Innovative companies generally have a core technology that underlines their business structure. It is a source of expertise that provides a competitive edge in the market that they operate in.
Organisations in different market sectors can share similar problems. For example bacterial infection is a problem for the food industry, healthcare and shipping to name just three sectors. So if you have a solution that works well for one market it could be adapted to solve a similar problem for a different industry.
But if all your internal expertise is in one sector how can you disrupt another market effectively without risking your existing business?
This is a question that many of our clients ask.
We propose that the first step is a good business plan that defines the opportunity space and its commercial potential and then develop a technology strategy in parallel.
- Analyse the market potential
- Define what is achievable in the budget
- Confirm the IP landscape is accessible
- Gain advice from specialists in the sector
- Find impartial experts
Use of external experts who have knowledge of the target market can help de-risk the venture.
An important factor to consider is that the end customer is often wrong – when it comes to innovation – as technology has the power to change the market and consumer needs.
This short video describes this in more detail and provides some pointers to best practice.
If you have difficulties watching the video above it can be viewed on YouTube here.