At Imperial Innovation, the decision regarding the business model is taken by the technology transfer officers. The reason is that researchers often lack market knowledge and commercial skills and are therefore not always able to see the full potential of a certain technology. To enhance the commercial skills of researchers, Imperial College London has set up the Innovation, Entrepreneurship and Design program. The program gives students and researchers the opportunity to follow an entrepreneurial journey that provide them with insights into the challenge of introducing novel products and services to market. www.FITT-for-Innovation.eu

1. Business Model Decision
FITT
– Fostering Interregional Exchange in ICT Technology Transfer –
www.FITT-for-Innovation.eu
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2. Business Model Decision: The essence
Business model decision = full responsibility of the TTO’s @ Imperial
Innovations
The TTO’s work out the business model during & after the invention
disclosure by engaging with the researchers
The TTO will use his industrial relations to find interesting
applications for the technology, considering unmet needs &
upcoming trends OR he will contact Commercial Services
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3. Business Model Decision: The essence
Work out the business model in an invention disclosure
• Specific solution license to company with particular problem
• Platform technology build business model around it
“…It might be easier to capture a large chunk of a small market that a tiny chunk of a
mass market …”
Three possible models, usually combined:
Services Model
Product Model Solution Model
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4. Business Model Decision: The essence
Time Frame Pricing policy
Perpetual Per user/CPU
Annual Per transaction/login/ connection
Rental Per click
Subscriptions Pay as you go
Pay after use
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5. Business Model Decision: Tool ?
When it is difficult to see which business model can be employed to
commercialize an invention, Imperial Innovations sometimes rely on
the IED-program
IED stands for ‘Innovation, Entrepreneurship and Design
A specific program to screen ideas and formulate a suitable business
model around them
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6. IED: What ?
The programme gives organisations the opportunity to join students on an
entrepreneurial journey designed to provide them with insights into the
challenge of introducing novel products and services to market.
The initiative is aimed at a diverse community of participants who are
planning on starting, entering or leading both small and large organisations
in the private and public sector. It is particularly interesting for those who
have, or need, a business innovation strategy
The IED students become part of a multi-disciplinary team in which
they intensively interact with key researchers as well as practitioners
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7. IED: What ?
The business idea comes from the students themselves, OR from Imperial
Innovations’ partners (< public/private)
The postgraduates are taught and coached by leading faculty and
practitioners.
The IED program uses an integrated web based application, called the IED
dashboard, which supports the entire process from idea to investor ready
business plan.
This tool provides a comprehensive breakdown of the stages and activities
one should go through when starting a business and provides resources and
advice on how to proceed
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8. IED: What ?
4 pillars of the IED dashboard, corresponding to 4 phases
of the IED programme:
• 1st stage “Business Idea”: putting together the founding team,
analysing current trends, generating ideas, draw up a
technology/application matrix and do a novelty assessment;
• 2nd stage “Value Proposition”: determining the value chain or value
network, making a competitive analysis, checking appropriability, doing
entrepreneurial market research and instigating the development of the
business model
• 3rd stage “Market testing”: building the prototype, identifying potential
lead users, organizing focus groups and doing in-market testing
• 4th stage “Business Case”: designing technical roadmap, drawing up
the financial plan, covering the valuation and looking for sources of
finance
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9. IED: When ?
Organized for the first time in 2008
Timeline IED-Program:
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10. IED: Who ?
TTO’s: They make the final business model decision; the program
was designed to lift some weight of their shoulders; it saves TTO’s a
lot of work, time, effort, energy
Participants of the IED program: a diverse community of
postgraduates who anticipate starting, entering or leading both
small and large organisations in the private and public sectors with
particular relevance to those who have, or need, a business
innovation strategy
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11. IED: Where ?
The IED program is organized at the premises of Imperial College
London (ICL)
Even if there are industrial project partners involved, the workshops
are still given in an auditorium or a meeting room of the university
This seems logic as the initiative is specifically aimed at
postgraduate students of ICL
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12. Pro’s & Cons
Pro’s
• Students who are entrepreneurially minded get the chance to write a
business plan and think of a suitable business model in a facilitating
environment ;
• new light on the interpretation of business models
• Nonlinear approach towards business planning ;
Con’s
• Participating students and technology transfer officers might have a
difference of opinion on how to develop the business model
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13. Why ? Rationale IED
Make the TTO’s’ task easier: Although this group is rather large – the
entire team exists of 15 persons in total – the human capital can still be
described as limited. Even more so, the rationality of these people – as with
any other individual – is bounded. The IED program allows them to draw
upon more resources to define the business models.
Foster creativity with respect to business models: If the same people are
always in charge of thinking about business strategies, this may hamper the
creation of new ideas. Therefore, the IED program may offer the possibility
of new ideas, alternatives; next to the strong connections with the industry
which keeps them informed about new trends.
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14. Why ? Impact IED
The IED program was included in the part around business
models because technology transfer officers often experience
difficulties in defining and developing it.
The IED entrepreneurial journey is one of the tools that can be
used to facilitate the business model definition process.
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15. Outcome of IED: plans for the future
The program was only launched last year, so it’s a fairly new
initiative
It’s still too early too soon to come up with impressive figures
about the impact of this program
In general: the first impressions are very optimistic!
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16. Lessons Learned
Looking back now, what would you …
This type of program – in which entrepreneurially minded people with a
technical background, like engineering students, university researchers,
and doctoral students get the chance to learn about how to develop a
business model – is highly recommended to other institutes !
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17. Suggested Readings
Link to bibliography
Link to code book
Business model
Business plan
Link to related websites
http://www3.imperial.ac.uk/entrepreneurship/ied_course
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