The Researcher Entrepreneur

Inhaltsverzeichnis

1. Frontmatter

2. 1. Researchers and Entrepreneurship

   George Vekinis

   Abstract

   There are few similarities between the scientific process and the technological entrepreneurship process. Both involve systematic searching for optimum solutions via iterations and both often rely on trial and error. But in the former case research is mostly open-ended (we don’t always know what we’ll find), whereas in the second case we aim for a specific product or service. A researcher and an entrepreneur also require different skill sets but it is not impossible for a researcher to learn to become a Researcher Entrepreneur.

3. 2. Bridging Two Worlds

   George Vekinis

   Abstract

   Bridging the lab and the market is not straightforward and requires systematic and methodical work to transform an invention to an innovative product or service. Commercialisation via a start-up is the most difficult route but offers independence and relative rapidity and eventual success can bring many concrete and major benefits to a researcher entrepreneur.

4. 3. Nothing Ventured, Nothing Gained

   George Vekinis

   Abstract

   Many researchers and academics find the commercialisation process daunting and challenging at best. The unfortunate pressure which most institutions place on them to “publish or perish” means that there is generally not enough motivation to attempt commercialisation of even very promising technologies. The end result is that potentially valuable innovations are lost or commercialised by third parties and the inventor derives minimal benefit. Only by venturing out of their comfort zone can a researcher derive maximum profit from their ideas and inventions.

5. 4. Decisions, Decisions

   George Vekinis

   Abstract

   In research we usually have ample time to decide on an important question, e.g. on the next steps in a research project and we only take them after we gather all the information we need. When running a start-up, this luxury is, more often than not, simply not available. The life of a start-up entrepreneur – especially one operating in a competitive sector – can be summed simply as “decisions”. Decisions on production, on marketing, on the new design or the alternative material, on staffing, on funding, on the new partner, etc. need to be continuously made even when information is incomplete.

6. 5. An Invention Is not an Innovation

   George Vekinis

   Abstract

   An invention does not a valuable innovation make without hard work. It is very rare for an early-stage technology – i.e., at the invention stage – to be commercialised successfully. In the vast majority of cases, all inventions – i.e., ideas whose concept has been proof-tested and developed as inventions – need to be further converted to innovative products or services by a transformation process. It’s well-nigh impossible to succeed in the market without effective protection, without validated technical feasibility for the particular application, without careful field testing and scaling up and especially without techno-economic viability validation.

7. 6. Opportunities Are Everywhere… and if There Aren’t, Create Them!

   George Vekinis

   Abstract

   Opportunities for technology commercialisation almost never appear out of the blue asking for someone to exploit them. A researcher needs to look carefully in their “box of inventions” and then consider which of them could interest the industry or the market at that moment in time. On the other hand, instabilities, imbalances, and breakthroughs in the market may very well present opportunities which a researcher could exploit by developing specific solutions to address them.

8. 7. Can You Manage as well as You Research?

   George Vekinis

   Abstract

   An entrepreneur needs a more diverse set of management skills than a researcher. Most researchers may be excellent at developing their technologies in the lab, but the market requires a very different approach and mindset. Because most – if not all – responsibility for the company rests on their shoulders start-up entrepreneurs need to be good at overseeing and managing people, design, production, marketing, sales, etc.

9. 8. Strong Foundations

   George Vekinis

   Abstract

   A start-up (or spin-off) enterprise is founded on specific preparatory steps that a researcher must take and prerequisites that must be fulfilled before they attempt the transition. The initial stages should be carried out while the researcher is still in his or her laboratory, while the latter deal with the setting up of the enterprise as such. By building strong foundations so that they are secure and long-lasting you will have a head start on your road to entrepreneurial success.

10. 9. Aim for Perfection

    George Vekinis

    Abstract

    Aiming for perfection is important in all aspects of a technology development but at no time more so than when your innovation is aiming to enter a market that is already dominated by other products. As Thomas Watson of IBM famously said, “It’s better to aim for perfection and miss it, than to aim for imperfection and hit it”.

