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Transcript of Backupeugene.buff
Open Innovation Tools and Methods
Dr. Eugene Buff, CLP, RTTP
Setting the Stage…
yet2.com – Global leader in intellectual property (IP) licensing, acquisition and consulting Formed in ’99. Advisory Board includes: AGFA, Air
Products, Bayer, DSM, DuPont, Philips, P&G, Takeda
Full range of services to assist clients in licensing and technology acquisition
Offices in US, UK, Japan
yet2.com internet presence is unique resource to facilitate deals – – 120,000+ registered users
– Network of 10,000+ smaller companies ($10-500m)
Completed 100+ deals with clients
yet2.com services – Generating value in IP
Technology Acquisition / Open Innovation
Technology Licensing
• Platforms for non-strategic applications
• Leading edge innovations from Small-Medium-sized companies
Patent Trading
• Private sales of non-core patent portfolios
• Anonymous acquisition of strategic patents
Technology and Needs Identification / Prioritization
yet2.com….Experts in Bringing all the Pieces Together
Yet2.comYet2.com
Technology/IP
Global Market
Knowledge
CapitalPeople
& Experience
Yet2.comYet2.comYet2.comYet2.com
Technology/IP
Global Market
Knowledge
CapitalPeople
& Experience
yet2.com and Open Innovation
We’ve worked with 8,000+ buyers of technology– Key success determinants (structure, culture, incentives, etc)
Conducted 300+ proactive searches on behalf of technology acquirers– How to maintain anonymity– How to maximize valuable responses, and filter out non-
valuable ones Access to the processes of most of the F500
– 2-3 years ago – only 3-5 really serious companies– Today – most clients are moving to OI models
Why use yet2.com – Global network
YOUR NETWORK:
- Suppliers
- Select university relationships
- Conferences/trade shows
- Industry journals/colleagues
yet2.com NETWORK:- Rolodex / competencies
database borne of 8000+ introductions between buyers and sellers
- 100,000+ online global, cross-industry connections
- Direct access to 10,000+ SMEs
- Broad reach to universities/research orgs/VCs
- Global network of affiliated brokers
Both networks important, but will yield different responses
yet2.com: Relationship-based global network
Connect - Our Marketing Approach
yet2.com employs multiple channels to make connections:
Direct ‘Rolodex’ channels
yet2.com competencies database
SME Network
Relationships borne of over 5000 introductions between buyers and sellers (including University, Research, VC)
External expert network
Broadcast channels
yet2.com Marketplace, email communications
Syndication partners and Broker relationships
yet2.com Government Experience Department of the Air Force, Air Force Materiel Command,
AFRL: OPEN INNOVATION SUPPORT SERVICES (March 7, 2007) Remote cloud-height and visibility sensing for weather and aviation High-Birefringence Optical Material Rapid DC Magnetron Sputtering Reflective Aerosol
NASA/Lyndon B. Johnson Space Center Contract Award: Innovation Support Services (Sep 29, 2009) Bone Density Measurement Real-time Microbiological Monitoring of Water and Biocides Radioprotectants Exoterrestrial Life Differentiation Portable Imaging Food Protection
Y12 National Security Complex. Open Innovation Support Services (ongoing)
Open Innovation and Technology Scouting…
Background and Concepts
Market Benchmarks
Key Terminology
Open Innovation Defined
Old model (closed innovation): Companies must generate their own ideas, then develop,
manufacture, market, distribute and service those ideas themselves.
Spectacular successes of central R&D such as Bell Labs.
Open Innovation: Useful knowledge is widely disseminated, and ideas must be
used with alacrity. If not, they will be lost. Role of R&D extends far beyond the boundaries of the enterprise.
Companies must now harness outside ideas to advance their own businesses while leveraging their internal ideas outside their current operations.
