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| Commercialization Study Reveals Best Practices for Bringing Technology to Market Study Commissioned by NRC and ASI now available to public VANCOUVER, BC - September 7, 2004 - Leveraging external advisors, identifying a laser-sharp market focus, being customer-driven and leveraging strategic partnerships lead to technology commercialization success, according to a newly released report from Rocket Builders. The report is a summary of research into the commercialization success factors demonstrated by successful B.C. technology companies in their early years. This research was performed last spring for the Advanced Systems Institute (ASI) under funding from the National Research Council (NRC). This research sought to investigate both the barriers to and success factors for commercialization in early stage technology development in British Columbia's technology industry. Researchers interviewed forty-one (41) successful technology companies on what challenges they had in the early history of their company and what key early events or strategies led to their current success. "Early stage technology companies face challenges in bringing their technology to market successfully while at the same time operating with scarce resources like money and talent," commented Dave Thomas, a managing partner at Rocket Builders. "Despite these tough challenges, companies can achieve success as long as they focus on achieving critical milestones in a timely manner." Milestones Along the Path to Success What made the difference in these successful companies? This research shows that acquiring a first customer, validating the product, acquiring partners, acquiring investment, managing costs and getting regulatory approval or standards certification are among the most important milestones for successful companies in these early stages. Advisors and Market Focus Important The research also highlighted two other critical factors: 1. Success - and especially defining changes in direction that led to success - for these companies were driven by input from external advisors, both formally and informally. 2. Dramatic jumps in growth in revenue were achieved by identifying a group of customers with common characteristics and optimizing sales and marketing efforts to target that niche market opportunity. These findings provide insight valuable to entrepreneurs engaging in early stage commercialization, and industry associations, investors and government can benefit as well. "Commercialization of new technology is key to the growth of our BC tech sectors and a priority for NRC", said Victor Jones, President of ASI during the course of this project with Rocket Builders, "this study provides instructive methods and advice for management from those who have crossed the chasms of early corporate growth." Report Available for Download The report, entitled "Commercialization Success in Early Stage Technology Companies", and a presentation are available for download from the Rocket Builders web site, http://www.rocketbuilders.com/commercialization. About Rocket Builders Rocket Builders is a consulting group focused on helping technology companies identify and capitalize on market opportunities. Based on past success in driving the growth of technology companies, Rocket Builders are experts in market research and strategic planning and helps companies in building revenue through proven sales methodologies, building market capabilities through partnering programs, and building processes that lead to winning products. For more information, visit http://www.rocketbuilders.com About the Research Project Media Contact: |
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