11. 10. Strategise like a 5* General

    George Vekinis

    Abstract

    Successful commercialisation depends on many factors but none are more important than planning, especially strategic planning. Even before setting up the start-up, there are many strategic decisions that need to be taken, such as the correct timing for protection application, for contacting potential partners, for applying for funding, for deciding when in the investment cycle one should start scaling up activities, etc. Many of these will require the advice of specialists, but the final strategic decisions are the entrepreneur’s alone.

12. 11. There Is More than One Way to Rome

    George Vekinis

    Abstract

    There are often a number of alternatives for solving a technological need, a problem, or a demand. Deciding between them is a systematic exercise and the final choice will need further development and iteration for optimisation. But even then, there always exists the possibility that a new technology will arise to challenge your choice. Constant monitoring is a major task of the entrepreneur.

13. 12. Be Disruptive... But Don’t Disrupt!

    George Vekinis

    Abstract

    An industrial partner will always accept to test and further develop a new technology much more amicably if it minimises disruption during the field or pilot testing. But even when it is fully developed, a new innovative technology should be aimed at successful retrofitting into or assisting existing production operations in order to be more easily acceptable, especially in the middle of the investment cycle.

14. 13. Think Ahead and Fit the Purpose

    George Vekinis

    Abstract

    The most successful technologies are always designed carefully from the start to “fit” exactly the purpose they are expected to satisfy. Technologies that are not designed to be “fit for purpose” are generally wasteful, inefficient, and ineffective. There is no point in designing a car where the engine will outlast the chassis by 20 years or vice versa. A technology needs to be at the “Goldilocks” level: just right.

15. 14. Is Your Financial Base Solid?

    George Vekinis

    Abstract

    Attempting to set up a start-up company without making sure your financial base is solid (or potentially so) is dangerous and potentially lethal. There are many more expenses involved during the first year than during the later years and all of them need to be covered as early as possible. The challenge is that all sources of funding have pros and cons and most have conditions attached. A mixed bag of fun ding sources is probably safer but getting too much funding can easily lead to serious problems in a short time.

16. 15. In… Agreements We Trust

    George Vekinis

    Abstract

    All transactions in business (should) involve legal agreements which clarify the exact conditions and background upon which you will base the collaboration. Even at the very start of any potential collaboration a letter of intent and/or a memorandum of understanding (with attached non-disclosure agreement) will ensure clarity of intentions and purpose from both sides so you can negotiate and agree on all basic conditions and premises freely and without anxiety. In business no one should be exempt from such agreements: neither relatives nor best friends.

17. 16. Timing Is Critical

    George Vekinis

    Abstract

    In business, timing is very important, but when setting up a start-up, timing is critical. Your technology or product or service should address a specific need or demand at that point in time! For this, a close market watch is crucial. By watching the market or markets and “listening” to the needs and demands being expressed (indeed, sometimes “below the surface”), you will know when to move. Entering the market at the wrong time may not only be disastrous financially, but it may also have a negative effect on your reputation and, as a consequence, make it very difficult to change market perceptions later.

18. 17. Risk Wisely

    George Vekinis

    Abstract

    Running a company involves taking many risks, but starting up a new company involves many more risks, nearly all critical. But you can’t win as an entrepreneur unless you are willing to take well researched, calculated, and weighed risks. This means that since all business ventures have risks associated with them, one of your preparatory activities as an aspiring entrepreneur should include a detailed study of all potential risks, as well as clear identification, as early as possible, of the means and solutions to manage these risks, i.e. the means to minimise them or mitigate them.

19. 18. Protect Your Technology… But Not Too Much!

    George Vekinis

    Abstract

    Effective protection of your core technology and know-how is critical for the success of your enterprise. If you protect too weakly, you might encourage copying and not be able to fight any infringements that may occur. If you protect too strongly, you might be wasting your money with little benefit. In fact, with very strong and restrictive protection, you might even be obstructing your own freedom for use and also restricting market take-up of your technology.

20. 19. Viability, Not Just Feasibility

    George Vekinis

    Abstract

    No matter how good a technology is (or promises to be), it is its applicability and especially its “viability” for a particular application that matter most. Viability, then, can be defined as the capability of the technology to be accepted for a particular application at a particular time. This involves mainly techno-economic competitiveness (i.e. cost-benefit ratio) but other aspects as well, such as perception, acceptability, compatibility, etc.

