There’s always something to learn at commercialisation workshops.
KiwiNet, the group-hug of university and CRI commercialisation units held a Wellington-based forum around understanding customers.
So, here’s couple of interesting bits and pieces from the day – of which I was only able to attend some of, so this is in no way representative.
KiwiNet chair Ruth Richardson, also sits on the KiwiNet Pre-Seed Accelerator Fund (PSAF) investment committee that evaluates ideas put forward by its members – before such ideas are put forward to MBIE.
She gave some investment criteria tips for the ±30 attendees.
- The ‘sell’ usually comes in your answers to the question and answers, not in the initial presentation
- Show your enthusiasm
- Bring your principal investigator if you can
- Bringing a representative from the business partner can work very well
- External expert advice can add substantial value
- Demonstrate value right along the supply chain
- If you’re unsure, try a project review
- Listen to the committee and address the concerns
- It’s OK to fail
Magritek CEO Andrew Coy (risking, he reckons the wrath of his work colleagues) considers that the drivers of a successful academic scientist and commercialiser (who could be a scientist) are different.
Difference/orientation between an academic scientist and a commercial scientist
|Funding||Investment and return|
|Happy PBRF||Happy customer|
Coy commented that sometimes universities get very tied up in trying to value intellectual property, before any money has been made from a possible venture.
“Share in the future value, not today’s costs,” he says.
He gave the example of Stanford University. The university owns any IP that comes from its scientists while they’re working there – but the university then licences it back to the inventor for a dollar. They then have a huge incentive to make the technology worth something.
Finally, Coy says rather than attempting to tie up any intellectual property in patents and the like, “the best IP is about making it work in reality,” he says.
“You want something that is hard to do, and you have to do lots of little things right to achieve it.”