Health tech & spin outs

March 19, 2021 Blog, innovation

The tools and models we have developed work particularly well in the area of health technology where many SMEs, universities and NHS Trusts are looking to innovate and generate commercial revenue from new intellectual property.

Although there is a lot of research ongoing, where many organisations fail to capitalise on good ideas is when it comes to transition from funded incubator type environments or “spin-out” projects to fully fledged profit making business operations.

We come at this from the perspective of business people, not academics. That said, it’s often a case of developing a business around the product of academic research alongside testing with customers.

A big challenge for many is making the leap of faith into a world of customers, suppliers, market forces and competitors.

Academic people don’t always want to be in business but have a vision for the fruits of their research in the real world. Others are ready to make the transition.

A big challenge for many is making the leap of faith into a world of customers, suppliers, market forces and competitors. This is unfamiliar territory on the face of it.

But look again and it’s easy enough to see customers and competitors in academic and clinical settings if you change the language.

Whether we are talking about businesses or patients, students or purchasing managers, commissioners or government departments, the challenges are often similar at a fundamental level.

Successfully identifying the most pressing and urgent pains your target customers are feeling and understanding what kinds of solutions might be required is a good start.

Pains and gains are the drivers for changing customer buying behavior towards new products or services

It’s important to go further though. Keep challenging your assumptions around your solution and be prepared to pivot any time. If you’re thinking about spinning out your technology idea, talk to us about it.

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