Approach for technology development and commercialization
Step 1: Preliminary analysis and evaluation of potential
The first step consists in evaluating the application potential of the proposed new technology. This evaluation is based on five pre-established criteria:
- Competitive advantage of the proposed new technology
- Freedom to operate
- Technical feasibility
- Market opportunities for a profitable exploitation
SOVAR performs a thorough validation process and provides researchers with objective feedback on the proposed technology letting them know exactly the real commercial potential of the technology. If this preliminary analysis proves conclusive, an exclusive technology development agreement is concluded between SOVAR, the researchers and their institution.
Step 2: Detailed analysis and preparation of development plan
At this stage, the competitive advantage of the proposed technology must be defined. Here SOVAR’s vast experience comes into play to realistically establish content and steps for the development plan. In collaboration with the researchers involved, SOVAR determines:
- Products and services that must be developed first
- Steps (go/no go), milestones and timelines required to demonstrate technical and commercial feasibility
- Necessary resources and their availability
- Costs and financial requirements
- Type of funding
- Possible funding sources
Step 3: Project management and execution
Once funding is secured, the project is launched in collaboration with the research team. By focussing at all times on the commercial outcome of the approach, SOVAR ensures the project is efficiently managed.
Furthermore, as it keeps a watchful eye on the project’s execution, SOVAR maintains contacts with carefully selected industry representatives, investors and venture capitalists so as to ensure a smooth transition towards pre-commercialization of the new technology.
Step 4: Post-development and technology transfer
Once the development project is completed, the new technology, as well as products and services derived from it, must be transferred to a company that will carry out its marketing and commercial deployment to achieve commercial success. This transfer can be carried out different ways:
- Licencing to an existing company
- Transfer of expertise to an existing company
- Creation of a spin-off company
In the event that a spin-off company is created, SOVAR supports the recruitment of an experienced and skilled management team. Conducted in partnership with investors, this accelerates the growth and sustainability of the newly-launched company.
Step 5: Follow-up and leadership transfer
At this stage, when technology development, commercialization and recruitment of business management have been completed. SOVAR ensures a follow-up adapted to each case. This can take the form of follow-up meetings, planning sessions, participation in board meetings (usually as an observer), etc.