Technology Commercialization Model

INNOVATION PROJECT

Management of Innovation, Technology & Entrepreneurship MM5014

Mid-Term Report Guideline

Deadline: 11 June 2017

OBJECTIVES

The goal of this project is to get you to think about ‘real’ innovation, and puts great emphasis on group work.  In this exercise, your group is required to find a technology and to use the course materials to analyze the potential business scenario for adopting the technology to the market. This project is worth 50% of your final mark; 20% Mid Term Report & 30% Final Report.

THEORETICAL BACKGROUND

The Innovation Project is based on the Technology Commercialization Model proposed by Goldsmith (2005). We have chosen specific areas within the model for you to assess in your report (see Figure 1) considering materials covered during this course and hours of work. Your study will be limited to desktop study (there will be no field work). A breakdown of the expected outcome in your report will be presented in the next section.

[pic 1]

Figure 1. Goldsmith Technology Commercialization Model (adjusted)

SETTING THE PLAYING FIELD

You are the Chief of Innovation Officer (CIO) of a global investment company. Your company aims to double up on the amount of investment for future technologies in the next quarter. Your company owns an R&D center that aims in developing new innovative products around breakthrough technologies by ways of collaborating with the proprietary owner of the technology. The flavor of your company’s investments has always followed the same strategic philosophy, which are:

1. Innovation on top of invention
2. Invest in trends, not fads.
3. Never become a follower, but always a pioneer in the market.
4. Collaboration is key

Your CEO has instructed you to look for breakthrough technologies that are still in the early phase of adoption and can potentially disrupt the market.

INNOVATION REPORT GUIDELINE – PHASE 1

Below is a diagram that will guide you along the process that you are expected to undertake during your innovation project (Figure 2). Your report should consist of 5 major analysis, which are; technical, market, value, strategic marketing plan and strategic business plan (depicted in the form of numerical nodes within the diagram).

1. Technical Analysis (10%)

In this part, you will be conducting a Technical Concept Analysis which can include, but not limited to, description of the concept behind your technology, the state-of-the-art of the technology, potential use of the technology, and establish the uniqueness of the technology. Refer to using images and diagrams to help readers understand your technology.