Open Innovation: The New Imperative for Creating and Profiting from Technology, Henry Chesbrough
Open Innovation Defined (continued)
CUSTOMERS’ UNMET NEEDS
Missing feature / performance issue / legislation change
Improve an existing product
Improve price Reduce cost / identify manufacturing efficiencies
Step function change in performance
Monitor next generation technology curves
Wholly unmet need Expand into new “white space”
Technology Scouting – the Why (key motivations)
Market Intelligence
Speed to Market
Non-Core Technology Opportunities– One-off Needs– Technology Platform partners – a consistent innovation
pipeline
Move into ‘White spaces’
Consistent organic growth is rarely achieved yet hugely valued
The Why - Best Practices goal setting
From DSM’s Rob Kirschbaum:
Commit to Innovation! – DSM set a goal of €1b new revenue in 5 yrs
Plus’s /Minus’s of Open Innovation+ Shorter time to market - Info overflow+ Higher chance of success - Culture change is slow+ More funnel output - Many legal contracts+ Lower innovation costs - IP leakage (China)+ Mitigated risk (options) - Balance of power+ Reputation ; recruitment - Upfront Investment+ Knowledge based economy - Less job rotation
The Why – Best Practices goal setting (continued)
P&G (Jeff Weedman, head GlobalBusDev) – – “We will acquire 50% of our innovations from outside P&G.” A.G.
Lafley, 2000– External sourced has grown from 10% to 50% in 10 years; R&D
productivity has increased by nearly 60 percent – 9000 internal R&D people; 2m relevant external people
J&J (Jeff Murphy, Exec Dir) –– Initial metrics (engagement, participation), pipeline growth (growth in
active projects by stage), early wins, end-goals (successes – counts, revenues, ROI)
– Getting ahead of yourself can lead to unrealistic expectations; falling behind can lead to killed initiatives
Sara Lee (Paul Chaudury, VP Innovn) -– Steady-state goals: Net sales from [sourced] products; pipeline
projected value (yr2 sales, risk adjusted); comparative times to mkt– As important – reporting is institutionalized, and reported to sr mgt
routinelySources: Weedman pres’n to yet2.com 2009 Executive Briefing Conference; Stefan Lindegaard
Innovation Metrics blog 15inno.com
The Why - Economics of technology scouting can be compelling
Acquiring a significant technology can obviate significant future cost– Internal R&D success rates widely reported at 10-20%
Typical acquisition prices thru yet2 are $100K-$500K (upfront/guaranteed costs)
6 months faster to market = 33% greater after-tax profit(Source: McKinsey study cited in “Optimizing ROI of time-to-
market”, Katz, Casey and Aiman-Smith, Research-Technology Mgt, May 1, 2005)
Technology Scouting – the How
How to build the organizational groundwork to enable success
How to identify ‘worthy’ Needs
What are best practices for evaluating and actually acquiring
How to get started– pilots (and buy-in and metrics)
What is Important for Success – Organizational Groundwork
Choice of Project– Conduciveness to search
• Likelihood that solution may emerge from beyond your core network– Business Impact / Urgency
• Existing product line(s) vs. new business opportunity• Trigger for need (e.g., regulatory requirement, incremental improvement)
– Readiness to acquire• Project funding & staffing• Technical competence to evaluate, and/or budget to employ external evaluators• Willingness to complete development
Client Role– Ownership – direct involvement of business leader who can “green light”– Involvement – team bi-weekly calls (with preparation) to screen candidates– Engagement w/ external cos. – legal hurdles minimized; sample evaluation– Momentum – maintaining drive throughout process; willing to “close”
Organizing for Success
Build dedicated team, but…
– Ensure project teams include those who would have developed the solution internally
Create incentives for entrepreneurial behavior
Staff & skills require a careful mix…
– Cooperative competencies
– Ability to work with smaller companies
Use external resources to extend ‘reach’– Go beyond conversations with suppliers, technical conferences,
serendipity
Funding– Set aside funding in budget both for “searching” and for “acquisition”
Deals - Factors For Success
1. Well described &.accurate Technology Needs and Technologies - upfront advance preparation of content, understanding of strategy and expectations
2. Access to diverse, cross industry global community – not just the size of the network but the diversity and relationships
3. Entrepreneurial technology and technology need owners – deal orientated, flexible about what a deal looks like
4. Personal contact and relationship building is key to closing deals – a marketplace makes you the connection quicker but be ready to engage
5. Use experienced facilitators to help create partnerships - understand the nuances between large companies and smaller technology innovators, ensure successful partnerships for both sides.
