The document discusses entrepreneurial workshops and the process of innovation commercialization. It provides an overview of entrepreneurial workshops co-sponsored by Oklahoma State University that teach students about business plans and venture capital. It then outlines the typical stages of commercializing an innovation from initial investigation and product development through growth and maturity. It discusses common risks at each stage and recommends actions to mitigate those risks.
2. James Wicksted , Ph.D. Department Head and Professor- Physics, Oklahoma State University Associate Director Oklahoma EPSCoR Oklahoma DOE EPSCoR Director
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7. David Thomison, VP of Enterprise Services THE PROCESS, THE PLAN & THE PITFALLS INNOVATION TO ENTERPRISE
8. The business concept is developed The economic feasibility of the business is determined The business functions are established and a trial product is marketed A product is introduced and revenues are generated The business reaches break even and even profitability The business is well established in the target market Business Lifecycle Valley of Death Investigation Feasibility Development Introduction Growth Maturity
9. Definitions Investigation Feasibility Development Tangible object, tech or service offered for sale. Commercial activity where goods and services are sold. Commercial enterprise that produces a product/service to be sold to a market. Is the product unique? What problem does the product solve? Will the product make a profit? Does it solve a problem? Who will buy it? Will it make sufficient returns to justify investment? What will it cost to produce? What is the size of the market? Who is the management team? i2E Commercialization Model New product Positive Market Limited capital Limited expertise Incomplete team No product revenue Design prototype Initial BP developed Complete prototype Expenses incurred No product revenue Valley of Death Analysis of the business based on: Product, market, business, finance and execution MARKET BUSINESS PRODUCT Risk Profile
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17. “ We don’t know why we make these, so we’re hoping to find people Who don’t know why they buy them.”
18. Problem: 9% of emergency transported patients NEVER receive an intravenous catheter or IV due to poor blood vein accessibility Solution: Medical device that encompasses the arm or or leg, reduces blood circulation similar to a tourniquet, BUT then redirects the constricted blood to the surface area using pressure Identify Problem & Unique Solution
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20. Sales Price $25.00 COGS $ 5.00 Gross Profit $20.00 Gross Margin 80% Customer Value Proposition: Company
21. Increased Medical $85,000 Probability 3% Customer Value $ 2,550 Sales Price $ 25 Customer Value $ 2,525 Benefit Ratio 101x Unit Value Proposition: Customer
22. Idea or Business? “ We’re selling $100,000 shares in an idea we plan to have after raising enough capital to think about it.”
How to read model, explain concept of model- each stage has a path with milestones and action items to meet- not linear Fundamentals- only going through the first 3 stages
