Market Research, Technology Forecasting and Opportunity...
Transcript of Market Research, Technology Forecasting and Opportunity...
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Market Research, Technology Forecasting and Opportunity Assessment
5th Workshop on Entrepreneurship for Physicists and Engineers from
Developing Countries ICTP, Trieste, Italy
March 31- April 4, 2014
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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About Me
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Ph.D. Mechanical Engineering Academics – State University of New York, Stony Brook Industrial Scientist – Automotive and Consumer Products 6 Products: Invention to commercialization Entrepreneur: Started Advanced Fluidics (Small Company) in 2001
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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About Advanced Fluidics
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Research and Product Development in 1. Aerospace Sciences – Aerodynamics, combustion 2. Micro/Nanofluidics/nanotech-based biosensors 3. Medical Instrumentation 4. Technology Roadmap Development and Training
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Outline
S. Raghu Opportunity Assessment 4
Your Inventions and Product Ideas The Market Need Looking for opportunities Evaluating your ideas – feasibility studies
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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S. Raghu 5
• Improve quality of life – “useful”
• Commercialization for economic benefit – rewards for inventors and entrepreneurs
• Economic development of regions and countries
Why do we need inventions and new products?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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S. Raghu 6
New Technology? (Method and Apparatus or Process) “Technology is a capability that can be used in a product.”
Example: Laser
(When lasers were invented in 1960, they were called "a solution looking for a problem”)
OR
A New Product? (Apparatus) “makes use of existing or new technologies”
Optical readers/scanners, laser-based eye surgery systems, laser pointer, measurement systems, golf trainer, laser machining, etc.
A new product has a customer and a market in mind
What are you inventing?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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S. Raghu 7
An idea is not an invention
An invention is not a product
Not done before Necessarily useful invention! ≠Useful Invention = Successful Product only if
marketed well
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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The Market?
S. Raghu Opportunity Assessment 8
Your Idea Solution to a problem or a solution looking for a problem?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Market Pull and Technology Push
S. Raghu Opportunity Assessment 9
(Market pull - technical solution)
3nethra – An intelligent pre-screening Ophthalmology device http://forushealth.com/forus/products
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Market Pull and Technology Push
S. Raghu Opportunity Assessment 10
Technology push? (new or changed market))
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Market Size and Geographical Distribution of Market
S. Raghu Opportunity Assessment 11
http://www.tc.gc.ca/eng/civilaviation/publications/tp13549-chapter5-2143.htm
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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The First Customer
S. Raghu Opportunity Assessment 12
First customer / First adopter? Route (access) to the first customer?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Why New Products Fail
S. Raghu Opportunity Assessment 13
http://www.bioplanassociates.com/services/newproduct.htm
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Summary: The Market?
S. Raghu Opportunity Assessment 14
Your Idea (solution to a problem) --à Your Product? Why does the market need this? (Market pull (technical solution) or Technology push? (new or changed market)) Who will buy it (customer profile – age group, profession, field of application, decision levels, geographical distribution…?) how many people/organizations will buy it? (Market size?) Market Trends – is this a growing market?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Finding Opportunities
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Technology Road Maps Technology Mind Maps Technology Intersect Maps Technology Extrapulation
Looking for Opportunities
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Technology Roadmaps
Technology Roadmap – shows us opportunity for inventions in selected fields.
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Near-Term Mid-Term Long-Term
Goal 1
Goal 2
Goal 3
Technology Road Map
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Technology Roadmap Example: Climate Change
http://www.climatetechnology.gov/library/2006/testimony20sep2006.htm S. Raghu
Your niche?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Near-Term Mid-Term Long-Term
Technology Road Map
• Hybrid Vehicles • Plug-‐ins • Hi-‐Performance integrated homes
• High-‐efficiency appliances
• High-‐efficiency boilers and combus>on systems
• High-‐temperature superconduc>vity demonstra>ons
GOAL Energy End
Use and Infrastructure
• Fuel cell vehicles and hydrogen fuels • Low emission aircraC • Solid-‐State ligh>ng • Ultra-‐efficient HVACR • Smart buildings • Transforma>onal technologies for energy-‐intensive industries • Energy storage for load leveling
• Widespread use of engineered urban design and regional planning • Energy managed communi>es • Integra>on of industrial heat, power, process and techniques • Superconduc>ng transmission and equipment
hMp://www.climatetechnology.gov/library/2006/tes>mony20sep2006.htm
S. Raghu
Your niche?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Technology Roadmap Example: Intelligent Vehicles
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S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Paradigm shifts offer opportunities for inventions?
