The Innovation Agency transferable skills workshop 1
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Cambridge University Transferable Skill Workshop
Commercialising R&D
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Cambridge University Transferable Skills
Welcome & Content● Introduction
● The KED Experience
● The Innovation Agency
● Transferable Skills
– Where to start
– What stage is your research at?
– Testing the pitch (gathering intelligence)
– IPR or TTM
– Building a team● The Innovation Agency
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Cambridge University Transferable Skills
Introduction● Scientists & Engineers change the world● Scientists & Engineers build new technologies
and businesses● Even the banking system used engineers and
scientists to “improve” the system
● Systematically commercialising research has the potential to make significant, positive change
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Cambridge University Transferable Skills
Push – PullWhat - WHY
● Technology Push● Market Pull
● Pre-conceived ideas about commercialisation
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The KED Experience
Evolving PhD research to Commercialisation
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Cambridge University Transferable Skills
The KED Experience
● At the beginning, there is nothing but problems.– Why do I even want to do something
entrepreneurial?– What is the product?– Who is the customer?– Do I understand the customer and what they
want? (probably not)– Admin issues?– More pressing issues, like “How am I going to eat?”
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Cambridge University Transferable Skills
Better things to think about
● Why am I doing what I do?● Why might other people be interested in what
I'm doing?● Why do (or don't) I enjoy research?● What do I want from life?
Crucially:
What are the motivations? – the WHYS?
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Cambridge University Transferable Skills
Attacking the problem
● Business is a lot like academic research, it is just a different problem space
● The right mindset just “clicks” - Like research, the individual problems can be made easily tractable.
● Why is the risk of depending on yourself greater than that of depending on others?
● Talk to everyone, all the time.
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Cambridge University Transferable Skills
KED's solutions so far
● Knowledge Transfer Secondment● Working closely with Ian (and other people
that know what they're doing).● Finding several suppliers of ultrasound kit, and
then getting them interested.● Turning the research into a tech demo – which
took longer than expected.● Short term contract work to keep eating.
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Cambridge University Transferable Skills
In general
● Is there any way to draw on the expertise of others?
● This is the idea behind The Innovation Agency – building on the skills and knowledge of those that have gone before.
● There is still a need to plant the seed, and understand the methodology.
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Cambridge University Transferable Skills
Summary● The Why? of doing anything
● Building a Why? into a suitable How?: posing the question
● Technologists become entrepreneurs is a big ask. In the next section we will Introduce The Innovation Agency.
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Explanations of the participants research
2 examples focussing on WHY
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The Innovation Agency
A brief introduction
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Cambridge University Transferable Skills
WHY?
● Recognising the need to help Researchers, Inventors and Innovators to develop their IPR without falling down the usual traps
● Based on an audit approach with a experienced and critical eye on the outcomes of the process
● Answering the questions partners, investors and customers will ask
● Providing a framework to develop an exploitation route without the need to become an entrepreneur
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But First...... The workshopFraming the Problem
From Research to Commercialisation
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Cambridge University Transferable Skills
Business Background
● Business is a lot like Engineering, it is just a different problem space
● Problem definition is a key part of the path to building a business
● The “Team” aspects of a business are absolutely crucial to the potential success of the business
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Where to StartWhy to Start
Networking & Funding
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Cambridge University Transferable Skills
Lets start with some reallybasic questions
● What stage is the research at?● How much effort will it take to get it to a
saleable product/service/licensable solution?● Who are your target customers?● What is your product worth?● Is it protected?● Seems like a lot of questions...........
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What Stage is your Research at?Why to Start
The “Valley of Death”
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Cambridge University Transferable Skills
The Funding Gap
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Cambridge University Transferable Skills
Once the gap is understood how do you get across?
● How determined are you?– What lengths will you go to to get your technology
commercialised?● Too late for research funding?● Too early for Angels?● Too early for VC's?
● Where else can you go?
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Cambridge University Transferable Skills
Challenges
● Valuation● Equity● Risk/Confidence
● Problems with taking money from investors
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Cambridge University Transferable Skills
Equity a very contentious subject
● The earlier stage you are the more likely an investor is to want a controlling share in “your” company.
● Why would you give them that?● Why wouldn't you give them control?
● Giving away equity when you don't need to.● What about trading future earnings instead?
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Cambridge University Transferable Skills
Valuation
● Without sales it it almost impossible to value a company and/or its IPR.– There is no formula– The owner often values far too high– The investor often values far too low
● One thing is certain: no money = no progress
● You have to decide what you are willing to give up and to whom.
