“The true measure of your worth includes all the benefits others have gained from your success.” ― Cullen Hightower Learn Engage Create Module: BENEFITS

Collaboration with a University has BENEFITS for any CCI Access to Industry-Leading Knowledge, Expertise and Creativity Improved Products and Services Reduced Time to Market Improved Credibility Improved Market Knowledge And many other auxiliary benefits: Problem Solving Research Specialist Equipment and Services Technical Expertise 2

Access to Industry-Leading Knowledge, Expertise and Creativity 3 Benefit & Risks Credible Research methods No Guarantee of Success Dedicated Time & Resources Access to Worldwide Research External Costs Valuing SME contribution Ownership of IP Validation of Results

Improved Products and Services Once (and not before!) you have talked to your existing customers/clients decide on changes based on feedback Find ways to improve what you are offering (implement those changes) by: Brainstorming with University partners for possible improvements Taking advantage of relevant research already done at University Start a new partnership innovation project with a University well-suited to your needs Test out prototypes of improved products or services with a few existing customers Get their feedback Avoid making unpopular changes 4

Examples of new/improved Products and Services Companies (with new services) founded by designers Airbnb; Flickr; Kickstarter Use of recycling materials in architecture, art, crafts, fashion, publishing, etc. JetBlue partnering with bag-makers Manhattan Portage to turn decommissioned uniforms into trendy bags [fashion] PET Lamp using discarded plastic bottles to make pendant lamps with local artisans in Ethiopia [crafts] Renzo Piano and G124 transform Italian suburbs with shipping containers [architecture] University specific CulturePrint in Portugal with the Science and Technology Park of the University of Porto [arts/communication] 5

Reduced Time to Market Time to market (TTM) is the length of time it takes from a product being conceived until its being available for sale Know it: define it, measure yours, share with your partners Brainstorm improvements Align with your business strategy Universities can help with all of the above – use them! Implement principles of design management – if you need it there is training available at universities (or via MOOCs) use project management, design, strategy, and supply chain techniques to: control a creative process (and accelerate it) support a culture of creativity (and inculcate awareness of business realities) build a structure and organisation (or “re-build” and improve your structure and organization to reduce TTM] 6

Improved Credibility Credibility is derived, in great part, from expertise Expertise come from experience and knowledge Academic knowledge is accepted as being of higher value than other forms of knowledge - it is produced by experts who follow a process Knowledge transfer from University to CCI allows your improvement in the eyes of others However it is a cluster concept that also includes: trustworthiness, believability, integrity, reputation, confidence and leadership. Some of these are affected by your collaboration (known to others) with a trusted and well-considered University – how do you see them affecting credibility in your case? Credibility is key for SMEs to access funding 7 “Credibility is the confidence you inspire in others to trust your ability to deliver results” “You gain or lose credibility based on the people & organizations you associate with”

How much credibility do you think you have? On a scale of 1(low) to 10 (high) please indicate how much credibility you think you and your organization have overall (not just to get funding). What can you do to improve your credibility? 8

Improved Market Knowledge Use Market research - defined as any organized effort to gather information about target markets or customers It is a very important component of business strategy Will help set the metrics for client expectations and competitors’ cycles Your University partners have entire departments dedicated to this key business process – use them! Favor data-driven decisions over “feelings” – Analytics over Intuition 9

Any questions whatsoever? 10

Thank you for your attention! Further extensive material, case studies, exercises, links and more can be found on 11