Key value add of intermediariesConnectivity Deep reach into corporate technical staffs Access to key gatekeepers (tech transfer & tech acquisition) Relationships with venture capital and SMEs
Confidentiality Opportunity screening and initial discussions Protect client name and application
Expertise Evaluation and communication methods Market and buy-side knowledge Business formation and commercialization skills
External perspective Unbiased evaluation and critical thinking
yet2.com Methodology
Deals • Anonymity / IP shield, Lead Qualification, Call
facilitation, Due diligence, Contract and negotiation support
High Value Cases: Marketing• yet2.com website• Proactive channels
Needs Identification • Gather priority needs -
from R&D, Marketing, etc• Prioritize • Build or buy
yet2.com Technology Acquisition Process – Needs Identification
High Value Cases: Target Identification• yet2.com draws on our
network and proprietary competencies database
What is Important for Success – Organizational Groundwork
Choice of Project– Conduciveness to search
• Narrow vs. broad criteria• Searching already done within same industry?• Likelihood that solution may emerge from beyond your core network
– Business Impact / Urgency• Existing product line(s) vs. new business opportunity• Trigger for need (e.g., regulatory requirement, incremental improvement)• Timeline to market / Technology Readiness (TRL)
– Readiness to acquire• Project funding & staffing• Technical competence to evaluate, and/or budget to employ external
evaluators• Willingness to complete development
Need Qualification Learning
Search scope: narrowbroad
Internal project to solve the Need:
Ongoing, funded none
Project Trigger (IP situation, competitors, regulatory change…)/motivation:
Has to find a solution
Would like to have a solution
Maturity level of preferred solution:
Fully developedEarly stage
Deadlines/product launch in: 6 months 10 years or more
Background knowledge about the problem/specs:
High (already searched,have candidates) No knowledge
Willingness to complete development:
Unwilling, unableHigh capability, availability, budgeted
TechNeed Title
Search Scope
Background Knowledge
Urgency - Project Trigger - Deadlines
Project Status - Existing / new - Need Ownership
Solution evaluation - Technical competence - Availability
Development status - Desired technology
readiness - Willingness to complete
development
ASSESSMENT: Conducive to Search Business Impact / Urgency
Readiness to Acquire
(H/M/L) H/M/L H/M/L H/M/L
NASA JSC Open Innovation Pilot Summary
Needs Conducive to Search
Business impact/ Urgency
Minimum maturity level of a successful solution
Search owner
Evaluation process
Bone Density M H Working prototype yes -
Water and Biocides
H M/H Proof of principle, testable
yes yes
Radioprotectants
M/L M/H Early research n/a – broad project
No (data based)
Exoterrestrial Life
L L/M Concept yes n/a
Portable Imaging
M/H M/H Proof of principle yes Yes
Food Protection
M/H M/H Fully commercial yes yes
Understand Find Filter PartnerEngage
• Understandclient’s objectives
• Understand the market and available technologies
• Understand partnering requirements
• Document TechNeed and objectives for the project (for external & internal use)
• Promote using yet2.com marketplace, TMR, direct e-mail
• Search the network (VCs, universities, entrepreneurs, innovators) and public data
• Find companies and technologies fitting initial criteria
• Interviewcompanies and filter results against criteria
• Gather additional information per client’s evaluation criteria
• Update market and technology understanding
• Refine target criteria and continue search
• Engage key targets with in-depth discussions
• Clarify mutual contributions and benefits; position relative value-add
• Perform due-diligence on management, technology, finances, business model, competitive advantage
• Structurepartnership proposals
• Participate in negotiations
Ou
r S
erv
ice
sC
lient
• Define strategic objectives
• Define partner criteria
• Respond as questions arise
• Evaluate preliminary info
• Prioritize
• Review and Evaluation
• Refine criteria
• Confirm next steps
• Participate in initial discussions
• Engage in full discussions, evaluations, negotiations
• Confirm yet2.cominvolvement
Months 1-3
High Value Cases Methodology
JSC01 - Bone Density Measurement
Background– Seeking: Accurate measurement techniques for deep-bone density
and structure – In order to achieve the goal, NASA JSC would like to find solution
providers with bone imaging technology that is clinically proven and close to commercialization
Project Objective– The main objective for yet2.com is to provide an initial assessment of
the solution landscape and introduce potential solution providers to NASA JSC.
