The Perfect Pitch Striking a Chord with Investors and Partners
The Perfect Pitch Striking a Chord with Investors and Partners Presenters: Jennifer Flagg, Michelle Lockett Jim Leahy, Vathsala Stone, Joe Lane From: The Center on Knowledge Translation for Technology Transfer July 14, 2018 Agenda Introduction Tech Transfer Planning Template Activity 1- Create project overview Competing Products and Competitive Advantage Activity 2- Conduct competing products search Identifying Potential Transfer Partners Activity 3- Conduct search for transfer partners
Understanding Value Propositions Activity 4- Create a value proposition Who we are Began as the T2RERC in 1993 Helped inventors transfer their assistive technologies over 50 products were commercialized Center on KT4TT started in 2008 A team of eight individuals with various professional backgrounds Evaluation, Marketing, Business and Project Management Our teams objectives are: To increase the understanding of TT processes and practices To increase NIDILRRs Grantees capacity to plan and engage in TT activities To increase NIDILRRs Grantees rate of successful transfer of rehabilitation technology products to the marketplace What we do
Create Models Need to Knowledge Model (NtK) An action oriented online model that guides you through (step-by-step) the research, development and production of a new innovation Create Tools Technology Transfer Planning Template (TTPT) An interactive online planning template that creates TT and commercialization plans Improve Understanding of TT - Prospective Study of NIDILRR development projects to identify barriers, facilitators and best practices to TT Provide Technical Assistance Proposal and TT plan review Intellectual Property and Corporate Partner guidance Why we do it To ultimately increase the market availability of better AT devices In NIDILRRs 2015 Report to Congress, only 5% of all of their Grantees
project outputs were Technology Products or Devices, while 74% were publications Because TT is not easy and there are many barriers that can be avoided, if you know what they are For this presentation we will be focusing on the barriers/facilitators related to competing product research and transfer partner collaboration Barriers and Facilitators to TT What is a Barrier? Any challenge that obstructs the flow of your projects output through the development process and the path to transfer. It can decrease the likelihood of accomplishing technology transfer. Example Revealing invention secrets within a publication before obtain a patent. What is a Facilitator? Any activity or decision that helps the flow of your projects output forward through the process of development and the path to
transfer; often it is the use of an opportunity. Example Your university has a long standing relationship with manufacturers in your AT field. Barriers and Facilitators Preliminary Findings from ongoing Prospective Study Facilitator- Projects who have contracted with their transfer partners early on, even at the time of proposal submission, progress further towards TT These cases have obtained IP agreements and have a better sense of distribution strategies Barrier- Conversely, projects who have not identified or worked with a transfer partner prior to development, have not been able to secure a market path for their innovation Some cases lack a clear vision or focus of where they want to go with their prototype a partner can help with this! Findings from Industry Profile Project Interviewed manufacturers who had worked with grantees and inventors
Top 2 barriers: no due diligence & approaching too late! Facilitators: conduct market research & identify and contact potential partners early on What you will leave with today Focusing on one of your development outputs - you will leave this workshop today with: 1. A Solid Project Overview 2. A Competing Products Matrix 3. A Potential Transfer Partner Profile list 4. A Start to your Value Proposition (the perfect pitch) Tech Transfer Planning Template (TTPT) TTPT What is it? The TTPT is an online tool for planning development and transfer projects
Asks simple questions Provides resources Output reports organize your responses Commercialization plans Technology transfer plans Summary reports TTPT How do I use it? Create account- click on New User Answer questions in three parts: Project / output overview Development plans Production plans View reports Share plans TTPT Homepage
Get started with a new plan by clicking on My plans TTPT My Plans Click Begin a New Plan TTPT New Plan Begin completing questions Click Save and Continue to move to the next page TTPT Verification Page Edit responses on this
page, or click on the bolded questions to return to that questions page Scroll to the bottom, and click Save as Complete to finish Part 1 TTPT Accessing Output Reports Click on My Reports to view Summary Report of responses from Part I TTPT Summary Output Report Click on Summary icon to open report We will revisit
this report later on for the value proposition ACTIVITY 1 - Project Overview Work on creating a development project summary in the TTPT 20 Minutes Competitors and Competing Products Know Your Competitors and Their Products Know as much as you can about your competitors, including: The products they sell Know their features and functions What can your
product offer that none of the existing ones do? Your Pricing Strategy Can you sell for less? The customer segments they target Can you target someone different? Do they sell to a segment you havent thought about selling to? Your competitors could be potential transfer partners! What is a Competing Product? A Competing Product is not just an existing product that does the same thing as your invention, with similar features and functions It is any alternative solution to the same problem, for example: competing products for a telephone are not just other telephones, but so are computers, tablets and smart TVs where you can e-mail, use social media and web calling to communicate Products that are still under development, but will offer similar solutions once released on the market, should be considered
Conduct a USPTO patent search to avoid infringing on another patent Identify products that havent made it to the market yet (NARIC) Importance of Knowing Your Competing Products Must determine market viability prior to beginning a project If something already exists on the market that reasonably solves the same problem in a satisfactory manner for consumers, why would they buy your product? If you cant find something similar, why hasnt it been produced already? What market, technical or business barriers are there? If you cannot adequately answer these questions, you will likely be squandering time, effort and money on an invention that no one will buy Knowing why your product offers more value to end users, will help you sell your invention to a transfer partner or obtain funds from an investor Necessary for your value proposition!
