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Innovation Continuum

Phase 1: Get Started
Phase 2: Concept
Phase 3: Research
Phase 4: Prototype
Phase 5: Planning
Phase 6: Implementation
Phase 7: Growth
Phase 8: Exit
Phase 9: Finish
Innovating is a process like any other and is more than an idea – it is a range of activities from idea generation, through testing and development, to launch and valuation.
The concept stage is also referred to as a business plan, business model, or vision. It includes a definition of the target audience/market, the product features, the unique business value it will provide to potential customers, and implementing the product within the marketplace.
What is the problem that your product solves? +
Speak to the size of the problem in terms of market potential.
Describe your solution to the problem. +
How does your product solve the problem
What is the target market? +
The distinct segment of the market that would be prime to buy your solution
Market Definition
What are your product’s competitive advantages? +
How do you plan to succeed? +
What is your business model and how are you executing it?
Start or Buy A Business
The success in commercializing early stage technology is linked to the quality and depth of research activities. There are important elements in the research phase that will assist with launching and growing a start-up company.
Who are your competitors and what are your advantages? +
Regulations and Standards +
You need to know which Regulations and Standards of various countries that your product needs to meet in order to sell it in those countries. Research through the links below:
Regulations for specific business activities 
Standards
Prototype refers to the first version of a product – the test product. At this stage of the innovation continuum, you are beyond the proof of concept stage and are developing, testing, validating or applying Intellectual Property (IP) on a pre-commercial product. The focus is on the product including the design, features and functionality resulting in a first version test product.

BCIT’s Commercialization Assistance Program has some key questions to consider when at this stage of innovation:

BCIT Applied Research Business Assistance Request

Business Plan +
Is your Business Plan ready for review? If not following are links to writing Business Plans including templates, sample plans and tools.
Business Plan Templates
BPlans
The"one page business plan" interpreted for hi-tech start-up companies
Marketing Plan +
Market research is vital to your Business Plan, and your Marketing Plan needs to detail how you will answer the needs of your customers and show the benefits of your products and services.
How to Write a Marketing Plan 
Exit Strategy +
Have you built in your Exit Strategy into your Business Plan? Exits are happening much more quickly than before. If you are well prepared for Exiting when you start your business you will be in a better position to act quickly and efficiently when an Exit opportunity comes. How do you create your maximum Exit Value and position your company for the best reduction of taxes on Capital Gains?
Selling Your Business
Early Exits in BC Startups
Succession Planning +
“Succession planning is about finding the right strategy for handing over or selling your business to someone else, whether it be staff, family, friend or entrepreneur, and being prepared for all that transfer entails.”
Succession Planning
How to Exit Your Business : Your Legal Requirements 
Succession - MNP
The Implementation phase is designed to guide you through the process of clearly identifying the best market opportunity; developing a value proposition; and successfully taking your product to market.
Costs +
You need to know your product, marketing, sales and distribution costs in order to establish sales pricing that will provide a targeted gross profit. Landed costs - The total cost of a landed products (supplies) including purchase price, freight, insurance, duties, and taxes.
Calculating Duties and Taxes
Valuation of Product +
After you have established your costs as above you can build in a strong perceived value for your product. Perceived value is the worth or value of a product or service in the mind of a customer
Marketing +
Well executed marketing programs not only establish perceived value but also drive sales
How To Write a Marketing Plan
Sales +
How will you sell your product? Will you have a direct sales team or sell through distribution channels? Will you license your product to other companies to build and re sell?
5 Steps to Closing a Sale
Sales and Customer Relationship Management
Product Licensing
Distribution +
There are many direct and indirect ways to distribute your product throughout the world. It is important to understand the differences and logistics within various countries.
Step-by-Step Guide to Exporting
Creating a thriving technology company not only involves expanding markets and measuring results, it means job creation - allowing students the ability to study and then eventually secure meaningful work within the region.
Version 2 and 3 of Product +
Innovative new versions of your product can drive growth.
Research and Innovation 
Growth and Innovation
Expansion +
You can expand into new markets , improve business processes, increase sales and use other ways to expand.
Anchor, exit and start another technology company – the ideal outcome. Exits attract more investment and venture capital into the region and support the growth of new and dynamic companies. Investors want to invest in great companies and exits support the regional economy.
Maximizing Value +
“Selling can increase the final value by 50%”
Selling a Business Can Increase    
Selling a Business Can Increase the Final Value by 50%
What's Your Business Worth?
Exit Team +
What experts do you need on your Exit Team?
Common Exit Strategies
Restructuring and Succession Planning +
Benefits of restructuring for exits can include income splitting, capital gains exemption and succession planning
From concept to exit, the innovation continuum was developed to help launch and grow successful technology companies within the region by providing access to valuable business support services.

For more information about how we can further support the growth and development of your company, please contact the Innovation Island office at 250.753.8324
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