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Research Services
Technology Product Development
Online Business Solution
Before committing to extensive research and development on a product
concept, make sure you can answer the following questions:
How much are customers willing to pay for your product?
What does one unit of your product cost to manufacture?
Do you know who your competitors are?
Do you have a strategy in place to protect your intellectual
property?
Have you spoken with potential customers to find out their real
needs?
At
IdeaBank,
we understand that bringing a product to market needs more than just a
world leading technology.
IdeaBank
has developed a set of services designed to assist you in turning your
idea or technology into a commercial product, which we call Concept to
Commercialisation (C2C).
All research is collated and presented in a format suitable for
presentation to potential investors, in grant applications and business
plans. Concept to Commercialisation (C2C) services are
provided separately, or as a package tailored to meet
your needs.
1. IDEA ASSESSMENT
IdeaBank
is happy to meet with you to discuss your product idea or technology in
confidence and with no obligation. During this discussion,
IdeaBank
will test your idea using a comprehensive assessment process, which also
includes a preliminary analysis of profit-potential.
2.
COMPETING PRODUCT & PATENT SEARCH
IdeaBank
conducts a comprehensive search for:
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Similar and competing commercial products, including information on
competing companies, their target markets, price-points and product
features. A price-point table is constructed to determine the expected
recommended retail price of your technology.
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Australian and international patents using similar technologies or
concepts.
A comprehensive report detailing the outcomes is provided. These reports
are helpful in substantiating product novelty to potential investors and
in grant applications.
3. MARKET SIZE ASSESSMENT
IdeaBank
conducts a study into potential applications and vertical markets for your
technology. The purpose of this study is to identify key markets and
their size.
IdeaBank
has access to subscription databases providing market research data across
a large range of industries in Australia.
4. MARKET RESEARCH
IdeaBank
is equipped to develop and deploy small-scale market research surveys
across a selected target group, typically with 100 participants. The
outcome of this research is to determine:
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The
expected conversion rate (% of customers that will buy in the target
market) and their demographics.
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Identify and confirm specific customer need for the product including
essential and desirable features.
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Predicted recommended retail price for the product.
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Identify industry experts and insiders who may assist through extensive
interviews in Service 7 – Industry Analysis.
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All
research is collated and presented in a format suitable for presentation
to potential investors and in grant applications.
5. TECHNICAL FEASIBILITY STUDY
IdeaBank
conducts a comprehensive study into the technical feasibility of
developing your idea or technology into a commercial product. Depending
on your needs, this would include:
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Development of a detailed design for the product.
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Estimated cost and time-line for research and development of alpha, beta
and commercial versions of the product.
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Estimated cost of manufacture for 1, 10, 100 and 1,000 product-units.
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Identification of required manufacturing processes, their costs and
limitations.
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Identification of product compliance and safety standards for the
product.
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Recommendations of potential product developers and manufacturing
facilities.
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Determine technical risks and unknowns that must be solved during
product development.
6. INTELLECTUAL PROPERTY
MANAGEMENT
Development of an intellectual property strategy to
ensure the product concept is protected and suitable documentation is in
place, often needed during licensing or technology transfer. This
strategy may include:
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Drafting patent specifications. In most cases
this significantly reduces the cost of patent attorney preparation fees.
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Identify product protection strategies relevant to
your product design. For example, protective packaging, software
encryption, removal of markings on components.
-
Advise and assist in putting appropriate
documentation is in place to substantiate claims of intellectual
property ownership.
6. INTELLECTUAL PROPERTY MANAGEMENT
Development of an intellectual property strategy to ensure the product
concept is protected and suitable documentation is in place, often needed
during licensing and technology transfer. This strategy may include:
-
Drafting patent specifications for use by patent attorneys in
constructing patent applications. In most cases these documents can be
used to significantly reduce the cost of patent attorney preparation
fees.
-
Identify product protection strategies relevant to your product design.
For example, protective packaging, software encryption or removal of
markings on components.
-
Advise and assist in putting appropriate documentation is in place to
substantiate claims of intellectual property ownership.
7. INDUSTRY ANALYSIS
An industry analysis involves an extensive investigation of industry
literature and recorded interviews with industry insiders, potential
suppliers, distributors, manufacturers, industry bodies and customers.
The aim of this study is to answer questions including:
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Who
are your major competitors and what is their market share?
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What
barriers to market entry exist for your product?
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What
are the appropriate distribution channels for your product, methods of
sale, terms of payment and required product support?
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What
percentage is charged by merchants on top of your sale price?
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How
long does it take for a product to be established in the market?
-
What
is the typical first year sales volume for a new product?
8.
PROFIT ESTIMATE & RISK ASSESSMENT
Profit estimate and risk assessment brings together elements from services
1 to 7 in a comprehensive report. The primary focus of this report is to
show the expected profit per product-unit sold from the collected data. A
detailed risk assessment for the product is also given.
9. BUSINESS PLANS, PRESENTATIONS, GRANT APPLICATIONS
Using the research gathered in services 1 to 8,
IdeaBank
is able to rapidly construct grant applications, business plans,
power-point presentations, product websites and concept brochures for your
use.
IdeaBank
can also assist you to determine an appropriate financial model for your
product, be it licensing, manufacture or out-right sale of your
technology.
Research Services
Technology Product Development
Online Business Solution
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