intro innovation management workshop structure housekeeping materials participants o name o position...

Intro

I N N O V A T I O N M A N A G E M E N T W O R K S H O P

• Structure• Housekeeping • Materials• Participants

o Nameo Positiono What you are hoping to get

from the course

YOUR LANDSCAPE

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• Why?• What is Value?• Partners you need to understand• Myths

“The value of an idea lies in using it”

Thomas Edison

INNOVATION MYTHS

Lets shoot the inventor Business partners don’t value innovation.

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Business knows how to innovate Watch them steal my idea

I am a professional and I have the answers Build it and they will come

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A pathway beats a process Certainty is valuable in itself Innovation flows through people Opportunities are the catalyst to value Ideas are not businesses Innovation is not linear Build to keep your options as open as possible Value isn’t always what you think Problems can be opportunities

INNOVATION THEMES

YOUR PROJECTS o m e s e e t h e e d g e o f t h e l a n d ,

o t h e r s s e e a n o p p o r t u n i t y t o fi n d a b o a t

SO WHAT?

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• Your ‘thing’• The language of benefits

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The Fazzle Spray

One idea….many

applications

Post It Notes Re-Timer Glasses

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Idea

BenefitsTools & Techniques

Products & Services

Manufacturer/Distributor Market 1

Market 2Market 3

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GIVE ME A CALL IF YOUR PROJECT HAS…

• No money upfront• No advertising costs• No development costs• Customers pay in advance• Existing demand with presales• Repeat customers• No obsolescence• Open and committed distribution• Ability to exit

PLANNINGBACKWARDS

FLINDERS PARTNERS - FEBRUARY 2015

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Flinders University“The House of Horrors”

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SOME THINKING

Is a movie the right application?

Where is the market?

How do we incorporate the market feedback?

What if the market (or a part of it) says no?

Did we create a few team (and IP) problems?

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ALIGNING THE PROCESS

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NAVIGATING THE MARKET

Idea (your thing)………Research Application

Other Applications

New Project

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UH OH….NOBODY LIKES ME (YOUR MUM STILL WILL!)

Maybe it’s not time

Maybe I need to find a new market (are you disruptive?)

Maybe I need to find a cute friend (complementary assets)

Maybe I am what I am…that’s ok!

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SOME FACTS AND THINKING…

• Marketing is about price, promotion, place, and product (note: product is one of the 4 values)

• In retail value chains they expect at least 5 x multiple from cost to price…cost isn’t price

• Business has developed many models to help get product to market….brokerage, agency, sale, lease, utility, training etc. etc.

• Users need a product or thing• Costs of marketing are typically the biggest cost in getting

something to market

BUILDING BUSINESS VALUE

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WHAT ARE THINGS THAT CAN BUILD VALUE?

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CLEVERTAR

RISKS

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WHAT IS INTELLECTUAL PROPERTY?

Property that stems from the exercise of the mind

Intangible property rights which are a result of intellectual effort

Content of the human intellect deemed to be unique and original and to have marketplace value

The rights of creative workers in literacy, artistic, industrial and scientific fields that can be protected by copyright, trademarks, patents, etc.

Currency of the new century

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INTELLECTUAL PROPERTY

Output idea Intellectual Property E.g. – it would protect

Trade and commercial secrets Confidential Information Secret information about how well a mouse trap works

Inventions Patents A new mouse trap

Authored and artistic works Copyright A drawing of a mouse trap

Trade mark and trade reputation

Unregistered & registered marks

A Mouse trap™ logo, ora Mouse trap® registered logo

Industrial designs Registered designs A stylish mouse trap

Circuit layouts Eligible circuit layout rights An integrated circuit designed to control a mouse trap

New plant varieties Plant variety rights A hybrid Venus flytrap which eats mice

IP OWNERSHIP

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• Staff• Students• Research Collaboration• Contractor

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CONVERT AN OPPORTUNITY TO WEALTH

• Sell it• License it• Give it away• Do it yourself• Joint venture – Partnering• Do nothing

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RISK

General Risk Duty of Care Information Flow

Commercialization Risk Risks of the other party Risks of the relationship Risks of the project Risks of the technology/IP Risks of commercial and political sensitivity Risks of capturing the benefits

A DEAL

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“You must never try to make all the money that’s in a deal. Let the other fellow make some money

too, because if you have a reputation for always making all the money, you won’t have many

deals.”

J. Paul Getty’s father

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NEGOTIATION BASICS

• Identify benefits for each party• Set your aims• Identify flexible and non-flexible areas• Listen• Detachment

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“There’s nothing more annoying than a good example” Mark Twain

BUILDING A PORTFOLIO

VISUALISATION

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ProjectsPROJECTS

DisclosuresDISCLOSURES

Pathway

Publishing

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COURSE REVIEW AND EVALUATIONS

• Met opening goals and expectations?• Introduce participants to the entire process• Work from the market back• Create value propositions• Remember value has different meanings• Come up with a strategy before pursuing IP protection

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CONTACT USAnthony Francis

PH 08 8201 7589anthony.francis@flinderspartners.com