Global Commercialization of Technology From the Mind to the Market Richard Kivel Chairman: Rhapsody Biologics Executive Chairman: ViS Research Former Chairman.

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Presentation transcript:

Global Commercialization of Technology From the Mind to the Market Richard Kivel Chairman: Rhapsody Biologics Executive Chairman: ViS Research Former Chairman & President: MIT Enterprise Forum Global / Twitter:

Goals of this Seminar Discuss the Foundations of Entrepreneurship Develop a general understanding of Global Technology Sales Discuss various Business Models and Customer Segments Review actual Case Studies of Technology companies applying Four Important Rules

History: Wealth and jobs created by Control of Physical Wealth Steel Oil Land Railway Shipping Textiles Future: Wealth and jobs created by Control and Creation of Knowledge Systems Methods Process Intellectual Property Entrepreneurship Continues to Change

The Entrepreneur What does the successful high tech entrepreneur look like? Integrity Leadership Impatient; bias toward action Modest ego. Seeks and accepts coaching. Recognizes, and hires to overcome weaknesses. Pragmatic; willing to compromise Rejoices in others’ victories Driven to solve a valuable problem for customers Able to attract world class talent.

The Entrepreneurial Ecosystem Success EntrepreneurshipInnovation Commercialization Focus on entire entrepreneurial ecosystem  Innovation as both a catalyst and consequence of entrepreneurship Iterating at all times All three activities are critical in order to succeed

 Quality of technology  Strong patent(s)  Supports several new products  Large market potential  Quality of management  Focused strategy  Thorough market understanding  Realistic product development plan Success Factors – Commercializing of Technology Quality investors  Track record building successful businesses  Network of connections with partners/customers  Personal involvement with business  Access to money over long term Passion  Technologists  Management  Investors

The Business Model def: A method by which a firm uses its resources (cash, technology and people) to offer its customers better value than its competitors and make money doing so. It tells who pays, how much and how often.

Components of the Business Model 1.Value Proposition 2.Market Segment 3.Value Chain Structure 4.Position in the Value Network 5.Revenue Generation and Margins 6.Competitive Strategy 7.Stage of Development

Different Models to Evaluate DirectMass Media Retail Telemarketing/ Phone Sales Channels, Distributors and Partners Trade Shows and Conferences OEM ChannelsInternet - Web

Different types of Customer Segments

What Business Model and Why? Apple - Dell Citibank - American Express SouthWest - Virgin Air Patek Philippe - Swatch Cuisinart – Nespresso Bentley – Cadillac Vertu – Nokia AT&T vs. SKYPE

Direct Sales Consumer or Business Positives: High Contact Customer relations More Control Multi-Purpose Experts in the field Negatives: Free Consulting May not like rep or rep leaves firm High Cost Retention

Distributors & Channel Partners Positives: Cost of Sale is Low Hands-off Sales Exposure in new markets Credibility Competitive Edge Negatives: Up-front fees No control Distant clients Performance Technical Pressure Require lots of attention and training

OEM Channels (Original Equipment Manufacturer) Positives: Prestige and Publicity List Sharing Royalties / steady revenue stream Increase Market Presence Technical Control Negatives Competitor envy Technical pressure Channel Conflict Your reputations are linked

Other Examples Retail Internet Service Providers…….

The 4-P’s FOUR RULES TO FOLLOW

Rule 1: Succeed Close to Home Case Study: Baufest (If you don’t know where you’re going you’ll probably wind up somewhere else) Anyone can go Global: Doing it Profitably is the real challenge Commitment from Management (without “support” your plan is a dream) Establish a base of success Enter new Markets carefully –Language –Business Models –Employment Laws & Regulations –Market –Competitors

Rule 2: Leverage Partners Case Study: MolecularWare Understand core competency Choose Partners who give multiple points of entry to the market Manage those partnerships carefully Hire and attract the best people Raise money when it is available

Rule 3: Think Globally Case Study: ViS Research Global distribution of talent and resources Meaningful (not necessarily profitable) partnerships are critical in the early days Close the big names at (almost) any cost Quality Quality Quality

Rule 4: Create Magic Case Study: DEKA

Collaboration is key for success in early stage ventures External support can play an important role Measure success – continuously: assess, evaluate and adapt Take risks early, but leverage partners Look towards the future and identify trends Act Boldly & Change the World Summary / Key Takeaways Global Commercialization of Technology From the Mind to the Market

Thank you Richard Kivel