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www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Shrink Wrap Your Technology Nicholas Webb, CMC CEO Lassen Scientific, Inc.
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb The Challenge 95% of all consumer products fail (Risk Management) Companies have no shortage of innovations 77% of organizations have too many technologies in their portfolio Corporations evaluate products primarily on risk rather than opportunity Less than 2% of patented technologies provide a return on investment Companies buy revenue not technologies Ideas have NO VALUE…NONE
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb The Landscape Most universities and research organizations spend less than 2% on commercialization (dress for success) Most universities and research organizations have no budget allocation towards technology feasibility analysis or innovation management Yet most spend millions of dollars developing and patenting new technologies despite the fact that 95% will not provide a return on investment or provide any societal benefit Many research organizations have vast IP portfolios that have not been transferred
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Shrink Wrapping Dovetail your technology output with a companies innovation input Significantly increased technology value while concurrently reducing acquisition risk SPEED! The process by eliminating months of dialogue required for the company to address NPD risk Increase profitability through co-development and cost-plus in lieu of royalties Rescue existing technologies
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Commercial Value Patents It is estimated that 98% of all patents have no commercial value Pending or issued patents do not address the majority of commercialization risks Patents poorly communicate functionality, organizational or user benefit Shocking, but true - It’s not about the intellectual property
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Commercial Value Research The body of research is only as valuable as the supporting data for its commercial relevance Providing research without commercialization data puts the burden of commercial relevance and its corresponding risk on the company Most research is considered one-dimensional without a multimedia pitch The Fuzzy Front End The “Prom” Syndrome
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb The Psycho-Defects of Technology Transfer Invention-centric Techno-centric Feature-centric Guru-centric Research-centric Deal-centric Need-centric
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Invention-Centric Pitch Functionality is king Intellectual property status Internal data Fuzzy value relevance What it does versus who it serves Not visualized
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Techno-Centric Pitch Principal focus on the uniqueness of the technology Fuzzy description of technologies relevance to the company Weighted focus on function over benefits Poor description of technologies application
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Feature-Centric Pitch What it does versus how it benefits What it is versus who it serves Fuzzy customer deliverable So what? A feature, not a technology
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb The Guru-Centric Pitch Because he/she invented it must be great With a research team like this, how could you go wrong? We know more about this than companies do It’s what I know, not what I created Institutional centric pitch
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Risk Management Checklist Intellectual property risk Developmental risks Functional and proof of concept risks Financial risk/reward analysis Channel and brand suitability Market risks Organizational synergy
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb The Bottom Line Is it real? Is it worth it? Can we win?* *Schrello, “real,win,worth model”
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Technology Offering Memorandum Technology abstract –What it does –It’s superiority to current methods and technologies Stage of development –Proof of concept –Test and validation data Commercial opportunity –How the product will position itself from competitive technologies –How it complements the companies current range of technologies Market summary –Market size and other key demographics –Competitive landscape –Market trends and growth –Strategic significance Financial projections –Sales projections –BOM, market universe Intellectual property –IP status –Pending IP Pitch media –3-D animation, professional video, plain English animation –narrated slides with professional graphics –level III prototype with full developmental suite
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Technology Abstract One paragraph description that describes what the technology does and how it provides end user benefits This is a sales pitch so describe what’s in it for them Always think in terms of the buyers primary concern of risk management This is an offering memorandum, if there is further interest you will have the ability to provide additional data
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Stage of Development The principal goal of this section is to provide evidentiary support that the technology works and is validated We want to answer any question related to proof of concept or functionality. The farther down the developmental pathway the better This should be limited to a few paragraphs and possibly a graphic illustration
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Commercial Opportunity How the technology is synergistic to their channel How it fits into their current product offering How it’s consistent with current market and user trends How it positions itself in terms of customer net value Hint that it would also be valuable to their competitor
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Market Summary What is the size of the market universe How does the technology position itself against the competitive landscape Competitive round up Key market and technology trends Unique selling proposition (USP) Feature and benefit round up
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Financial Projections Bill of materials (BOM) Industrial revenue forecasts Key revenue trends Sales projections based on market penetration –5% worst-case –10% likely-case –15% best-case Other relevant financial data
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Intellectual Property Issued patents Pending utility Pending design Any unique and special information about the strength of your patent position In some cases, infringement opinions and other legal instruments
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Pre-Shrink Wrapped
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb 3D Prototype
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Photo Realistic 3D Prototype
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Promotional Collateral
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Packaging
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Bringing it all Together Technology transfer offering memorandum must be a complete marketing plan Transfer speed and profit are directly attributable to your ability to communicate a validated opportunity that mitigates commercialization risk Frontload your process with a NPD system Readjust budgets to provide for commercialization tools FDA or other applicable regulatory status
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Real Open Model
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb The Five Deal Killers Fractional pitch, it’s all about the… Technology (Inventor) champion pitch Big hat no cattle Inventorology Bad cop…Bad cop
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb Takeaways Shrink wrap technologies by addressing the major buying decision “risk management” Help the company visualize your technology by creating visual media that communicates its commercial benefits Take the work out of the assessment for the company by frontloading the technology offering. This will increase the value of the deal structure and speed the deal to close Avoid the five most common deal killers Install a NPD system that dovetails to industry
www.lassenscientific.com © Copyright 2010 Nicholas J. Webb About Nicholas Webb Nicholas Webb is a Certified Management Consultant and CEO of Lassen Scientific, Inc. A Management Consulting Firm, specializing in technology development and commercialization. Nicholas is also a successful inventor and has been awarded over 30 patents by the US Patent and Trademark Office. He also has more than a dozen patents pending. He has launched over 300 products. His own technologies generate millions of dollars each year and range from one of the world’s smallest medical implants, to fitness, hardware, house wares and a range of industrial health and safety products. He is the author of the healthcare book, “The Cost of Being Sick” now in its second edition. He is also the author of “The Innovation Playbook” (Wiley) that will be released to national and international bookstores in September 2010.
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