JSC01 - Description of the Technology Need
Seeking:
A clinically-useful technology with enough sensitivity to assess the microstructure of "spongy" bone that is found in the marrow cavities of whole bones. This technology must be for skeletal sites surrounded by layers of soft tissues, such as the spine and the hip. Soft tissue interferes with conventional imaging and using a more accessible area -- for example, the wrist or the ankle of limbs-- as a proxy for the less accessible skeletal regions, will not be accurate. A non-radioactive technology is strongly preferred.
JSC01 –TechNeedTM 9964TechNeed since January 11, 2010
JSC01 - TechNeed Challenge (front page on yet2.com website)
Online activity overview (as of 09/08/2010)
TechNeed 9964 Seeking: Accurate measurement techniques for deep-bone density and structure
Logged-in Views 121Total Views 793Views per Month 99.1
Screening Results:
JSC01- Results
Total leads: 51
Rejected by yet2.com: 14
Rejected by NASA: 19
Finalists: 18 (5 most interesting)
JSC01 - Results: 5 most promising1. OsteoTronix Ltd - Peter Taylor, BusDev.Manager (TRL 6-7)
Structural Spectroscopy™ is a new technique for characterizing anatomical structures using magnetic resonance data. contacted
2. University of California, San Francisco – Sharmila Majumdar (TRL 4)
High field and high resolution magnetic resonance imaging for quantitative characterization of the morphology and function of the musculoskeletal system will keep in mind
3. Steady State Imaging, LLC - Danny Cunagin, CEO (TRL 7-8)
Imaging of the Ultrastructure of Bone Using SWIFT (Sweep Imaging with Fourier Transformation) technology. SWIFT advances existing MR techniques with the ability to image structures and tissues that are invisible to conventional MRI. contacted
4. ImaTx: Imaging Therapeutics Inc – Daniel Steines, VP R&D (TRL 6-7)
OsDx™ Hip Bone Mineral Density (BMD) system. X-ray based -
5. Mayo Clinic - Richard Ehman, Prof. Radiology (TRL 1-3) too low - contacted
Magnetic Resonance Elastography in Trabecular Bone - Work demonstrated the feasibility of using MRE to measure the stiffness of trabecular bone
Page 37
JSC01 – Geo Summary of Data/ Responses
Germany 6
Austria 1
Japan 7
Canada 1
France 6
Israel 1
Australia 3
Belgium 1
UK 5
Switzerland 4
Sweden 1
USA 15
Total 51
Page 38
JSC01 - Solution Space
structural spectroscopy
magnetic resonance elastography
SWIFT
image processing System
image analysis software
acoustic emission monitoring
fuzzy logic
high resolution pQCT
MRI
What is Important for Success – Organizational Groundwork
Client Role– Ownership – direct involvement of business leader who can “green
light”– Involvement – team bi-weekly calls (with preparation) to screen
candidates– Engagement w/ external cos. – legal hurdles minimized; sample
evaluation– Momentum – maintaining drive throughout process; willing to “close”
Contact
Eugene Buff, MD, PhDCertified Licensing Professional (CLP)Registered Technology Transfer Practitioner (RTTP)
Vice President, Consulting ~ yet2.com Inc.
[email protected]+1 781-972-0604