How does the Technology Commercialization Office help you transform your technology ideas into reality? The process begins with a meeting to discuss your ideas and learn about your needs. We get to know you and ask various questions in order to determine the potential of your ideas; what work has already been completed and what goals need to be achieved next to assure your success. Topics reviewed include:
Compelling Business Concepts - Is your technology a compelling solution that meets unmet needs in the market?
- Starting a business can be an exciting venture offering many rewards. However, you must be prepared and you must understand the basics - http://www.sba.gov/starting_business/index.html
- Free Business Plan samples - http://www.bplans.com/contentkit/?affiliate=wsj
- Michigan Economic Development corporation has a free guide - http://www.cis.state.mi.us/bcsc/forms/corp/pub/8011.pdf
Market Potential - What is its revenue potential? how much market share is possible?
- To conduct marketing research you must gather facts and opinions in an orderly, objective way to find out what people want to buy -https://www.sba.gov/content/market-analysis
- Marketing is what makes your business grow - http://www.businessownersideacafe.com/business/marketing.php
Competition - do you have any competition in the marketplace? Do you stand to take a leadership position once your technology is brought to market?
- Business takes place in a highly competitive, volatile environment, so it is important to understand the competition - http://www.sba.gov/starting_business/marketing/analysis.html
Technology Advantage - does your technology present a formidable advantage for your potential customers? What are the barriers for future competitors to enter the same market space as your technology?
Capable Management Team - Do you or your team possess the management and technical skills to bring the technology to market successfully and sustain growth into the future?
- Learn more at -http://www.forbes.com/sites/georgedeeb/2014/10/22/the-top-5-traits-needed-for-a-startup-management-team/
High Growth Potential - Does your technology concept have the potential of an Initial Public Offering (IPO) within three to five years? What are other viable exit strategies for your company?
Business Plan Competition Resources
The Great Lakes Entrepreneur's Quest (GLEQ) offers statewide education, training and real-world experience for anyone who has a new business idea or an emerging company. Anyone who lives, works or attends school in Michigan can make the Quest. Those who do can access expert training, networking, coaching and capital to transform a business idea into a company. There aren't a lot of rules, just opportunities. http://www.gleq.org
The NSF Innovation Corps (I-Corps™) is a set of activities and programs that prepares scientists and engineers to extend their focus beyond the laboratory and broadens the impact of select, NSF-funded, basic-research projects.
Combining experience and guidance from established entrepreneurs with a targeted curriculum, I-Corps is a public-private partnership program that teaches grantees to identify valuable product opportunities that can emerge from academic research, and offers entrepreneurship training to student participants.
I-Corps Teams--composed of academic researchers, student entrepreneurs and business mentors--participate in the I-Corps curriculum. The curriculum is administered via online instruction and on-site activities through one of several I-Corps Nodes.
For more details on the program, please contact Technology Commercialization at 313-577-5655.