Seminar about "value proposition for scientific invention" for Federal Lab researchers at NIST. The primary purpose of this presentation was really not to turn NIST scientists to entrepreneurs, but rather build awareness of entrepreneur thinking and commercial language, when transferring scientific inventions from Lab to Market.
6. Research
Results from lab
Large Corporations and Spin-offs
New Products in Marketplace = Impact & Benefit
•Publications
•Conferences
•CRADA
•IP Licensing
7. Market
Assessment
(EIR)
Business
Model
(EIR)
Invention
disclosure,
IP filing
• Novelty
• Prior-art
• Match with
NIST mission
• Ready for licensing
&
• Ready for spin-off
• Market potential
• Validated value
proposition
Commercial
IMPACT
AK 9/16/2014
Markets and customers
Inventor’s
Value
Proposition
• Commercial
value
proposition
hypothesis
Draft diagram, similar programs under discussion at NIST
9. NIST Inventor + EIR 5-10 customer calls = value proposition 1.0 hypothesis validated I-Corps, TEDCO, IP-Crossing, etc. outsourced programs*
*Future programs & outside providers being evaluated at PTO
10. (1) Clarity (Commercial Value) (2) Communication (Commercial language)
To maximise NIST’s IMPACT on the market, we need: (1) Clarity (Commercial Value vs. Scientific Value) (2) Communication (Commercial Language vs. Patenting Language)
12. Time
Company Growth
No need for product
Good-enough Solutions available already
Market/business not big enough
Entrepreneur Mistake #1: Fell in love with his first idea/product!
Entrepreneur Mistake #3: Failed to test and validate Value Proposition!
Entrepreneur Mistake #2: Failed in assessing the market size!
3 Ways to Fail:
23. PROBLEM/SOLUTION
FIT
PRODUCT/MARKET
FIT
Using MVP, validate that
A)Customers want your product and
B)Business model is scaleable/repeatable
Markets and customers
MVP
24. PROBLEM/SOLUTION FIT
PRODUCT/MARKET FIT
SCALE
SCALE: execute business and
grow your Gross Margin faster than your OPEX!
Markets and customers
MVP
29. VALUE PROPOSITION = Defines the benefits the end-users will gain from your invention
30.
31. NIST Value Proposition Toolbox
1.WHAT is the problem?
2.WHO has the problem?
3.WHAT are the current methods of solving the problem?
4.WHAT is your solution and its advantage?
5.WHAT is the customer benefit from your advantage?
32. Value Proposition Template
For [customer], who [wants/needs to do X], our new invention is a [solution with customer language], that provides [the key use- case/benefit it delivers], and unlike competing methods, such as [key competitors/competing methods], our invention [key differentiators, use numbers, or %], at a price [less than, equal to, or higher than competing methods].
Adopted from: Crossing the Chasm by Geoffrey Moore
33. ?
?
IMPACT = Social & economic impact on the U.S. society
34. Thank You! Mr. Antti Korhonen Guest Researcher/EIR antti.korhonen@nist.gov Tel: 703-504-8157 For consulting engagements, contact: anttik@takehill.com www.takehill.com