valuable?
A
valuable
idea
may:
•
Be
useful
•
Address
a
market
need
•
Be
original
&
unique
•
Generate
a
commercial
return
•
Provide
an
improvement
to
an
exis1ng
product
or
service
•
Be
easy
to
understand
(to
those
in
the
field)
•
OFen
leave
others
saying
...
“why
didn’t
I
think
of
that”
TIP:
Keep
an
Inventor
Diary
&
well
documented
company
and
technology
records.
For
a
confiden0al
discussion
on
the
commercial
viability
of
your
idea,
contact
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
9

10. Market
&
Compe1tor
Intelligence
Before
entering
any
market
it
is
best
to
know
what
similar
products
or
services
already
exist.
Armed
with
this
valuable
informa1on
you
can
then
start
to
posi1on
your
product
more
compe11vely.
• How
is
your
product
bejer
than
others.
• What
are
its
key
features
and
benefits.
• Can
it
be
manufactured
to
a
higher
standard.
• Is
there
a
strong
market
need
for
your
product.
For
informa0on
on
how
to
conduct
and
manage
your
market
and
compe0tor
intelligence,
contact
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
10

11. Possess
the
Idea
Every
product
starts
with
an
idea;
however
developing
that
idea
to
a
fully
func1oning,
marketable
prototype
takes
1me,
money,
and
input
from
a
few
experts
along
the
way.
A
prototype
or
at
least
sketches
of
your
idea
will
be
useful
in
communica1ng
your
idea
to
a
developer,
investor
and/
or
patent
ajorney.
TIP:
Keep
organised
records
together
with
your
Technology
Development
Diary.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
11

12. Go
to
Market
Strategy
Determine
the
most
profitable
and
best
path
to
market
for
your
technology
early
and
think
laterally
about
how
your
technology
may
reach
the
market.
Some
examples
include:
•
Licensing
•
Joint
Venture
•
Partnership
•
Spin-­‐out
company
•
Start
up
company
TIP:
Iden1fy
and
put
in
place
the
right
commercialisa1on
structure
early.
For
a
confiden0al
discussion
on
the
best
“go
to
market”
strategy
and
for
detailed
informa0on
on
the
advantages
&
disadvantages
of
key
strategies
contact
www.innermaven.com
.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
12

13. Get
your
affairs
in
order
• OFen
it
will
be
best
to
form
a
company
which
will
act
as
the
commercialisa1on
vehicle
for
your
technology/idea
–
but
this
may
not
always
be
the
case.
• Know
who
or
what
en1ty
will
own
any
Intellectual
Property.
• Know
who
will
be
involved
in
the
company
&
their
obliga1ons.
• Assemble
the
best
team
you
can.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
13

14. Protect
the
Idea
Once
you
have
condensed
your
idea
into
something
more
tangible
and
determined
that
your
idea
is
novel
and
commercial,
then
in
most
cases
it
will
be
useful
to
protect
your
idea.
Intellectual
Property
(IP)
can
be
protected
in
a
number
of
different
ways
and
in
most
cases
it
will
be
helpful
to
discuss
your
IP
strategy
with
a
lawyer.
Common
IP
protec-on
methods
include:
•
Patents
•
Trademarks
•
Copyright
•
Trade-­‐secrets
•
Confiden1al
Informa1on
TIP:
Align
yourself
closely
with
a
recommended
patent
ajorney
–
ask
for
referrals.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
14

15. Build
Your
Brand
• Build
your
iden1ty
early.
Not
only
will
iden1fying
and
developing
your
brand
early
be
a
valuable
exercise,
it
will
save
you
a
lot
of
1me
and
effort
in
the
long
run.
• Iden1fying
and
commi[ng
to
a
brand
early
has
the
added
advantage
of
keeping
you
focused
on
a
brand
that
you
can
own
and
develop
its
iden1ty.
TIP:
It
is
useful
for
entrepreneurs
to
think
about
the
end
goal
right
from
the
start;
who
will
you
licence
to,
will
you
build
a
franchise
model,
will
your
brand
be
local
or
global,
who
will
your
ideal
commercial
partner
be?
For
a
confiden0al
discussion
on
how
to
develop
your
idea
and
achieve
the
greatest
market
impact
with
your
brand,
contact
us
at
www.innermaven.com.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
15

16. Financial
Modelling
• Understanding
the
financial
costs
and
projected
revenues
required
to
develop
your
idea
is
important.
• Developing
the
right
financial
model
will
also
enable
you
to
build
and
test
assump1ons
and
understand
how
your
technology
will
work
in
the
market
place.
• When
building
your
model
include
all
your
expenses
(current
and
future)
and
projected
revenue
streams
for
at
least
the
first
5-­‐10
years.
For
access
to
tried
and
tested
financial
models
applied
in
various
commercialisa0on
strategies
and
for
a
checklist
of
what
to
include
in
your
own
financial
model
visit
www.innermaven.com.
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
16

