A Systems View Across Time and Space
Stage/Gate | Stage 0: Innovation Ideation Decide for the potential deep-tech research for exploitation | Gate 1: SCREENING | Stage 1: Build Business Case Build the potential business case based on core deep-tech research | Gate 2: GO TO DEVELOPMENT |
Activities | • Research shows promising opportunities for exploitation • Idea validated by key opinion leaders, domain experts, key stakeholders, target users, etc • Feasibility study on market, technology, and financing • Risk analysis • Obtain entrepreneurship knowledge and skills obtained from various flexible entrepreneurship development programs • Preliminary study of IP assessment, risk analysis, and regulatory plan • Develop early version of value proposition and business model • Develop initial financial management strategy, including financial and fundraising plan • Co-founding team with a mixture of business and technical expertise | Criteria to pass this gate The research project must show the business's potential and financial feasibility and complete the early version of the business model, including target users, value propositions, pain points, and insights. In addition, the team must propose a market assessment and preliminary study of IP, risk analysis, and regulatory plan. In addition, the research team has to show a mixture of co-founding venture teams with both business and technical expertise | Build a real business case and validate earlier business model • Face to face and touching real users • Validate needs, pain points, and requirements • Engaging with coaches, mentors or business partners to validate ideas • Refine business model using the real feedback from users • Stakeholder development Rapid prototype & test & validate problem–solution fit • Test of proposed product early in development • Rapid prototype, crude prototype, or model that is 3-dimensional & physical • Develop simple selling materials • Gauge customer reaction & purchase intent Key human resource development • Secure enough human resources for further development • Entire project team involved Initial IP strategy, including IP identification, IP landscape, and freedom to operate Initial regulatory strategy and risk analysis Financing management strategy • Profit and lost analysis • Cash flow planning • Fundraising planning to secure funding for further development • Typical funding sources include research grants, friends and family, bootstrapping | Criteria to pass this gate The project team has to show the potential of a business case proposal based on core impactful deep-tech research and product prototype that received good preliminary purchase intent or user satisfaction feedback from target users. In addition, the team has to demonstrate an excellent financial and funding plan and initial strategy for IP, regulatory, and risk |
Process | Adaptive and flexible | – | Agile | – |
TRL | – | \(\ge \) 3 | – | \(\ge \) 3 |
IRL | – | \(\ge \) 2 | – | \(\ge \) 3 |
Stage/Gate | Stage 2: Development Develop the workable product prototype with early market validation | Gate 3: GO TO TEST | Stage 3: Test and Validation Final validation of product development. Commercial product is ready and preparation of product introduction | Gate 4: GO TO COMMERCIAL |
Activities | Refine business model closer to final version Develop and refine working model • Similar to Stage 1 • Versions of product much closer to final Customer tests and validated learning • Real prototype tests in actual or nearest in-use conditions • Gauging customer reaction & purchase intent • Continue to refine product and business model using the user feedback Patent review, patent ability analysis, and early patent draft Financial management strategy • Continue to refine financing and funding plan • Participate in fundraising activity • Typical funding sources such as research grants, friends and family, business angels, bootstrapping | Criteria to pass this gate The project team must demonstrate a workable MVP and its validation in the closest real environment or sandbox. A promising result in terms of satisfaction and purchase intent is required to pass the gate. Moreover, the team has to present the initial strategy for IP, regulatory, and risk. Lastly, the team has to have a solid financial strategy and actively participate in funding activities | Develop final version of business model and financial plan • Develop and validate revenue model, business model, and financial model before launching • Always collect feedback from the market and refine business model • Prepare for sales and marketing plan when launching Develop, test, and validate commercial product model • Versions of final product and ready for commercial • Always gauging customer reaction & purchase intent Final patent draft review Financial management strategy • Further participate in fundraising activity if needed • Typical funding sources such as translational research grants, friends and family, business angels, bootstrapping, VCs, loans | Criteria to pass this gate The project team must demonstrate the promising validated near-commercial version of the MVP and revised business model, including sales and marketing plan, according to early market feedback. Additionally, the team must achieve patent ability analysis and participate in funding activity |
Process | Agile | – | Agile | – |
TRL | – | \(\ge \) 5 | – | \(\ge \) 7 |
IRL | – | \(\ge \) 5 | – | \(\ge \) 7 |
Stage/Gate | Stage 4: Launch Market introduction of commercial product. Continue improvement both business and product | Gate 5: POST-LAUNCH REVIEW | Stage 5: Scale up Accelerate target market penetration with full effort | |
Activities | • Market introduction using sales and marketing strategy • Collect feedback from early market launch • Newer versions of the product or newer business plans from the market feedback • Decide for commercialization options such as licensing, startup, joint venture, etc Methods used to gather information for post-launch review Lesson learned and recommendations arising from the project Complete IP strategy (protection & management) including university technology transfer process (if have) Financial management strategy • Participate in fundraising activity if needed • Typical funding sources such as Bootstrapping, VCs, loans IP valuation assessment using income, cost-based, or market methods | Criteria to pass this gate The team must launch the commercial version of the product onto the market with positive feedback. Then define the method to collect the market feedback for further refining newer commercial versions of the product and business plan, including the scale-up strategy. In addition, the team must complete the IP strategy, including the university technology transfer process | Collect and analyze the feedback obtained after launch Newer and better versions of commercial products or business plans according to market feedback Accelerate target market penetration with full effort | |
Process | • Accelerated | – | – | |
TRL | – | – | – | |
IRL | – | – | – |