Castlebar presentation IDEAGEN

Ignite Technology Transfer NUI Galway

Neil Ferguson

Acting DirectorTechnology Transfer Office

Challenges and Best Routes for Commercialisation


Irish Studies, Texts, Contexts & Cultures

Human RightsDigital Humanities

Irish Studies, Texts, Contexts & Cultures

Human RightsDigital Humanities

Thematic PrioritiesThematic Priorities

Biomedical Science & Engineering

Biomedical Science & Engineering

Environment, Marine & Energy

Environment, Marine & Energy

Applied Social Sciences & Public Policy

Applied Social Sciences & Public Policy

Informatics, Physical & Computational Sciences

Informatics, Physical & Computational Sciences

Humanities in ContextHumanities in Context

Major Institutes &

Centres

Major Institutes &

Centres

Fundamental/Theoretical

Continuum of Research Activities

Applied

Cross-thematic activities

Cross-thematic activities

Ph

oto

nic

s a

nd

Imag

ing

Hig

h P

erfo

rman

ce c

om

pu

ting

/bio

info

rmatic

s

Eth

ics a

nd

bio

eth

ical re

searc

h

Biomedical Engineering Cancer

Neurosciences Regenerative medicine

Biomedical Engineering Cancer

Neurosciences Regenerative medicine

Applied ComputingPhotonics

Semantic Web & Web Services

Applied ComputingPhotonics

Semantic Web & Web Services

Climate change Environment

Marine Energy

Climate change Environment

Marine Energy

Innovation Social Inclusion

HealthBalanced Development

Innovation Social Inclusion

HealthBalanced Development

NCBES REMEDINFB AGRC

NCBES REMEDINFB AGRC

Moore InstituteIrish StudiesICHR

Moore InstituteIrish StudiesICHR

MRI ECIEnergyPower Electronics C-CAPS

MRI ECIEnergyPower Electronics C-CAPSCISCICSGCHPSCFCRCHSRD

CISCICSGCHPSCFCRCHSRD

DERI CHPCNCLAApplied Optics

DERI CHPCNCLAApplied Optics

Dig

ital T

ech

nolo

gie

s


The Four Pillars of Success

Technology

Marketing

Management / Team

Finance


Technology and Market

are linked


What is the Product?

1. What business problem does the invention solve?

2. How severe is the customer pain this invention will address?

– (Who’s willing to pay now?)

3. What are the uses/applications for this idea?

– (Target customers, partners, licensees)


What is the Market?

4. Is the market “ready” for this idea? (Timing)

5. What market space and category does this idea fit into? (Opportunity)

6. How big is the market opportunity? (Category Size)

7. How fast is the category growing or shrinking? (Category Growth)


What is the Market?

8. What paths to commercialization exist for this idea? (Can we reach the customers?)

9. Who are the key competitors and why will this invention win out over them? (Who else is competing and what’s your edge?)

10. What type of investment is required to productize your invention and what financial return might we receive? (What’s the Risk/Return?)


The Four Pillars of Success

Technology

Marketing

Management / Team

Finance


Technology R&D – Manufacturing

Sales / Marketing

Finance

Leadership / Management

Team


• Management and skills experience:

The more the better.

Investors like to see experienced management.

They have learned from mistakes.

• Different teams for different phases.

• Strong CEO.

Team


First steps in Raising Finance

• Define clear milestones for next fundraising (exploitation phase).

• Communicate them to your team.

• Have industry benchmarks.

• Understand the competition.

• Define Value Elevating Events (VEE).


The price you pay

The higher the price to purchase funds

Risk Less Risk


IDEA Incubation

First stepsExploration

Exploitation Expansion

AcademicResearchFunds (SFI) Licence Sales

Difficult to Can estimateCalculate RiskRisk IPO

Industry Sale/ PartnershipIndustry

Founders

F & FAngelEI, BES

VCs


“ All you do is buy money”

“Know what the seller wants”


First steps. Funding

• Friends and family.

• Angels (any left?).

• Business Expansion Scheme.

• EI.

• Value: do not overprice; leave room for lift in the next round.


Exploitation: mostly VC money/some corporate

• Have clear milestones.

• Have clear Value Elevating Events.

• Understand the market and competition.

• If we invest “x” we will get “y”.

• “I have the competence to deliver” – Team essential.

• Have industry benchmarks.

• Back up plans.

Tick all the boxes: you are a businessman. Convince them!


Think it through, Reality checks, Team,Make it happen.

Documents

Castlebar presentation IDEAGEN