17. Business
Plan
&
Marke1ng
Pack
• Too
many
entrepreneurs
stop
for
many
months
(and
some1mes
longer)
“to
write
a
plan”
and
lose
valuable
1me.
• Keep
it
simple
to
start
with
–
it
is
more
important
to
get
it
done.
• A
Business
Plan
should
be
a
living
document
which
evolves
over
1me
as
you
research
your
market,
your
IP
posi1on
and
understand
your
financial
and
market
entry
requirements.
TIP:
Only
disclose
confiden1al
informa1on
under
a
confiden1ality
agreement
and
aFer
you
have
conducted
due
diligence
on
the
person
or
company
you
are
disclosing
to.
On
how
to
compile
and
present
targeted
business
and
marke0ng
packs,
and
how
to
iden0fy
and
approach
your
market
contact
us
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
17

18. Finance
&
Resources
•
Accessing
capital
from
investors
has
become
an
increasingly
compe11ve
ac1vity
as
investors
have
become
increasingly
sophis1cated
and
selec1ve
in
their
investments.
• Depending
on
your
technology
or
idea
and
its
stage
of
development,
funding
is
available
from
many
sources
including:
government,
private
investors,
venture
capital,
equity
partners
etc.
• Many
capital
sources
exist
but
finding
and
securing
the
right
investment
takes
careful
research,
good
nego1a1ng
skills
and
serious
commitment
to
your
technology
or
idea.
Inner
Maven
has
exper0se
in
sourcing
capital
from
different
sources
and
has
a
proven
track
record
and
established
rela0onships
with
many
strategic
investors.
For
assistance
and
guidance
on
how
to
prepare
and
approach
the
investor
market
contact
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
18

19. Choose
the
Right
Investor
• Each
finance
source
carries
advantages
and
disadvantages.
Consider
them
well
before
making
choices
as
finance
decisions
are
difficult
to
undo.
• Do
your
homework
and
understand
the
types
of
investment
available
and
be
very
selec1ve
about
who
you
choose
to
invest
in
your
business.
• Try
to
find
investors
who
bring
more
than
cash
to
the
table.
Look
for
supporters
who
can
help
you
with
financial
advice,
technical
assistance,
or
who
can
connect
you
with
key
customers.
Inner
Maven
has
exper0se
in
sourcing
capital
from
different
sources
and
has
a
proven
track
record
and
established
rela0onships
with
many
strategic
investors.
For
assistance
and
guidance
on
how
to
prepare
and
approach
the
investor
market
contact
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
19

20. Contracts
&
Nego1a1on
• Regardless
of
the
path
you
take
to
market,
you
will
almost
certainly
enter
into
a
contractual
agreement
with
another
party
in
order
to
progress
your
technology
towards
its
commercial
outcome.
• Become
aware
of
the
different
types
of
agreements
you
may
require
and
when
they
apply.
• Depending
on
the
type
of
agreement
you
are
entering
into
it
will
be
helpful
to
have
your
agreement/s
reviewed
by
your
legal
&/or
commercial
advisor
before
signing.
Inner
Maven
has
exper0se
in
managing
contracts
and
a
proven
track
record
in
nego0a0on
of
highly
profitable
agreements
for
its
clients.
For
assistance
in
approaching
and
nego0a0ng
with
third
par0es
or
for
informa0on
nego0a0on
strategies,
visit
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
20

21. Rela1onship
Development
• Rela1onship
and
people
management,
together
with
clear
communica1on
are
fundamental
skills
to
a
successful
and
enjoyable
commercialisa1on
experience.
• When
ge[ng
started
you
will
need
to
build
rela1onships
with
many
professionals
such
as
commercial,
legal
and
technical
experts
as
well
as
mentors
in
order
to
progress
your
technology
to
market.
• As
your
technology
advances
through
its
various
stages
of
development
you
will
con1nue
to
build
and
expand
your
team
to
include
manufacturers,
interna1onal
advisors,
licensing
partners
and
investors
to
give
a
few
examples.
For
support
in
assembling
your
commercialisa0on
team
contact
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
21

22. Ongoing
Rela1onship
Development
• Once
you
have
nego1ated
and
signed
an
agreement
with
a
commercial
partner
and
“done
the
deal”
–
the
rela1onship
(and
work)
really
starts.
• AFer
you
have
poured
the
champagne!
-­‐
Do
not
take
a
signed
contract
for
granted.
You
are
now
contractually
bound
to
your
commercial
partner
and
must
fulfil
(and
ideally
exceed)
those
obliga1ons.
• Typically
the
bejer
you
manage
your
commitment
from
this
point,
the
more
successful
your
rela1onship
and
commercial
outcomes
will
become.
Inner
Maven
provides
a
mentoring
service
which
supports
entrepreneurs
through
their
commercialisa0on
ac0vi0es.
For
more
informa0on
on
our
mentoring
services
and
for
a
confiden0al
discussion
on
how
we
can
help
you,
visit
us
at
www.innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
22

23. Inner
Maven
Services
• Inner
Maven
specialises
in
the
successful
delivery
of
technologies
to
market
and
in
mentoring
and
suppor1ng
its
clients
through
the
commercialisa1on
process.
• For
further
informa1on
on
our
products
&
services
and
how
we
can
help
you
commercialise
your
idea,
contact
Inner
Maven
at
www.innermaven.com
or
anabela@innermaven.com
©
Inner
Maven
P
ty
L
td
2011
www.innermaven.com
24

24. END
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Inner
Maven
P
ty
L
td
2011
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