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Cambridge University Transferable Skills
Wild Optimism
● Inventors and Innovators are often wildly optimistic about their technology, product, service and how it will change the world.– Is this a good thing?– Is this a bad thing?
● A balanced view is best, thinking around the problem space is essential to get this.
● Testing the market is also critical.
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Cambridge University Transferable Skills
Getting others to believe in you
● Evangelising about your technology.– There are probably few people who will get either
your vision or the capability of your technology better than you.
– Your challenge is to explain it in sufficiently simple terms to excite people about what it is, what it can do and the value in it.
● OK – so how do you really do this?
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Cambridge University Transferable Skills
A believable story
A succinct message, elevator pitch, or whatever you want to call it is important. If that gets people interested then you can expand on the
description. Enthusiasm and Clarity are crucial.
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Testing the pitch
Where? To Whom?
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Cambridge University Transferable Skills
Networking
● How many Networking groups are there in Cambridge?
● General X21 Clean Tech X5 Entrepreneurs X5
Software + AppsX12
Social Enterprise X1 Mobile & Wireless
X2
Women X5 Life Science X1
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Cambridge University Transferable Skills
Networking
● How many have you been to?– Go to find out what networking is all about– You have to work out how to find contacts and
make relationships● Contrary to popular opinion effective
Networking takes time and requires trust
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Cambridge University Transferable Skills
Networkingworking the room
● WHY are you there?● What is the focus of networking?● How do you build trust?
– Most people don't know the answer to this!
● How long will it take to get a lead from Networking?
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Cambridge University Transferable Skills
Networking the long term
● Selecting the right groups for you– Number of contacts versus quality– Referrers– Finding the best leads
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IPR or Time to Market?
A different viewpoint
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Cambridge University Transferable Skills
Everybody wants Patents
● This is an generally accepted view from Academia, Investors, Industry Partners.
● WHY?– Protection from competition– Something Tangible to “own” at the point of
failure– Kudos of filing a patent
● WHY Protect, does it actually help the commercialisation efforts?–
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Cambridge University Transferable Skills
Everybody want Patents (2)
● Patents are of little value if you can't sell the technology
● Patents are of NO tangible value if you don't have funds to protect them
● Patents come into their own when (if) you are challenged for infringement of someone else's patents – then a patent is a component for negotiations
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The Importance of a Team
Why outsiders believe in a Team more readily than an individual
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Cambridge University Transferable Skills
The Importance of a Team
● Understand your own strengths and weaknesses
● Understand your position in a business– Are you a cornerstone?– Are you the Visionary?– Are you the Delivery specialist?– Are you the Financial specialist?
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Cambridge University Transferable Skills
Famous Partnerships
● Hewlett Packard
● William (Bill) Redington Hewlett
● Dave Packard
● Founded: 1939
● Employees: 349,600
● Revenue: 127,24 B$
● Total Assets: 129,51 B$
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Cambridge University Transferable Skills
Famous Partnerships
● Microsoft
● Bill Gates
● Paul Allen
● Founded: 1975
● Employees: 92,000
● Profit: 23,15 B$
● Total Assets: 108,07 B$
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Cambridge University Transferable Skills
Famous Partnerships
● Apple Inc.
● Steve Jobs
● Steve Wozniak
● Founded: 1976
● Employees: 60,400
● Profit: 25.922 B$
● Total Assets: 116,371 B$
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Cambridge University Transferable Skills
Famous Partnerships
● Oracle
● Larry Ellison
● Bob Minor
● Ed Oates
● Founded: 1977
● Employees: 111,297
● Revenue: 35.6 B$
● Total Assets: 73.5 B$
●
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Cambridge University Transferable Skills
Famous Partnerships
● Adobe Systems
● John Warnock
● Charles Geschke
● Founded: 1982
● Employees: 9,117
● Profit: 3.8 B$
● Total Assets: 8.141 B$
●
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Cambridge University Transferable Skills
Famous Partnerships
● Yahoo
● David Filo
● Jerry Yang
● Founded: 1995
● Employees: 14,100
● Revenue: 4.98 B$
● Total Assets: 14,78 B$
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Cambridge University Transferable Skills
Famous Partnerships
● Larry Page
● Sergey Brin
● Founded: 1998
● Employees: 32,467
● Profit: 9.737 B$
● Total Assets: 72,574 B$
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The Innovation Agency
......to take Research to Market
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Cambridge University Transferable Skills
The next session
● Business Modelling● Building an investment proposition / Funding
from scratch● Marketing your company
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Individual follow ups
TIA will take interested researchers through the whole process