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Introduction

In a world with constant change, often dynamic, with far reaching global impact - economically, socially, and environmentally - there are many opportunities to develop solutions to meet the challenges ahead. The UK has a worldwide reputation in bringing research ideas, inventions and innovation into the public domain, where they can be adopted and adapted to meet those challenges that the world faces.

Is there a part for you to play in commercialising solutions?

The Business, Innovation and Commercialisation for Researchers module, run in conjunction with ÌÒÉ«ÊÓƵ Innovations, the highly successful technology transfer office of the University, aims to inform the participant how to better recognise and assess a commercial opportunity - be it research driven, an innovation or your own idea - whether you intend to start a company, be part of a University spin-out or plan your future career in industry or academia. This course is suitable for anyone who is interested in enhancing the impact from your research

The module may enhance career opportunities of participants in several ways:

• Obtain recognition from the academic community for your research talent.
• Maximise your opportunities for a rewarding career whether a traditional research career, or part of a new venture creation.
• Leverage opportunities from your Intellectual capability and knowledge base.

Learning outcomes

By the end of the module, students should be able to:

• Demonstrate a critical understanding of the commercialisation process.
• Demonstrate a general understanding of the different types of Intellectual Property (IP).
• Demonstrate understanding of value proposition as a way to communicate an idea.
• Demonstrate understanding of the importance of business models as part of the commercialisation process.
• Understand the importance of teams to the success of a business.

The Course Overview

The course comprises seven 3 hour sessions over 8 weeks, where participants will be working both individually and in teams for group activities.

It is quite intensive, with some work required by participants between sessions and a 1000-2000 word assignment at the end. The assignment is necessary for the credits to be awarded for the module, but researchers are welcome to complete the course without submitting an assignment if they prefer. Given the restrictions in time, the topics will concentrate on and cover the following:

1. IP – why and when intellectual property is important
2. Understanding Markets through

• Market Research – a need/demand a ‘gap’ in the market
• Testing market appetite through ‘the voice of the customer’
• Assessing potential market viability – will it be profitable; will it achieve key objectives such as being socially or environmentally aligned to need
• Routes and channels into the market – partnerships or direct to the customer
• Competition and Technology awareness -

3. The Value Proposition

• Why would the target customer buy the product over existing alternatives?
• What would attract an investor
• Which market sector and customer type - where does the product fit in the market

4. The Business Model

• Shaping the idea into a business
• Putting a structure and a team together to deliver the opportunity
• The strategy to be employed to achieve the business goals
  • IP Licensing; Partnerships and collaboration; Joint Venture
  • Going it alone or with others
• Sources of Finance – a short overview of the types of finance that may be accessed and or are appropriate for the chosen business model

5. Presentation by existing ÌÒÉ«ÊÓƵ Innovation Spin Out Opportunities
   • Understand how commercialisation is developed

6. The final session will be a 'mock' presentation of the business idea/research - usually in groups (individually if preferred), as if further support and resources were actually being sought to progress an opportunity.

If you wish to:

• set up a spin out company,
• work in industry, or
• work in academia getting research funding of almost any kind

then this module is for you.

It will equip you with skills that will help you understand how small and large industry works.

The module will be run by Joanna Bates, Dr Shum Prakash and Dr Tim Francis and colleagues from ÌÒÉ«ÊÓƵ Innovations.

While our hope is actually for this to be the first phase of some businesses, more realistically it enables you to follow the process through so next time you don't make basic mistakes (nearly all successful entrepreneurs will tell you of their first failure).

You will also have the opportunity to explore the impact of your research by talking to potential partners and customers, with support and funding from ÌÒÉ«ÊÓƵ Innovations.

Additional course resources

Any queries regarding this module, please contact Transferable.skills@warwick.ac.uk