Commercialization of Innovative Technologies : Bringing Good Ideas to the Marketplace

by C. Joseph Touhill; Gregory Touhill; Thomas O'Riordan

• ISBN13: 9780470925355
• ISBN10: 0470925353
• Format: eBook
• Copyright: 2010-08-01
• Publisher: Wiley-AIChE

Summary

Your blueprint for successful entrepreneurship—from building an innovation team to bringing a product to market

There is no shortage of great technological ideas; however, having a great idea is no guarantee of a successful product. This book helps you find innovative new technology ideas and guides you through the complete lifecycle of product innovation, including screening, funding, development, and commercialization. It gives you an edgeby enabling you to start off with a solid foundation and strategy. Commercialization ofInnovative Technologies focuses on three core areas that set the stage for successful commercialization: *

Developing and managing a strong, flexible "innovation team" of inventors, investors, technologists, and entrepreneurs *

Building a portfolio that spreads risk *

Leveraging input from technologists throughout the commercialization process

The first three chapters of the book deal with key strategic issues. Here you discover the characteristics to look for in recruiting members of your innovation team and how to deal with each member's idiosyncrasies. You also get expert guidance for developing and executing a winning strategic plan.

The next chapters deal with hands-on tactical issues such as how to find, fund, assess, develop, design, and demonstrate innovative technologies. The final two chapters focus on steps after successful commercialization, including further improvements to the technologies.

This book provides the real-world guidance and wisdom that investors, inventors, entrepreneurs, and managers need to bring innovative technologies to market. It is also ideal as a textbook for management and engineering courses in entrepreneurship.

Table of Contents

Foreword

Acknowledgments

Establishing Perspective

Organization of the Book

The Importance of Viewpoint

The Importance of Flexibility

Can Entrepreneurship Be Taught?

Key Points

Our Perspective

Strategy Development

Technology Assessment

Technology Development

Technology Management

Key Points

Developing an Endgame

Alternative Endgames

Using Acquisition to Fill In Holes

Showstoppers

Endgame Objective Realized-Sort of

What's a Widget

Making It Work

Key Points

Finding Ideas

If You Have Money, Ideas Find You

Ideas Must Be Consistent with the Overall Plan

Inventors/Innovators Must Be Prepared to Give Up Equity

Key Points

Investing in Ideas

Beware of Eye-Popping Projections

Remember This Is Risk Capital; Only a Percentage of Ideas Pay Off

Structure the Payoff When the Ship Docks, Not When It Sails

Bet on People with Proven Track Records

Take Care in Assembling the Investment Group

Key Points

Assessing Ideas

The Assessment Process

The Need for Exclusive Rights

Technological Assessments Are Easy; Marketing and Business Assessments Are Difficult

Ideas That Are 10 Percent Better Aren't Good Enough

Not Skimping on Time or Money When a Great Idea Shows Up

Tapping the Full Resources of the Team Before Moving Ahead

Moving Ahead with Development, Then Revising the Plan

Key Points

Paying for and Controlling Ideas

Buyer and Seller Wish Lists

Using Wish Lists to Reach Agreement

Is Buying the Company a Good Thing?

Intellectual Property: The Most Valuable Asset

Paying with Future Profits Whenever Possible

Key Points

Developing Ideas

Remember: This Is Business, Not Research

Maintaining Control of Development Efforts

The Goal of Development Is the Basis of Design

The Importance of Feasibility Studies

The Value and Meaning of Estimates

Knowing When to Celebrate and When to Cry

Key Points

Designing and Building Technology

This Is Where the Spending of Real Money Begins

Simple Designs Are the Most Elegant

The Design Technology Should Be as Good as the Technology Designed

The Manufacturing System Should Be Built to Be Flexible

Key Points

Demonstrating Technology

Nobody Wants to Be the First to Use a New Technology

Everbody Wants All the Details on How Our System Works (Free of Charge)

A Demonstration Deserves Something in Return

When a Showcase Demonstration Works, Invite Everybody in the World to Come and See It (and Not Before)

How Many Demonstrations Are Enough?

Key Points

Standardizing Technology

Custom Suits Take Longer to Make and Are More Expensive

Standard Designs Are Cheaper and Easier to Operate (and Fix)

Modularize Where Possible

Cooperate with Suppliers and Partners

Key Points

Packaging Technology

Overcome the Stigma of Being First

Determine What Needs to Be Done to Make Technology Appealing

The Art of Being Cool

Protect Our Proprietary Rights Aggressively

Key Points

Applying Technology

Off-the-Rack Suits Require Alterations

Alterations and Options Always Cost Money

Make Technical Support Easy and Accessible

Good Service Generates More Business

Key Points

Marketing and Selling Technology

The Difference Between Marketing and Selling

Selling Value, Not Cost

Don't Waste Time with People Who Aren't Serious

The Importance of Market Share

Marketing Tools

Measuring Performance

Technology Quotas and Retention Requirements Are a Must

Key Points

Tracking Technology

Make Certain the Buyer Is Applying the Technology Correctly

How About It If We Operate Your System for You?

Publicize Success

Know When to Move On

Key Points

Monitoring Technology

Make Sure We Are Collecting All Revenue That Is Due to Us, and Devise a System to Make It Happen

Arrange for Visitors to Have Free Access to Customer Sites

Obtain Access to Operating Data

Key Points

Improving Technology

Figure Out Ways to Make the Innovation Better

String Technologies Together to Form Integrated Systems

Using Technology to Innovatively Transform the Battlefield: RIPRNET

Close Air Support a Phone Call Away

Remember That the Most Efficient Sale Is to a Repeat Customer

Often It Is Much Easier to Increase Profit Margins on Existing Technology Than to Start from Scratch

Key Points

Building on Success and Learning from Failure

"Chase Them to the River"

Investing in Improvements

Identifying New Opportunities

Everybody Makes Mistakes, but the Biggest One Is Not Learning from Them

Key Points

Bibliography

Index

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