Description
This book provides a framework for translating ideas from the academic laboratory to commercial ventures. The book is designed for academic researchers (advanced PhD students, post-doctoral fellows, university faculty and staff) who believe their research ideas could be the basis for a commercial venture. The book contains a complete program to create their entrepreneurial ecosystem by enabling scientist entrepreneurs to drive their discoveries to commercial impact. The authors from MIT and SMART have been working with academic researchers in Singapore for over ten years to help them de-risk an idea for an early-stage technology-based venture to prepare them to raise capital and initiate a NewCo. We developed a set of best practices during this work by teaching over 300 scientists, researchers, and postdocs in our Bootcamp for academic researchers and providing them with the tools to be scientist entrepreneurs. These teams have gone on to start over 44 companies. Through our real-time experience in working with academic researchers, supplemented with our personal experience in technology start-ups, we developed the Adaptive Innovation™ Framework. It is a must-read for any researcher, scientist, or engineer in the deep-tech area who wants to drive their discovery to commercial success and achieve societal impact.Contents: Before You Start:IntroductionThe Necessity of a Mindset ChangeThe Six Steps to Facilitate Mindset ChangeEstablishing a 360° Field of VisionForming the TeamBe Mindful of Your AssumptionsUsing New Knowledge and Converging TechnologyConstant VigilanceAdaptive Innovation™ Framework:IntroductionThe Adaptive Innovation™ FrameworkYour Technology:IntroductionSurveying Your TechnologyOpportunity Matrix and Decisions Matrix:Introduction Opportunity MatrixDeveloping an Opportunity MatrixEvaluating Your Opportunity MatrixCreating an Opportunity Priority ListTechnology CentralityThe Decision MatrixValue Proposition:IntroductionKnown vs Unknown Market DemandJob to be Done (JTBD)From JTBD to Exponential BenefitsFrom Opportunity Matrix to Value PropositionUnderstand the Drivers of Technology Step ChangeCurrent and Future Scenarios of Your InnovationValue Proposition DesignPrepare Your Value PropositionTesting Your Value PropositionWorking Backwards from the CustomerComponent vs Whole ProductCustomer Discovery:How to Implement Customer DiscoveryRemember: Entrepreneurship is a Contact SportStructure of the InterviewConducting Customer InterviewsVoice of the Customer: What are the Critical Quality Attributes (CQAs)?Guide to InterviewingBeachhead Markets and Customers:IntroductionBeachhead Market&BUTAFrom Beachhead Customers to MainstreamAdoption of New TechnologyDo You Have Problem Solution Fit?:IntroductionPositioning Your Product Against CompetitionCompetitive AnalysisJTBD Feature Comparison ChartAnalyzing Barriers to Market EntrySummaryTarget Product Profile:IntroductionTarget Product ProfileConstructing a TPPUse of the TPP across the Product Life CycleA Case Study in Drafting a TPPTarget Product Profile (TPP) TemplateLinking the TPP to the Development RoadmapDevelopment Roadmap for the Pilot Commercial Product:IntroductionExecuting Your PlanDevelopment RoadmapProduct Development RoadmapValue CyclePOC PrototypeCommercial PrototypeCreating the Product Development RoadmapFunding and Resource Planning for Developing the Pilot Commercial Product:IntroductionDevelopment Phase (I)Advanced Roadmapping:IntroductionRegulatory Requirements to Sell Your ProductBrief Tutorial of Regulatory IssuesHealthcare Product Approval TypesTeam ExpansionIs your Core Team Correct?Entrepreneurs are BuildersBeyond Your Core Team, What Other Manpower Expertise is RequiredBeyond the Beachhead Customer:IntroductionExpanding Your MarketMarketing, Sales and Distribution to the CustomerTypes of BuyersPlace (Sales Channels, Strategic Partnering in Sales)Sales Process EvolutionStrategic PartnersInteractive Case StudyAngiotech PharmaceuticalsBusiness Economic Model:IntroductionValue Creation and Value CaptureWho is Your Customer? Who Pays?Markets&Market SizingWhen to Use Top-Down and Bottom-Up Approach for Market SizingThe Business Value ChainUnit Pricing Analysis (Margin Matters)Revenue ModelDeveloping the Business Economic Model: Laying the Foundations for a Financial PlanDeveloping a Financial Plan for the ProjectFinancial Plan Development for the Spin-offCash Flow AnalysisIs Your Business Viable?:IntroductionMind of the InvestorStage of InvestmentValuation (Pre and Post Money)Exit (IPO or Acquisition)Return on Investment (ROI)Let’s Determine If Your Proposed Venture Can Attract InvestorsHow to Attract Investors:IntroductionThe Different Types of Investors in Your EcosystemInvesting DomainsWhat Return Do Investors WantPreparing Your Pitch Deck for Angel and Seed Investors:IntroductionPreparing to PitchCreating Your Pitch DeckPitching to the Correct InvestorWhat You Need to PrepareReadership: Entrepreneurs, managers, academic lecturers, management researchers, undergraduates, and postgraduates interested in entrepreneurship, innovation, and technology management. Key Features:Contains a complete program with case studies, examples, and templatesRich content written in a story-telling styleShows the lives and case studies of scientist entrepreneurs as they explored their entrepreneurial journeyFocuses on translating early-stage laboratory to commercial venturesPresents the Adaptive Innovation framework evolved in working with over 300 researchers working with over 125 different technologies in both the life and physical sciences