(http://www.ceeti.org/technology_roadmap/pdf/Roadmapping_Final_Report.pdf)
Technology Roadmaps
Roadmap for automobiles
S. Raghu
Your niche?
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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EDM Laser cutting Injection molding Stamping Microfabrication Powder metallurgy
Plastics Metal Soft materials Coatings New materials
fabrication
technology
materials application areas
Transportation
Biotech, health care Energy
Industrial applications Defense
Household/consumer markets
Entertainment, toys
Basic Technology
enablers Optics Electronics MEMS Chemistry Nanotechnology
trends Miniaturization Embedded hardware Smart systems/wireless Nanotechnology Exotic fluids
functions
Function 1
Function 2
Function 3
Function 4
Function 5
Technology Mind-Map
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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chemistry
MEMS Optics
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Microfluidics
nanotechnology
electronics
Reactors, mixers, etc.
sensors unexplored
valves
Secondary intersects
Primary intersects
Sensors, bubble detectors Optical indicators etc
Technology Intersects with Emerging Technologies
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Technology Extrapulation Points to consider for forecasting
n Observing/Studying Trends n Economic factors n Societal factors n Technological Advances n Political Action/Regulatory
statutes
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Technology Extrapulation
Generation-2 Internet
24-hour medical care http://www.i-
micronews.com/
Micro-sensors
S. Raghu
http://www.indexmundi.com/mexico/age_structure.html
Health Monitoring
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Healthcare companies
MyLiveley GlowCap Qualcom Life GE-Care Innovations Optical fiber mat
S. Raghu Opportunity Assessment 26
Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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4 Different Methods of Finding Opportunities
Next……
Assessment and Feasibility Analysis
S. Raghu Opportunity Assessment 27
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Assessing the idea
Technology feasible? Is there a market? Is there a business opportunity?
S. Raghu Opportunity Assessment 28
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Feasibility Analysis Feasibility Analysis: The process to determine if an idea is viable and worth pursuing for commercialization
Product/service feasibility analysis Customer interest, desirability and purchase interest
Industry/market feasibility
Industry attractiveness Market timeliness example: (Handwash tissues) Identification of niche market
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Feasibility Analysis
Organizational feasibility Sufficient management expertise, organizational competence & resources to successfully launch a business
- Management ability - Resource sufficiency Financial feasibility
Total start-up cash needed (example) Financial performance of similar businesses Overall Financial Attractiveness of the proposed venture
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Filtering Your Ideas
Does it have commercial potential?
Yes
No
Proceed with the steps to commercialize
Work on inventing something else
Idea
Filter
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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“Sweat”
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Filtering of Technical Ideas
IDEA 1
IDEA 2
IDEA 3
IDEA 4
IDEA 5
IDEA 6
IDEA 1
IDEA 3
IDEA 6
IDEA 1
IDEA 6
IDEA 6
FILTER 1
FILTER 2
FILTER 3
Just one idea at a time at the end helps focus
“Luck”
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Filters Filters: Can be used to sort out feasible ideas right at the very beginning. Examples of filters: 1. Market Opportunity and Market Attractiveness 2. Do you have the background to proceed with this product 3. Sustainability of market (seasonal or year-round), time scales of
sustainability of market interest and technology. Give examples 4. Regional and international competition
What are the other factors that can be used as filters?
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Possible Filters
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Cost Weight Size Safety/Health Speed Ease of Use Ease of Produc>on Durabililty Repairability Novelty Convenience Social Benefit Reliability
Saleability Appearance Noise Odor Trend of Demand Seasonal Demand Market penetra>on Market size Compe>>on Quality Life cycle
Legality Obsolescence Product Liability Service requirements Profitability Learning & unlearning required
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Summary
• Market analysis • Finding Opportunities
Technology Forecasting Technology mapping (Roadmaps,
Mind-map, Intersects) • Assessment and Feasibility analysis
Filtering your ideas
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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THANK YOU
S. Raghu Opportunity Assessment 36
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Points to consider
1. Talk to some local entrepreneurs if they used such techniques (assessment and filters) for developing their products/services. What would they do if they were to do it all over again?
2. Prepare a roadmap for the technology you are developing for your project?
3. Prepare a set of filters for evaluating your project idea
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014
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Opportunities Based on Extending Existing Technologies
Basic Technology
Application 1
Application 2
Opportunity Combination of application 1 and 2
Product line 1
Product line 2
Large Medium Small
Product line 4
Product line 3
Large Medium Small
Scaling
Opportunity
Opportunity
Low Risk Approach
S. Raghu Entrepreneurship Workshop for Physicists and Engineers ICTP, Trieste, Italy 31 March – April 4, 2014