Renaissance Partners have had the opportunity to participate in several technology development projects. Fortunately, a large part of them have been completed successfully and delivered to our clients. Like all projects, we at Renaissance have learned lessons that help our clients and us develop successful and profitable projects. We feel strongly that helping you the customer, take your idea to a successful implementation and commercialization has key elements and understanding.
From these experiences, Renaissance have created a list of steps to successful implementations, which we believe to be useful in product development and commercialization projects for our client’s innovative ideas.
1) Business potential and finding it
For an innovation to be turned into business, it must obviously be related to customers' needs. However, we know that customers do not always know what they need – or do not know what to request. The two seeing the right opportunities can be found in monitoring the market, basic research, and customer behavior. Several pieces of information need to be followed and connected to each other in the appropriate manner. Renaissance has the experience to help you find the potential.
2) Getting the value chain involved
In a development project, it is important to hear different opinions. The different opinions and skills can best be assembled when the whole value chain is involved in the project. In a technology project, the network should include the participation of e.g. applied research, technology developers, experts on the raw material chain, customers, investors, suppliers, start-up companies, and end users. We at Renaissance have led successful projects by getting the entire supply chain together, let our experience help you.
3) Clear roles and responsibilities
As with all work, clear roles and responsibilities are the key to successful cooperation. When working together, trust and open sharing of information between the partners are required. Trust cannot be created if there is competition between the parties within a research consortium.
In R&D projects, the distribution of work, costs, and intellectual property rights, in particular, must be taken into consideration. If these are not agreed at the beginning, disputes are bound to arise – regardless of how successful the project is.
4) Risk management
When developing new technologies or innovative ideas, moving from a laboratory-scale innovation to the full-scale plant often includes too many uncertainties. Managing these risks is facilitated by pilot tests at a sufficiently large scale before full-scale implementation.
Funding either private or public plays an important role in new technology projects. Investment subsidies should be used more effectively to support the first commercial-scale implementation to validate new emerging and breakthrough technologies at industrial scale. Of course, the innovation must be viable at its core – and not only in your target market, but in wider markets as well.
When the identified steps have been executed properly, commercialization should have an open path. In practice, successful commercialization is not only dependent on our own actions – the timing and the market situation must also be right. In addition, the your whole enterprise must work together. Commercialization requires seamless cooperation between sales, marketing, production, procurement and finance – and this cannot wait until the research project is in its final stage.
Can the pitfalls be avoided?
In innovation work, there can be pitfalls at every step. We think the most important things are to recognize opportunities on the one hand, and the division of responsibility in shared projects on the other. Whenever things are done for the first time on an industrial scale, surprises are difficult to avoid.
In addition, making decisions at the right time is more difficult than one would think. The whole project should not be abandoned because of a relatively small challenge. Our clients must be prepared to react and find alternative solutions.
Renaissance prides itself on guiding our clients through the process of Innovation through Commercialization. We have partnered with Nottingham Spirk a leader in disruptive innovation, that works with companies to create thriving new business innovations that propel economic growth.