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.
Are you the Entrepreneur type?
Take these self-assessment questionnaires in find out!
How much funding do you need?
Starting your business checklist and Essential To Do List
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
What are your product’s competitive advantages?
How do you plan to succeed?
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?
Build a competitive grid by product features against competitive products.
Research and Development Funding
Intellectual Property Strategy
Regulations and Standards
Business Structure and Tax Implications
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
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.
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.
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
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.
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