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Value Proposition for scientific invention

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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.

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Value Proposition for scientific invention

  1. 1. Nov 6th, 2014 Gaithersburg, MD
  2. 2. ? ? IMPACT = Social & economic impact on the U.S. society
  3. 3. Scientific Value Commercial User Value Publication 1 Publication 2 Publication ... * A Best Guess is 100% better than nothing
  4. 4. Filed Patents Visibility to business execs, entrepreneurs and investors Visibility to industry research community and academia
  5. 5. Transferring Value From Lab To Market
  6. 6. Research Results from lab Large Corporations and Spin-offs New Products in Marketplace = Impact & Benefit •Publications •Conferences •CRADA •IP Licensing
  7. 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
  8. 8. I-Corps 6 weeks Team of 3 20 h per week 100 customer calls
  9. 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. 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)
  11. 11. Building Business.
  12. 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:
  13. 13. 66% of succesful startups CHANGE their original plans
  14. 14. ”No plan survives first contact with the enemy.” - Helmuth von Moltke the Elder
  15. 15. ”No business plan survives first contact with a customer.” - Steve Blank ”No business plan survives first contact with a customer.” - Steve Blank
  16. 16. ”Everyone has a plan until they get punched in the face.” - Mike Tyson ”Everyone has a plan until they get punched in the face.” - Mike Tyson
  17. 17. A dynamic diagram of business ... just a set of hypotheses (Business) Plan Does NOT Guarantee Success
  18. 18.
  19. 19. Lean Startup:
  20. 20. Your BUSINESS MODEL is the PRODUCT
  21. 21. Lean Startup Myths: (1) Lean startup is Bootsrapping! (2) Lean startup is a shortcut!
  22. 22. PROBLEM/SOLUTION FIT Big enough problem vs. unique solution? Markets and customers
  23. 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. 24. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE SCALE: execute business and grow your Gross Margin faster than your OPEX! Markets and customers MVP
  25. 25. Customers don’t care about your solution.
  26. 26. Customers only care about their PROBLEM.
  27. 27. Value Proposition.
  28. 28. VALUE = BENEFITS – COSTS Easy! ...whose benefit?
  29. 29. VALUE PROPOSITION = Defines the benefits the end-users will gain from your invention
  30. 30. 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?
  31. 31. 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
  32. 32. ? ? IMPACT = Social & economic impact on the U.S. society
  33. 33. Thank You! Mr. Antti Korhonen Guest Researcher/EIR Tel: 703-504-8157 For consulting engagements, contact: