Commercialisation

of Innovation
Jamille Cummins
Transworld Group, Isle of Man
Transworldgroup.im
Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

Define Innovation

Likely to be completely new product or service

Could also be a small improvement in existing products or services

Might be an improvement in internal processes too

Today is likely to have a strong technological component, e.g.

software, electronics

Probably for existing market, but may also create new / niche

Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

Importance of Innovation

Increases opportunity market separation

Good for the economy as a whole (as companies trade on a global

basis)

Usually leads to cost reductions better margins

Should give consumers greater satisfaction and wider choice

Reduces dependency on old products / services and technological

processes.

Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

What are the stages of Innovation?

Creative idea, spark of genius!

Creation of white papers, reports and

reviews
Proof of Concept(s)
The business plan, financial
case and the MONEY!!!
The commercialisation process begins in earnest

Jamille Cummins, Transworld Group, Isle of Man

www.transworldgroup.im

The four Ps
Commercialisation

Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

Successful
Innovation
needs
Must give the creator either a build and/or deliver
Purpose
opportunity

Should generate revenues within a year (from Stage 0)

Investment (through Proof of Concept) must within budget

Revenues for first year should be known with set margins

Revenues/margin projections and the R&D plans for first three

years should be well documented

Need to take account (amortise) of the the process costs of

Innovation over the life of the product

Should pre-build features into the product but not always

release all of these in first version

Understand the customer segmentation of the target markets

from the outset.

Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

What
about
Promotion?

The need to influence consumer behaviour

Creating the MUST HAVE factor

Separation from the competition

Making the Innovation seem worthwhile / valuable

Built-in adaptive qualities to stay ahead.

EXAMPLE:
SONY Walkman (1979) had features ready for release to fight
competition.
Reduced size, Radio (FM), Auto Reverse, Shock Resistance, Water
Resistance
Rechargeable batteries, Alarm Clock, Dolby and even smaller size!
People didnt NEED these features, SONY made them Desirable.
Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

And the Process?

GATE 1

Stage 0
First Pass
Possible
Idea

1 month

1st pass business

case
Does it fit with
main Purpose?
Can we find
suitable technology
partners?
Do we understand

this market
segment?
Good opportunity
Who will fund this?
but no suitable
Btechnology or

Pending financial partner

Other activities
putting this on
back burner
Resource

constraints

GATE 3

GATE 2

Stage 1

Stage 2

Investigation

Pilot / Proof of Concept

1 - 2 months

(Product/Concept/Commercial Development)
2 - 3 months

Build high-level
business case (2-3
page text) plus
panel set (max 10
slides)
Discuss with
technology and
financial partners
Agree HOA / MOU
between partners
Further information
needed for
business case
Technology or
financial partners
not ready to
proceed just yet
Other resource
constraints

Agree main deliverables from pilot e.g. panel

sets, business plans and demonstration
system etc. and set a budget cost for exercise
Build a team of: Executive Sponsor,
Programme Director, Subject Matter Expert,
Project Manager, Technical Staff (developers,
business/technical analysts)
Implement a Project Office to manage process
Hold weekly meetings to review progress
against plans
Prepare monthly financial reports against
budget
Build demo system including key features of
solution
Determine likely problem areas for full system
and consider which products/partners might
overcome these
Identify early adopter clients and sign SOPs
Find industry partners that can provide data
feeds / support the new solution
C Prepare outline marketing material and slide
Outside main
Business case
deck (10 max), give internal briefings to
Purpose
not strong
Killed /
interested groups
Not interested at
enough
re Review competitive products (pricing, market
this time
Unable to agree
directed
share, features) and determine salient
HOA / MOU
separation messages
Build a flexible financial model (best/worst
cases)
Build a Lexicon/Glossary of industry terms
Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im
Hold briefings with important industry figures
to discuss / challenge the new solution use
CGE&Y Account Directors or trade
organisations for access
Prepare final legal documents with partners for

AActiv
e

GATE 4

Stage 3
Build
Solution
3 - 9 months

Run ASE/RSW with all parts of the value

chain
Use output for Inception phase of RUP
Agree all deliverables from build phase
and set a budgets for whole project
Develop the solution in conjunction with
main technology partners
Consider the financial aspects of off-shore
resources
Prepare documentation on how service
will be supported and implemented
(AM/FM)
If hosting included, agree pricing for
service
Finalise the roll-out plan starting with
early adopters and then fully. Consider
issues affecting UK, Europe, global rollout
Begin building marketing campaign
events, press releases, brochures,
seminars, launch party. Include internal
briefings
Keep Executive abreast of progress every
month but agree scope changes with
them immediately
Move early adopter SOPs to legal
agreements
Update the Lexicon/Glossary of industry
terms
Continue briefings with important
industry figures to discuss progress of the
project promote awareness
Prepare final legal documents for
customers / suppliers for new venture

Keeping
the
Pipeline
fresh

Measure number of new ideas generated per period (internal

and external)

Monitor quality of the ideas generated (should get harder to

make decisions)

Where are the ideas coming from in the organisation and

externally

Is the Process keeping abreast of the Pipeline?

Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

Commercialisation of Innovation
Summary for

Aim to create a small number of market making opportunities every

year (business process)

Sourcing great new technology to integrate with Alliance partners

(business products)

Evangelise our credentials!!

Commercialisation

Working with clients and partners to

create the Must Have solutions of
tomorrow

Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im

Commercialisation of
Innovation

Jamille Cummins
Transworld Group, Isle of Man
Transworldgroup.im
Jamille Cummins, Transworld Group, Isle of Man www.transworldgroup.im