TecMinho

Voice of the Market

WorkshopHeath NaquinTechnology Assessment Team LeadUTEN@Austin

Biography

• Heath Naquin, BBA, MSTC, PMP• Technology Assessment Team Lead UTEN@Austin• Leadership Experience with 4 Start Ups

• Currently Founder/COO of Green Technology Alliance• Worked on Commercialization Initiatives for 7 Countries• Presenter on Open Innovation @Licensing Executive

Society• Featured SME for Forbes, PMI and Microsoft• Background in IT, Green Technology, Consumer Products,

Green Technology, Clean Energy• Initiator for Licensing Discussions with GSK, Costco and

Siemens

Agenda

• RapidScreen - An Overview• Elevator Pitch Session• Tools and Techniques for Interview Sourcing• Mock Interview Workshop• Next Steps

Why RapidScreen?

To increase commercialization throughput

To train entrepreneurs & commercialization professionals

Assertion 1: Tens, and perhaps hundreds, of hours are invested in technologies or teams not ready to take the next step in commercialization.

Assertion 2: Commercialization throughput can be substantially increased through rapid, effective early screening.

Four to Eight-Hour Screening Process

1. Inventor Interview

2. Institution Interview

3. 1-2 Market Interviews

4. Score the Technology

NOTE: Interviews are 15 to 30 minutes.

Screening Factors

InventorSupport

InstitutionalSupport

DevelopmentStatus

IntellectualProperty Status

TechnologyOwnership

MarketOpportunity

Market Pain

Our research indicates that these factors provide an early read on the real opportunity of an early stage

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Process: Inventor Interview

The Inventor Interview is essential to uncover status, support, ownership and IP

issues.

Lack of inventor support is the #1 time waster in early

commercialization.

Process: Inventor Ratings

Process: Institution Interview

Ratings Definitions

1. Ratings are Subjective to your Portfolio

2. Ratings are Subject to Change at Any Time

3. Should be Regularly Reviewed

4. Discussion Concerning Ratings

Market Interviews

1. Focused on Individuals with Intimate Knowledge of the Technology/Market

2. Academic is Good

3. Industry is Better

Where They Fit In

• Provide Critical Impressions of the Market Inspective.

• Illustrate Current Pains of the Market• From the Market Perspective

Steps & Deliverables

1. Inventor Interview

2. Institution Interview• Market Focused Technology Description

3. 1-2 Market Interviews

4. Score the Technology• ½ Page Very Brief Summary• Confirm File/Note Uploads to RapidScreen

Report Concerns

1. Non Confidential in Nature

2. Should Focus on Critical Elements

3. Attempt to Capture and Use Market Inputs

4. Discussion Concerning Findings

Keys to Success

SPEED• Don’t get bogged down

FLEXIBILITY• This is Process, Not Law

1-2 MARKET PERSPECTIVES• Get smart fast• Leverage Contacts

Share Findings With Client /Company

Key Outcomes

• Clear Understanding of the Technology as it pertains to the market.

• Go/No Go Decision• As It Pertains to the Market

• Next Steps• Recommendations

Q & A

What's in a Pitch???

Heath NaquinTechnology Assessment Team LeadUTEN@Austin

Agenda

• Definition• Elements of An Effective Pitch• Common Mistakes in Pitches• Case Studies• Audience Participation • Discussion• Things to Remember

Pitch-Definition

What is a Pitch??

Vehicle by which an Innovator/Entrepreneur describes their venture/technology to others, focused on producing a targeted, tangible result.

Source: Heath Naquin

Why is This Important to TecMinho

• Provides Focus for Efforts• Illustrates Goals• Opens up Sales Cycle• Opens Doors for Technology

Discussion

What Can Pitches Do for You??

• Innovators/TTO’s• Help Position Technology for Further Research• Produce Research Partners• Justify Ongoing Research

• Entrepreneurs• Explain Venture to Others• Critical Element of Sales Cycle• Important for Partner/Investor

Communications

How Are Pitches Delivered?

• Email/Written• Phone• Face to Face

Elements of an Effective Pitch

1. Accurate in Description

2. Captures Essence of the Technology or Enterprise

3. Targeted to the Audience

4. Done in Laymen's Terms

5. Takes NO more than 1 minute to Deliver

Current Trends in Pitches

• Focusing on how the technology works rather than what it can do.

• Trying to “sell technology” rather than “provide solutions.”