21. 20. Skilling and Re-skilling

    George Vekinis

    Abstract

    Day-to-day operations in a company are carried out by skilled workers, each offering their expertise in their specific area. And, more often than not, it is the lack of properly skilled workers that is responsible for the failure of a company, especially in a technologically shifting business environment. A company which does not recognise ahead of time the need for skilling and re-skilling of its workers will find itself in trouble sooner or later.

22. 21. The Market Is Your Guide

    George Vekinis

    Abstract

    Even results from “basic research” projects may 1 day be adapted for future applications which means that those results could find some use by society (people, institutions, companies, etc.), in some field or sector. This is what is loosely called “the market”, and it should be your main guide in your attempt to commercialise your invention. It is the market – with all its slipperiness and transience – that guides and dictates us whether a new invention has potential value and might therefore be turned into an innovative product or service 1 day.

23. 22. Position, Position, Position

    George Vekinis

    Abstract

    The value of a technology (a product or a service, etc.) is mostly dictated by its market positioning which is often the deciding factor in determining whether an enterprise will succeed or fail. Correct positioning has many dimensions, but six of them are most critical: high end/low end, B2B or consumer, mass market or niche markets, emerging or mature markets, exclusive or non-exclusive, and value-added reseller or original equipment manufacturer.

24. 23. Commercialisation Readiness Index

    George Vekinis

    Abstract

    A simple way to decide whether you are ready for commercialisation is to answer ten questions and calculate a Commercialisation Readiness Index (CRI). The CRI includes all critical systems that need to be ready (or almost ready) before you decide to take the next steps towards commercialisation, i.e. before you set up your start-up.

25. 24. Obstacles Are Just Challenges

    George Vekinis

    Abstract

    There will be many problems that will have to be faced during the course of an enterprise’s lifetime which will make it hard to stay the course and remain focused on your vision. Some challenges are internal – are caused and can be addressed by making changes – whereas others are external which means that you might be required to change course. The silver lining is that nearly all problems, if identified early enough, can be corrected and by doing so the enterprise and your operations will be optimised too.

26. 25. There Is Always That Little Bit Extra You Can Offer

    George Vekinis

    Abstract

    A start-up company is set up for the purpose of commercialising a technology so it has to be tightly focused on that purpose. But a company hardly ever succeeds by concentrating only on one product in one market. Ideally one should early on look for spill-over opportunities and develop alternative products based on the same technology but aimed at different applications, even in different sectors. Functional convergence analysis helps in deciding.

27. 26. Consolidate First, Diversify Later

    George Vekinis

    Abstract

    While alternative products are important, the name of your start-up will be made (or lost) by its first important offering, i.e. your core technological product. It is the successful debut of your technology in an appropriate application and sector that will pave the way to wider success later. But which market to focus on is not easy and a “market-prioritisation decision matrix” will help you decide.

28. 27. Diamonds from Ashes

    George Vekinis

    Abstract

    It is possible that, even after all your best efforts and preparations, an innovative product or technology might not catch on and your enterprise ends in failure. But such financial failures are never a waste of time. They are valuable trials that do not succeed for particular reasons and in so doing point the way to a better approach. Failures are chances to learn lessons to point the way to eventual success. Every successful entrepreneur has failed – often more than once – on the way to success.

29. 28. Open a Window to the World

    George Vekinis

    Abstract

    The necessity to maximise the dissemination of the capabilities of your technology is of paramount importance to enable success in entrepreneurship. First of all, the existence of your technology needs to be made known and publicised right at the start of your decision to commercialise, and at the same time, you need to clarify the unique aspects of your technology vis-à-vis other solutions that may already exist and discuss rigorously the advantages and disadvantages of each solution.

30. 29. A Final Thought: Proactivity Beats Reactivity Every Time

    George Vekinis

    Abstract

    Although the actual future – success or failure or something in-between – of your company is indeterminate, it is not uncertain since you know you must continuously monitor the market and, at the first sign of weakness or trouble, step in and carry out all the changes you can in order to improve your chances of business success. Significant flexibility is key in entrepreneurial operations and should therefore always be part of your thinking as an entrepreneur. Proactivity always beats reactivity in business.

31. Backmatter