Competitors and Competing Products?!?! But, I have no intentions of selling anything or competing with anyone. I want my product to be FREE for everyone, so everyone has a chance to use it! Reality is - Nothing is FREE! There are costs to producing, distributing, maintaining and servicing your product, someone has to do it and its not NIDILRR. It is the Grantees responsibility to find a partner who has the will and motivation to sustain your product. How do you do that? By giving them the right information to know they can make a profit from selling your product OR save their agency money by improving the lives of people with disabilities. How many people, REALISTICALLY, might buy or use your product? Why would your target market want to buy your product? Resources for Identifying Competing Products The KT4TT website provides resources for looking for competing products, including;
Conducting a Competing Product Search Product Resource Directory App Marketing Guide Assistive Technology Companies Industry Profiles AbleData US Patent and Trademark Office Competing Products Search Goals Inform design specifications Provide comparative information to design team Highlight competitive advantage Entice investors/ collaborators Informing Design Specs Manufacturer
and Product Names Ideal Product LifeScan: One Touch II Type of Product Price Accessible Glucometer $400 Adaptable Glucometer Scheduled to begin
manufacturing in Q4 2008, or Q1 2009 Integrated recorded speech $120- $150 LifeScan: One Touch Profile Adaptable Glucometer $150 Home Diagnostics, Inc.: Diascan Partner Talking Glucometer Talking Glucometer
Roche Diagnostics: AccuChek Voicemate $399 $475 - $500 Non-Talking Health Monitoring System Not available Via Mail Order, online store, and online and brick and mortar drug stores Available through health care clinics
and systems, no direct sales none Talking Glucometer Health Hero: Health Buddy No longer manufactured, still available in stores Presently manufactured No longer manufactured, still
available in stores Separate synthesizer modules Separate synthesizer modules Integrated synthesizer Separate synthesizer Display Screen Yes Memory Unlimited Capacity storage,
including time and date markers Power Source Phone line or 12 Volt DC Weight 6 oz. Yes 250 records including time and date markers Yes 250 records including date and time markers No
No 100 records including time and date markers Yes 64 MB memory, 32 MC storage Duracell alkaline battery size J 4.76 oz. two AAA batteries Two AA batteries 9 volt or AC adapter
n/a 4.5 oz. 8 oz. 11.4 oz. 20 oz. Size 6'' x 4'' x 2'' 4.3"x2.6"x3.2" n/a 6.5" x 3.0" x 2.5"
4.72" x 8.98" Tactile Markings Yes 4 3/4" x 2 3/8" x 1 1/16" No No n/a Yes n/a
Audio cassette or video guide available None Audio cassette Audio cassette none specified Availability Voice Accessible Instructions
Audio cassette/CD and video with sign language n/a Highlighting Competitive Advantage Features Desired by Consumers Control Interface Thermostat/ Model Number and Manufacturer Large, distinct shaped buttons on
thermostat Raised buttons Intuitive Separatio on thermostat placemen n of as well as on t of Control remote control Buttons buttons Contro l Backlightin g Status Contro
l LEDs Large, Bright Digital Displa y Voice Feedbac k Remot e Control X X
X X X Cost Heat/Cool/Programmable Accessible Thermostat X X Magic Stat 32 Program/CT3200A 1001- Honeywell
Programmable Round/CT2700A 1019Honeywell 7 Day Programmable/CT3600A 1002- Honeywell Chronotherm Programmable/CT8602C 1001- Honeywell X TX 500- Lux TX 1500- Lux TX 9000- Lux X X X
X X X $51-$99 $59.00 $49.00 X $89.00 X X
$119.00 X X X $29.97 X X X $39.00
X X $54.87 X X Competing Products Search Process Where to Search for Competing Products? Information Repositories AbleData Product Resource Directory AT Manufacturers/ Distributors
Amazon AliMed Maddack SP Ablewear NorthCoast Medical Performance Health (Paterson Medical, Sammons Preston): The Wright Stuff Vitality Medical Make Life Easier ACTIVITY 2 Competing Products Search Construct a Competing Products Matrix 20 Minutes Competing Product Matrix Template Manufacturer and Product Name: Price
Availability Specification 1 (Size) Specification 2 (Weight) Specification 3 (Portability) Feature 1 Feature 2 Feature 3 Function 1 Function 2 Function 3 Ideal Product Competitor #1
Competitor #2 Competitor #3 Identifying Transfer Partners Potential Transfer Partners Who are They? Any organization, non-profit or for profit company, agency, university or association which contractually agrees to carry on ownership responsibilities of your innovation For example: a manufacturer wanting to license your invention a consumer agency who has agreed to continue the support and distribution of your product A university who has agreed to fund your continual production and distribution of your product
