Goldsmith Technology Commercialization Model
Step 1: Technical Concept Analysis
The first activity to testing these new venture assumptions is to investigate the technical validity of the product. This step is called the Technical Concept Analysis. To have commercial value, the product or service should solve a real world problem better, cheaper, or faster than existing solutions, and the feature advantages of the new product must be powerfully better than existing ones. You should remember that existing products and services are often supported by huge advertising budgets, aggressive marketing strategies, and fierce customer loyalty.
It is seldom enough for an incremental improvement in a product to displace a well-entrenched product already in the market. Also, remember that product benefits take precedence over product features. Customers buy electric drills to make holes, not to get fancy cases.
The purpose of this activity is to assess the intellectual property status of any technology involved in the product. This involves determining whether the product or any of its components are covered by intellectual property protection such as patents or copyrights.
Learning About Intellectual Property
- Online Intellectual Property Training Module
- USPTO IP Awareness Assessment Tool
- USPTO From Concept to Protection
- USPTO Patent Search
- USPTO How to Conduct a Preliminary Patent Search
- NUTech Venture How to Conduct a Preliminary Patent Search
Definition: The process of determining that the physical features of the concept are potentially achievable and operational.
Objective: The objectives of the technical concept analysis step are to succinctly define the concept, to assess the implementation potential of the technical aspects of the concept, and establish the uniqueness of the technical concept.
Product: The product of this activity is a verbal description, schematic, formula, conceptual model or paper design, delineating the main features of the technical concept.
During the technical concept analysis step the following activities must be completed:
- Define the concept fully
- Demonstrate that performance assumptions are viable
- Assess critical barriers to production
- Survey the state-of-the-art of the technology
- Estimate the working models costs
Milestones: Provisional patent, patent, copyright, patent scan, license agreement
Funding Sources: Personal finances, SBIR (Ph I)
Technical Information: The technical concept analysis will usually result in knowledge about the features of the technical concept, performance expectations, prior art, and other similar or related research and development activities.
Have you completed a technology database search?
Have you researched related patents or copyrights?
Have you researched technical journals and trade magazines?
Have you discussed the topic with experts?
Do you know the current state-of-the-art competitive technologies?
Have you selected the technologies for the application?
Have you determined the advantages of this technology?
Have you determined the risks for this technology?
Do the benefits of this technology or product offer significant advantages over the existing solution?