Identifying and Defining a
Commercializable Solution
Medical Technology Commercialization Bootcamp
Carla Pavone, Ph.D.
“Commercialize” Definition*
1 disapproving: to use (something) as an opportunity to earn
money — usually used as (be) commercialized
She hates to see Christmas commercialized.
The beach resort has been commercialized and has none of its original charm.
2 business: to make (something) available to customers
The company hopes to commercialize the drug next year.
*according to Webster’s Online Dictionary
Why Commercialize?
Give joy
Leave a legacy
Reduce waste
Reduce suffering Reduce pollution
Extend quality of life
Create beauty
Save lives
Empower people
Make life easier
Clean air & water
Make work easier
Improve quality
Make money
Feed people
Make life more fun
Make life better
Build the economy
Enable independence Give people jobs
Speed up processes
Reduce cost of treatment
Change the world
Why does the NIH want you to commercialize?
Great Research ≠ Strong Market Potential
Fabulous
Science
Fabulous
Product
- Patents/discoveries
- Peer-reviewed articles
- National conference
presentations
- Co-investigator status
- Research grants
-Significant customer
value
- Profit potential
- Profit durability
- Founding team fit
- Can be financed
?
Not Every Research Finding is Commercializable
– And That’s OK
-
A
metabolic
pathway
Discovery
A
compound
Invention
Public health initiatives
Best practices
Diagnostic checklists
New uses for old products
A safe,
effective
drug
Innovation
- Increased knowledge on limits
of this compound
- A more effective compound
building on this one
Significant Customer
Value
-- Beyond incremental
-- Multiple dimensions
-- Benefits not features
Profit Potential
Profit Durability
-- Who will pay
-- Will they pay enough
-- Market size
-- Protectable patent or IP
-- Competitive landscape
--Industry/market trends
Financing
Founding Team Fit
-- Time to market
-- Cost to market
-- Return on investment
-- Researcher interest
-- Expertise/contacts
-- Chemistry/values
Startup concerns
Licensee concerns
Opportunity Criteria*
* From Harvard Business Essentials Entrepreneur’s Toolkit
Questions to Consider Prior to Commercialization*
Problem
Stakeholders
• What do you intend to solve, and for
whom?
• Does anyone else care?
• Who have you talked to?
• What is the intended outcome – can it be
quantified?
• Who are the decision makers?
• Who are the users?
• How would they feel about your idea?
Current Situation
• What commercial products exist?
• Is there room for change?
• Why are things done that way – what’s
wrong with it?
Final Steps
• What is left to do?
• How much time and money will it require?
• What are the risks?
* Courtesy of Kevin Anderson, UMN Office for Tech Commercialization
Defining a Commercialization Opportunity
• Build a team
– Research lead
– Entrepreneurial lead
– Mentor/coach
• Lean LaunchPad methodology
– National Innovation Corps
– NIH-REACH Skills Development