• Lack of customer understanding• Needs/problems• Decision-making processes

Market Perspective on Pitches

• Industry Concerns• Integration with Portfolio• Terms and Conditions• Elements of Technology

• Capital Market Concerns• Opportunity/Return• Terms and Conditions• Elements of Technology

Things to Remember

1. A Pitch is not an Abstract

2. Explain your Technology/Enterprise Like You would to your Family

3. Know your Goal

4. Know your Audience

Interactive Exercise

• What is your Technology?• What do you Want to Do with It?• Who is your Target Audience?• What is the State of the Technology?

Discussion

• Experiences/Learning’s• Lessons Learned• Outcomes• Positive and Negative

Final Thoughts on Pitches

• Focus on What you Do Rather than How you Do It

• Keep Things Simple• Know your Goal & Audience• Convey Conviction• Practice Makes Perfect

Q & A

Interview Sourcing

Heath NaquinTechnology Assessment Team LeadUTEN@Austin

What is in an Interview??

• Innovator/TTO Perspective• Difference between Good

and Bad Interviews• Aid in Business

Development• Aid in Future Product

Development• Provide Voice of Market

Importance of Effective Interviews

• Preserve Critical Funds• Shortens Development

Lifecycle• Provides Validation for

Recommendations• Aids in Path to Market• Objectivity

Case Studies

• Naga Machines• RTR IC• Cutting Edge• ITT Bangalore• 4x more effective than

competitive platforms

Naga Machine Outcomes

• No Interviews• Significant Development Time• Improper Path to Market• Outcomes• No Interest• Competitive IP• Wasted Funds

TecMinho Case Studies

• Any Past Experiences that Could Have Benefited from Effective Interviews???

Good Interview Basics

• Understand the Market and Applications• Know At Least 3

• Understand the Technology/Enterprise• Ask the Hard Questions

A Word on Hard Questions

• There is nothing that destroys credibility in an interview faster not being able to satisfactorily answer a material question.

Example Material Questions

• What is the State of the Technology??• Prototype vs. In Development

• What is the State of the Company??• Formed/Not Formed

• What is the IP Status of the Technology??

Interview Sources

• Personal Network• CRITICALLY IMPORTANT

• Associations• Academia• Enterprise

Remember- WIIFM

Personal Network

• Maintain Rolodex• Utilize Social Media• Maintain Contact• Don’t Overlook the

Obvious• Be a Resource to Your

Contacts (WIIFM)

Personal Network

• Pros• Willing to Help• Easy to Contact• Provide Their Contacts Readily

• Cons• May be Less Knowledgeable• You have to talk to them

Associations

• There is an Association for Everything (at least in the US)

• Can usually be Found through Internet Searches

• Most Helpful Associations• Government• National Level

Association Interview

• Pros• Generally Willing to Help• Relatively Easy to Find• Usually Have Extensive Industry Contacts

• Cons• May Ask You to Join• May be Limited on Data to Be Provided• Some are Worthless

Academia

• Good Scoping Interviews • State of Technology

• Bad Market Interviews• Usually Removed from the Market

• Can be Found Through• Host Institution• Other Institutions

Academic Interviews

• Pros• Generally Willing to Help• Relatively Easy to Contact• Are Willing to Talk

• Cons• Conflicting Research Goals• May Know Inventor

Enterprise Interviews

• Provide Critical Look at the Market• Provide Business/Licensing

Opportunities• Hardest to Get• Best to Have

How To Find Enterprise Interviews

• Your Network• Social Media• USE LINKEDIN

• From the Inventor• Cold Call

Enterprise Targets

• VP/Director• Chief Scientist• Sales Department• Remember WIIFM

Enterprise SMB Specific Concerns

• Generally Easier to Find Contact • Limited Applicability• Fewer Gatekeepers

Enterprise Large Business Concerns

• Gatekeepers• Hard to Identify Correct Area• Typically takes 3-4 Calls to find

Right Person• Forget Email

• Broad Applicability

A Word On Gatekeepers

• Use Small Talk• Establish Rapport• Can be Very Helpful• Send Thank You Email• Don’t Underestimate• Vary Wildly in Influence

Enterprise Approaches

• Ask Opinion Rather than Offer Solution• You are Not Selling• Even When You Are

• Ask for Help• Stroke the Ego• Organic in Nature

Remember WIIFM

Role Play

• Government• Association• VP of Research• COO of Small Business

Things to Remember

• WIIFM• Ego is King• Establish Rapport• Use Gatekeepers

• Maintain Contacts

• Use your Networks

LinkedIn Example

• Give me a Technology• Lets Find a Target• Corroborate with Google Search

Q & A

Thank You

Heath Naquin

hnaquin@ic2.utexas.edu

Find me on LinkedIn

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