Rare Innovation will begin evaluating the commercialization potential of technologies from Korea.  The initial contract covers two technologies, one in the social media space and the other in green power generation.

Rare Innovation has been contracted to conduct market research and develop a commercialization plan for a new Multiplex Sensor for detecting complex VOC’s. Based on new nanotechnology advances in semiconductors, this novel technology has the potential to revolutionize gas sensing and has application in military and industrial markets where volatile gases pose a human health risk.

In an informal poll, commercialization experts agree that understanding your market opportunity is the single most important criteria for successful new ventures.  http://polls.linkedin.com/poll-results/50819/mrtbl

Yet, on occasion, I still meet many excited idea people who believe so firmly in their idea, that they block out everything to pursue the costly patenting, product development and more, only to end up broke and drowning in inventory of a gadget that has no buyers.

I do advise protecting your IP, I do advise spending wisely on R&D but there is nothing to prevent you from doing the basic components of a business plan and market research prior to spending a single dime.  You can uncover need in the market without divulging your IP and you will certainly learn key insights from your potential customers that can drive the product design so it is even better than you originally imagined.  Do your market research first and everything else will work better and you will save money and time.

In partnership with The University of Texas’ IC2 Institute and FICCI – The Federation of Indian Chambers of Commerce and Industry, Rare Innovation has been engaged to evaluate four more technologies from the Defence Research & Development Organization (DRDO).

One of the primary reasons I work hard to support entrepreneurship around the world is because I believe the ability to do the work you like and reap unlimited reward is one of our basic rights as humans. As such, I’m supporting the movement in Iran along with millions of others. My contribution is with an artwork I did in my spare time. It was featured today on www.globalvoicesonline.org in their blog. Please take a look and support their cause of spreading freedom of speech around the world. http://globalvoicesonline.org/2009/06/30/iran-protest-movement-inspires-art/  Show your support by sharing the image as you see fit or they are available on shirts or stickers as well at www.cafepress.com/timothyraines, with no markup taken by the artist.

Excellent advice on building a pitch slide deck for seeking venture capital: http://www.altgate.com/blog/2008/09/vc-pitch-deck-a.html

I am often asked to work with innovators to create a business plan.  If you don’t feel that you are the best persuasive writer, then I do recommend hiring someone with experience to coach you through this process.  HOWEVER – a word of caution: do not hire someone to do the entire business plan for you.  Why?

Well, when you are headed to raise money, sell an idea, etc. you have to be quick on your feet and know 3-4 levels deeper than what actually goes into your bizplan.  You have to distill that to a 15 page power point and when you pitch, you’d better be ready for anything.  I’ve never met anyone that can read a full bizplan, memorize it and be ready to take any one of the areas on in detail when put on the spot.

Sure, paying thousands of dollars might get you a plan that gets you in the door with angels and VC’s but I’d bet against your success in the pitch.  I’ve seen too many pitches in my life go really bad and even then, those people did their own plan.  You have to nail it and frankly, if they are not willing to do the heavy lifting – research, interviews, etc, then they shouldn’t be in business.  This tells me they don’t care enough.

Why would you enter the ice cream business if you aren’t willing to go taste the flavors of all the places in your neighborhood and interview neighbors on their thoughts about the ice cream available to them today?  The same applies for any venture.  You don’t have to write it in the end but if you don’t do all of the research, interviews and due diligence, then you shouldn’t be in the business.

Along with my wife who owns inc MARKETING LLC, we covered the very basics of “innovation” for readers in South Florida. The ideas are basic but often overlooked when organizations talk of innovation.  We are finding that many of our clients talk about innovating but in reality are not open to change, the basic ingredient for innovation.  Take a moment to visit the article at SRQ Magazine.

Well written article, though I believe many of us have come to this conclusion some time ago – true innovation rarely occurs.

http://blogs.harvardbusiness.org/haque/2009/05/unnovation.html

 Why is it that so many people are anxious to get the opinion of others – even pay consultants for it – only to flatly ignore the advice? Sure, it may not always be right but if you want to innovate, you must listen to differing opinions or even strange ones and open your mind to the possibility that they are correct.

There is a particularly fun show I catch now and then called “On Surfari” where a young couple travels the world surfing. One particular episode they surf great breaks in India on what is one of the saddest and most polluted beaches I’ve ever seen. The town council is excited to hear why these Americans chose to visit and surf – something rarely seen in this area. They invite the local news people, cameras and hosts to tell them how they can attract more tourists and more revenues as a result. The couple tells them to start with cleaning the beaches, providing infrastructure like waste management, educating locals on pollution and sanitary behaviors and giving locals other services to keep the beach free of abuse while providing jobs for the poor. Well, the council members were clearly not happy with this basic advice. They wanted to hear about advertising and spreading the word outside the country and more. They didn’t get that without a clean, safe, sanitary beach, they would never get the draw needed. 

Why was this advice so poorly received? Is someone telling you something you need to hear but you just aren’t accepting?