Partners to Help You Take a Great Idea to Global Commercialisation
Can you imagine the excitement that exists when you recognise that the bright idea you just thought of becomes a reality; that moment when your first sale vindicates the hard work in bringing that idea to market?
For many, it is pure excitement, euphoric even; a sense of achievement that all began with a simple idea.
But how many people really know what they are in for when embarking on the journey? Unless you have done it before, it is very hard to imagine and comprehend just how arduous the task is to get an idea from a simple bubble thought, to a fully-fledged commercialised product or technology. The biggest challenge it to get your target market to recognise that they want or need your product and value it enough that they are willing to pay for it.
Our focus in this blog is to share an outline of some of the partners you may need when embarking on your journey taking a great idea to global commercialisation. Depending on whether your project is a physical product, software program or innovative business model, some or even all the following partners may be needed somewhere along the path.
Yes that’s right; one of our key partner alliances is our data science team. We use data science in the validation stages to understand the bases of competition and to define the whitespace opportunities. Whitespace opportunities are where we have statistically validated certain aspects of what customers want, need and value, whereby a space is identified not currently “owned” by competitors. This is not only in the future, but this is also now. The ability to validate the probability that we can own a particular space, creates an enormous competitive advantage and increases the probability of success for your innovation.
Getting the right designers for your product can make the difference between taking your idea from a thought to proving that the product can work. Professional industrial designers will bring to your project knowledge and ingenuity to ensure that your product can be produced uniquely, cost-effectively, be appealing visually, and patentable i.e. unique so that patents can protect your idea. They help prove your product will work.
Intellectual Property Attorney
where your idea is unique you may be able to patent the idea and protect it from being copied. Even if it is not about a patent, having a relationship with a good IP Attorney is essential if you are looking to protect your innovative idea. Discussions can canvass trademarks, design patents, copyright and other strategies for protection.
If your innovation ends up commercialised, then, without doubt, you will need a commercial lawyer. Here the lawyers can provide essential advice and guidance on matters like manufacturing agreements, software development agreements, distribution agreements, non-disclosure agreements, joint venture opportunities, funding agreements and more.
You have a technology to build? Excellent, where to now? In short, it depends on the type of software you are considering building. Today, we are seeing many Artificial Intelligence or Machine Learning Systems or Blockchain Programs, apps and solutions that impact on industries globally. The selection of the right tech developer is crucial. One of the key criteria we always look for is in their methodology of development, experience, access to skills and of course knowledge of the latest development techniques.
Of course, as your product, tech or business model takes shape and you get closer to ‘going to market’ creating a unique appealing brand that aligns to your target market can be a factor of how the market perceives you and how attracted they will be. This is such a specialised area and the distance between a good branding specialist and a superb one is immense. Take great care in knowing, not just how creative a branding specialist is, but importantly the method in how they undertake the creative process. Developing a global impacting brand is nothing about creating a pretty logo, it is a far deeper process that cannot be underestimated.
Knowing who you intend to attract as your clients/customers and how this will happen, is where brilliant products can be won or lost. So many times, we have heard of projects where the product or technology was functionally a great success, only to experience failure due to a lack of “go to market strategy”. Today, marketing initiatives such as social media engagement are key factors in getting a new innovative product or technology known; so having the right marketing strategist on your team is essential.
Where your product or technology is clearly a global reach innovation, it is highly probable that you will need assistance in distributing your idea. Selecting the right partner to assist you is a tough activity. Aligning their product profile, ensuring that they are going to represent you well, and then negotiating the appropriate financial relationship is a process. Here at Advivo, we are constantly developing relationships in Asia, the EU and in the USA and frequently travel to these parts of the world to ensure we have a network to call upon. It is through these networks that often generate strong introductions to organisations that have the expertise and capability to grow your distributions.
There are many more suppliers and partners that can be required through an innovation and commercialisation roadmap. That is why, before we even head down that path, a key part of the Advivo Innovation Commercialisation Partners process is to map the commercialisation roadmap. We identify which third-party partners are going to be essential, estimate the potential costs and therefore provide a business case for the project; map the timeline, anticipated costs and sequence in which costs need to be expensed; then manage the rollout of the innovation.
Knowing that more than 70% of innovative ideas and concepts never make it to commercialisation success, makes it incumbent on us to continue educating and supporting mid-tier firms to innovate in a way that continually validates the opportunity and therefore increases the probability of success. By surrounding yourself with a team of experts, who know and understand the lean startup model, gives your project a far greater opportunity to meet its full potential.
If you want to discuss your plans on commercialisation, please get in touch with us at Advivo.