Here, a seed stage client and its innovation and growth specialist talk through some of the work and results they have achieved together.
Underneath the video you can find information on common priorities at this stage and below the contact form, a full array of areas we can address together.
To know where you are going, it is important to know where you are starting from. Taking time to properly assess your current business model will help you identify what you have to do and which gaps you have to prioritise.
We take our clients through a business model canvas to make sure the building blocks are there. It looks at customer segments and your value proposition, then looks at channels to reach those audiences, as well as partners, activities and resources required to do it. Underpinning that, we clarify the cost structure and revenue streams and identify whether sufficient funds are in place.
This is all about proving the problem you are solving exists, proving that there is a market and that there is an opportunity. Ideally you will be able to name target customers. You have probably collected your own quantitative and qualitative data through primary and secondary sources.
We would help by going through this with you to make sure you are looking at the right data and it is telling a realistic story. Given our connections across the innovation landscape, we would also try to source additional data for you.
This is a deep dive analysis and evaluation of a project’s potential, aimed at supporting the process of decision making. This is achieved by uncovering its strengths, weaknesses, opportunities and threats as well as identifying the resources needed and the prospects for success. Feasibility studies will usually help businesses decide to work either individually or collaboratively with other industrial or research organisations, before conducting a subsequent larger project.
We can help you find people or organisations to work with on your feasibility study. This could be a university, institute company or lab facilities. We also call upon specialists in our own network who have experience in your field to help shape your support. We often join your meetings with your potential partner to help you conclude if it is the right fit for you.
Prototype development and testing
This is about getting your minimal viable product in place to show that innovation works - a crucial step in enticing customers or investment.
You might create, test and iterate the prototype yourself or with a partner - which we can help you find. We would be on hand through the journey to ensure the partner adds the right value.
In developing the prototype, getting the right intellectual property protection in place is important. We can provide high level guidance on IP, on what should and should not be protected, but would refer to an IP lawyer for detailed discussions.
The 9 Dimensions of Growth
Through a deep dive analysis at the outset of our engagement with you, we can tailor our support to help you set and realise growth and innovation goals for your business.
Here is a preview of the areas we address, but the full 9 Dimensions audit is delivered by an experienced Innovate UK EDGE innovation and growth specialist. The audit:
- Is designed to support the growth of innovation-led companies specifically, being based on the nine most pertinent dimensions of business growth
- Provides management teams with a 360º view of their business, identifying the key issues that the business faces and insights into the key priorities to effectively address them
- Shapes the delivery of tailored support with a focus on priorities for action that will enable the company to achieve its growth goals
We’ll help you prioritise issues to tackle
Establishing the ambition and vision of the company, validating the opportunity and developing the strategy, business model and road map to realise this. Covering
- Clarity of vision and market opportunity.
- Level of ambition for your growth life cycle stage.
- Validation of business model - desirability / feasibility / viability.
- Management procedure.
- Innovation culture.
Understanding the alignment between the company’s innovation strategy and the key political, environmental and economic drivers.
Understanding and exploiting the commercial potential of your product/service/technology and equipping you for market readiness.
Building on industry knowledge of market size, industry trends, the value chain and the identification of the right value proposition for key customer segments.
Evaluating your current innovation strategy, processes and methodologies to identify how we can help your innovation commercialise and practice be more effective. Covering:
- Idea generation.
- Idea evaluation, prioritisation and investigation.
- Innovation development.
- Project management.
- Processes for successful commercialisation.
- Monitoring and review of innovation.
- Innovation management standard.
- Internal Capability.
Evaluating the business growth, technical skills and experience within the organisation to help shape a more effective structure and deliver against growth ambitions and innovation potential. Covering:
- Business models for growth.
- Key strengths & weaknesses.
- Drivers and enablers.
- Change management.
Ensuring business readiness for and experience of collaboration for the purposes of business growth and scaling as well as research and technology transfer.
Helping to maximise market and investor potential through the utilisation of Intellectual Property Rights, covering:
- Effective identification, protection and exploitation strategies.
- Developing awareness and processes to identify, capture and manage IP, together with ensuring terms and contracts for staff and third parties reflect IP ownership.
- Developing and delivering commercialisation strategies with respect to business model and market introduction, or the licensing out of IP.
Establishing the structures and data frameworks to enable the effective measurement, analysis and management of every aspect of the business to help drive improvements, shape strategy and guide operational effectiveness.
- Innovation goal setting.
- Innovation project performance.
- Innovation impact for the company.
- Market and societal impact.
- Performance management.
Helping identify the best sources of support, to achieve your growth ambitions and objectives for the business. Covering:
- Engaging with publicly funded and commercial / private sector business support.
- Business support ecosystem awareness in general.
- Involvement in business accelerator programmes.
- Engaging with the local business and innovation community.
- Awareness of national programmes.
- Awareness of local programmes.
- Engagement with support providers to achieve better results.
Understanding the financial needs of the business to support growth and scaling ambitions.
- Business financial health & management: reserves and cash situation.
- Financing research, innovation and growth.
- Public grant funding programmes.
- Debt finance.
- Private/equity investment: investment readiness.
- HMRC schemes (Including R&D Tax Credits and EIS).