The Enterprising Researcher
How research findings are turned into real life
products & processes
Dr Julie Holland
“the successful exploitation of
new ideas”
Generate
Select
Implement
Invention v Innovation
When did you last use your
Spangler?
Innovation
Innovation
– From the Latin – inovare “to make something new”
– Innovation is the introduction of new ideas, goods,
services, and practices which are intended to be
useful
– The creation or introduction of something new,
especially a new product or a new way of producing
something
Why is it important to complete
the innovation process?
Innovation and the Economy
Schumpeter recognised
the importance of innovation
in his discussion of creative
destruction and economic
development
The entrepreneur brings
about change through the
introduction of new processes
or products
Published in March 2008
Innovation is essential to the
UK’s future economic prosperity
and quality of life. To raise
productivity, foster competitive
businesses, meet the
challenges of globalisation and
to live within our environmental
and demographic limits, the
UK must excel at all types of
innovation.
Where does enterprise fit
in?
Enterprise
– A purposeful or industrious undertaking
• especially one that requires effort or boldness
– Readiness to embark on bold new ventures
– An organisation created for business ventures
• A commercial or industrial undertaking, esp. one
involving risk; a firm, company, or business
Enterprising people make the
innovation process happen
Inventing
Opportunity
Spotting
Generate idea
Enterprising
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Implement
Invention
Innovator
Institution
Kaleidoscope
Sir David Brewster
Edinburgh University
(1859)
DNA Finger Printing
Sir Alec Jeffreys
University of
Leicester
Production method
for penicillin
Florey & Chain
University of Oxford
MRI Scanner
Sir Peter Mansfield
University of
Nottingham
Seat belt
James “Crash” Ryan
University of
Minnesota
Gatorade
Cade & Shires
University of Florida
Loughborough University
• A revolutionary device that helps to detect early
signs of heart disease and stroke
• Loughborough spin-out launches invention to
capture a footballer’s ball striking ability
– More information on www.enterpriselufbra.co.uk
– Follow link to success stories
– http://www.lboro.ac.uk/service/publicity/newsreleases/2010/144_stafford-award.html
Progressive Sports
Technologies Limited
Designs, develops and commercialises
novel sports and fitness products
Loughborough University’s Sports
Technology Research Group
Novel products currently being developed
include a revolutionary exercise system
£15m Sports Technology Institute at
Loughborough University
Director of the institute Professor Mike Caine said:
"What we do is engineer sporting goods. That can be
anything from athletic footwear to the clothing we wear
for sport right through to golf clubs, tennis racquets or
footballs."
Other Loughborough Institutes &
Research Centres
Health & Life Sciences
Research
School
Consider the following statement
“The UK innovation
performance appears to be,
at best, average compared to
our major competitors”
DTI Innovation Report 2003
What stops innovation happening?
Some Reasons
•
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•
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Poor understanding of intellectual property value
Lack of support (from government?)
Unskilled workforce
lack of enterprise skills
Increasing competition from overseas
Risk averse culture
• Poor interaction between industry and public
sector research organisations (universities,
Public Sector Research Establishments, NHS
etc.)
Opportunity
Spotting
Generate idea
Select
Implement
The innovation process must be
managed carefully – you must do
your homework and not work in
isolation
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Model for Managing Innovation
Proactive
linkages
Strategic leadership, direction & control
Generate
Proactive
linkages
Select
Innovative organisation
Proactive
linkages
Implement
Proactive
linkages
Creating the conditions for
effective innovation
We need effective knowledge
transfer
The Enterprising
Researcher
Your role in knowledge transfer
and the innovation process
Opportunity
Spotting
Generate idea
Select
Implement
Opportunity
Spotting
Generate idea
Select
Implement
Opportunity
Spotting
Generate idea
Select
Implement
How are you going to do this?
Who is going to help?
Options open to you
New idea from
research
Keep it in house – set up our
own university spin-out
Do nothing
Let someone else take the
strain
Licence the idea (intellectual
property) to another
organisation/company
Large companies tend to be good at
accessing technology from universities
Loughborough University is
the designated Strategic
Academic Partner of BAE
Systems for Systems
Engineering
Close links with Ford
through the Henry Ford
College
Ivory Tower or Open Door?
Small companies are not good at accessing
university knowledge (generally)!
So you have a good idea – how do
you know if it is any good?
Generate
Select
Implement
Criteria for Evaluation
• Benefit Measurement Techniques
– Checklists on whether criteria are met or not
• Economic models
– Put financial or other types of quantitative data into
the equation (calculate cost of investment, payback
time, cash flow from new idea)
• Portfolio Models
– Looks at different risks at different stages of the
innovation process
Initial Assessment
• Analyse the markets
– Search the web
– Look at market reports
– Ask experts in the field/peers (have a confidentiality
agreement in place if you are going to tell other
people about your idea)
– Read the newspapers, journals, trade magazines
– Use commercial assessment tools
– Engage the help of Knowledge Transfer Professionals
• Loughborough University enterprise Office
The formation of a business
strategy is an essential part
of the innovation process
- usually written in the form
of a business plan
Opportunity
Spotting
Generate idea
A business plan will focus on:
• Market Analysis &
Research
• Operations
• SWOT / PESTLE analysis
• Competition
• Strategy (short, mid, long)
• Financial Forecasts
Select
Implement
It helps you select and implement
commercially viable ideas
A BUSINESS PLAN IS ESSENTIAL
FOR CRITICAL ANALYSIS
Internal & External Planning
SWOT & PEST(LE)
Environmental Scanning
Environmental Scan
Internal Analysis
Strengths/Weaknesses
S.W.O.T
External Analysis
Micro-environment
Macro-environment
Opportunities/Threats
P.E.S.T.L.E
SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
PEST Analysis
•
•
•
•
•
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P olitical Factors
E conomic Factors
S ocial Factors
T echnological Factors
L egal
E nvironmental
Case Study
Over to you!
Where to find help
The Enterprise Office
Loughborough University
Third Steam Activity is now in place to help
foster university-business relationships and
help facilitate effective enterprise & innovation
University Activities
2007/2008
Research
Third
Stream
£1,412,906,000
£396 million
(£15,620,000)
2008-2012
Teaching
£4,437,671,000
(£38,260,000)
Third Stream Activity Funds…
• University knowledge transfer offices/
knowledge transfer professionals
• Training in entrepreneurship & innovation
(especially for undergraduate &
postgraduate students)
• University Innovation Centres
– Accommodation for University spin-out
companies
Recap
• The innovation process is the exploitation of a new idea
(product/process)
• Enterprise and innovation are important to the economy and
competing in a global market
• Universities and their researchers play a key role in the innovation
process (invention, selection, implementation)
• Help is available from our Enterprise Office if you think you have a
commercially viable idea
• Learn to plan carefully
• Think in an enterprising way!