1 / 18

Shaping a Product Concept

Shaping a Product Concept. November 28,2012. Gary Williams – Director Jeni Clark – Associate Director. Keys to Success. Intellectual property strategy A unique, superior product: a differentiated product that delivers unique benefits and superior value to the customer.

juro
Download Presentation

Shaping a Product Concept

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Shaping a Product Concept November 28,2012 Gary Williams – Director Jeni Clark – Associate Director

  2. Keys to Success • Intellectual property strategy • A unique, superior product: a differentiated product that delivers unique benefits and superior value to the customer. • A strong market orientation—the number one reason why new products fail is due to a lack of market information and intelligence. • Getting a customer involved at an early stage and during the development cycle is critical. • Developing a business plan is essential

  3. What is Intellectual Property? • A Physical Embodiment of an Idea • Research data • Compounds • Materials (biological, chemical) • Publications • Presentations

  4. Invention Disclosure Before the Invention: • Make sure you keep proper documentation • Notebooks should be bound, pages numbered, entries dated, detailed descriptions of tasks per researcher, and contain data, figures, photos • Important entries signed and countersigned by a witness Once the Invention is Made: • All inventions should be reported to the Office of • Technology Transfer prior to public disclosure If the invention was federally funded, the Office of Technology Transfer will report the invention to the agency and all subsequent actions relating to the invention

  5. What is Patentable? • New and useful processes • Machines • Manufactures (objects made by humans or machines) • Compositions of matter • Any New or Useful Improvement to any of the above Patentability Test • Novelty - Clear and complete explanation of the manner and process of making and using the invention • Utility – Advantages and Purpose • Non-obviousness – Patent Search

  6. Public Disclosure Public Disclosure is: • Presenting at a Professional Meeting • Presenting to a Class • Publication • Telling a friend The Law: • The U.S. and Canada allow one year from the date of public disclosure to file a patent • You lose the right to file in most foreign countries with public disclosure • Disclosure can compromise your invention and lose marketability without foreign patent rights

  7. Protection of Patentable Ideas • When discussing ideas with anyone outside the university make sure that a non-disclosure agreement is executed PRIOR to disclosure • Mark all related documents and material CONFIDENTIAL and/or patent pending • Safeguard and limit access to all confidential material • When transferring material make sure that a material transfer agreement is executed

  8. Approaches to Innovation • Sales • Market need? • Sales A. Technology-Push B. Market-Pull C. Product/Markets (Hybrid of A & B)

  9. Impact of Differentiated Products +34% Market share +12% Market share

  10. Characteristics of a Market-Driven Company • Customers—what are their unmet and emerging needs • Know who is the competition • Understand capabilities—focus on core competencies; outsource the rest • Develop cost-effective solutions • Establish a culture of continual improvement of customer value—products and services.

  11. Fast Cycle Time Principles • Identify Customer Problems • Create a New Products Strategy—determine market segments • Communicate Effectively • Practice Good Planning and Project Management • Process Simultaneously • Utilize Cross-Functional Teaming • Involve Customers on an Ongoing Basis • Prioritize and Make Decisions as Fast as Practical • Measure progress—keep track of customer interactions

  12. Fast Cycle Time Principles New product strategy should include: • List of products to be developed • Market sectors each will serve • Unmet need that will be addressed • Priority listing of development • Channel of distribution that will be utilized

  13. New Product Strategy Key Development Targets: In progress: (P)

  14. Business Plan Development • A business concept should address: • What am I going to make and sell? • Who am I going to provide a service to and sell? • What are the unmet needs? • What will be my competitive advantage? • How will I protect my ideas? • What will it be worth?

  15. Business Plan Development The Business Plan is a key document that articulates what key features will drive your business opportunity. These can include: • Mission Statement • Key members of the Team • Technology and intellectual positions • Opportunities and market summary • Business concept: entry and growth strategy • Competition • Five-year goals and objectives • Five-year financial plan • Risks and rewards

  16. Summary: New Product Development • Make certain that you handle IP at an early stage. • The number one key success factor is a unique, superior product. • The number one reason why new products fail is due to a lack of market information and intelligence. • Getting a customer involved at an early stage and during the development cycle is critical. • Developing a business plan is essential. HAVE FUN! AND CELEBRATE YOUR SUCCESSES!!

  17. Shaping a Product Concept November 28,2012 Gary Williams – Director Jeni Clark – Associate Director

More Related