Transfer Partners It is ideal to identify these partners as early as possible in your development project for many reasons, such as; Securing a transfer partner early in your project will help outline a potential path to market by answering those tricky marketing and business issues you arent familiar with Understanding the needs of these partners will help you draft a value proposition early on in the project and inform pending development plans as to their valued criteria As collaborations progress and relationships grow, the partner will have a vested interest and be more likely to adopt your invention, because it has been developed with their interest and capabilities from the beginning How do I find Transfer Partners? Online sources such as these provide a place to search for companies or organizations by areas of disability: A Simple Google search for products similar to yours Assistive Technology Industry Association (ATIA) - search their membership
directory AT distributors such as The Wright Stuff All of the same resources you used to help you find the competing products can be used to find potential transfer partners, here are a few good ones: App Marketing Guide Assistive Technology Companies Industry Profiles ACTIVITY 3 Potential Transfer Partner Search Prepare a potential transfer partner list using template 15 Minutes Potential Partner Profile Template Organization Name Type of Organization (Private Sector
Industry, Not-for Profit, Government Agency) Street Address City State Zip Main Phone Number Website URL Organizatio Organizatio Organizatio Organizatio n #1 n #2 n #3 n #4 Potential Partner Profile Template (part 2) Staff Contact Name #1 Contact #1 Title (President,
Product Manager, etc.) Contact #1 Phone Number Contact #1 Email address Staff Contact Name #2 Contact #2 Title Contact #2 Phone Number Contact #2 Email address How Many Employees? What year did they start? What product categories do they sell? Where do they do business? Who is their primary customer segment? Organizatio n #1 Organizati
on #2 Organizati on #3 Organizati on #4 Understanding Value Propositions What is a Value Proposition? A statement summarizing why someone should invest in/buy a particular product or service Used in marketing collateral or for presentations Different value propositions may be needed for different target markets (i.e. customers, investors, employees) Should include: Problem/Solution (Need and Product)
Why buy? (Benefits) Why buy from YOU? (Competitive advantage) Frequently evolving/changing! Value Proposition Structure and Examples Use a formula: Target market + problem + solution + competitive advantage For [market segment], Our Brand is the [product category] that [customer benefits] by [points of differentiation]. For NIDILRR grantees, the TTPT eliminates the guesswork in development project planning by making it easy to understand what questions to ask and how to answer them. Tell a story Imagine a product that takes the business jargon out of business planning. Use an analogy The TTPT is the turbo-tax wizard of technology transfer planning.
Wow statement We offer a suite of software tools for producing animated graphics. Last year we won an Academy Award for special effects. https://www.garage.com/getting-wow-create-value-proposition-will-dazzle-investors/ Value Proposition Formula & Example For [TTPT- who will use your product], our [TTPT- what are you creating/ developing] is the [product category] that [TTPT- how does the product solve the problem/ fulfill the unmet need] by [Competing products chart- points of differentiation]. For students who lack the fine motor control skills necessary to operate a standard scientific calculator, our expanded keyboard is the scientific calculator that provides an enlarged, lightweight, independently powered replica of the calculators keyboard face, thereby enabling access to the same calculator being used by a student's peers.
Creating Your Value Proposition What youll need: TTPT Summary Competing Product Chart Who are you targeting? Buyers? Investors? ACTIVITY 4 Create a Value Proposition Prepare a value proposition using your TTPT summary and competing products chart 20 Minutes Wrap up The work youve begun today can be used for informing budding ideas, writing grant proposals, making development decisions, discussions with potential partners, and marketing efforts. These tools can be leveraged again and again as your ideas
and plans change. Simple, flexible structures make it easy to pivot or alter the planned course. Many more resources are available at www.kt4tt.buffalo.edu Contact us for technical assistance: [email protected] & [email protected] ACKNOWLEDGEMENT The workshop contents were created under a cooperative agreement from the National Institute on Disability, Independent Living, and Rehabilitation Research (#90DP0054). NIDILRR is a Center within the Administration for Community Living (ACL), U.S. Department of Health and Human Services (HHS). The contents do not necessarily represent the policy of NIDILRR, ACL, HHS, and you should not assume endorsement by the U.S. Federal Government.
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