How do you demonstrate to a complete stranger that they should invest in your business? What makes your business more attractive? How do you reduce the cost of the money (i.e. sell less equity for more money?) Today’s blog covers 13 ways you can show that you are better than any other competing ideas.
I’m often asked who can benefit from Lean Commercialisation? There are three groups of candidates who can benefit:
- The first are those who have come up with an idea, may have applied for a patent and are now trying to work out what to do to convert the idea into an income stream.
- The second group are those who have built a product and perhaps managed to sell one but have been unable to sell more.
- The last group are companies that have grown up in the pre-information or pre-social period (which started around 2010) and now find that the product or service sales are tailing off – they need to do something new to keep selling current products and get new products into the new information-rich marketplace.
How about some recent examples?
In the last few months I’ve run many Lean Commercialisation workshops – including a one to commercialise a Pharmaceutical Dispensing machine; an invention to the shoe building process which allows women in high heel shoes to run without breaking their ankles; a product finding application and eLearning product.
Janine of Teazl is an expert in the field of learning and she has identified that there is an opportunity for the provision of a suitable content generation and provisioning environment featuring content appropriately scaled for the mobile platform. When we did the Lean Commercialisation workshop, Teazl was in the second group: they had built the product but didn’t yet have any customers on board. Within a week of the workshop Teazl had its first paying customer. Teazl is going from strength to strength and recently pitched at CeBIT in the Start-up Competition. This is what she said after her workshop:
“Brian Dorricott of Meteorical facilitated a lean commercialisation workshop with me and my small team. We had a great session with clarity developing around the vision, the business model and possible pathways forward. We explored different possibilities with Brian offering other examples, and giving great guidance. I am a business mentor myself and I acknowledge Brian’s skill, professional knowledge and his great manner and style. He managed to bring out ideas from all my staff including the most junior. I would highly recommend Brian’s Lean Commercialisation program to companies in a variety of stages of development. I have signed our team on to continue the process.”
The team who has invented the new way of manufacturing shoes left their full time jobs and is currently in Milan, Italy learning more about the shoe making process. When I met the team they had just got a “probably novel” result for their international patent search and need to know more about the best route to commercialisation (i.e. reduced risk of failure and maximum return on investment). The latest update I have received that they are considering a Joint Venture to get their innovation into the market place. I’m not planning on using their product myself but I’m sure that there are a lot of people who will!
So, do you fit into any of these groups? If so then you owe it to yourself to find out more about Lean Commercialisation. Information is only a click, email or phone call away.