INNOVATION STRATEGIES FOR DEMANDING MARKETS Dr
Description: INNOVATION STRATEGIES FOR DEMANDING MARKETS Dr Vincent J Mifsud OBE TD Managing Director Caleta Technologies Ltd 3 November 2016 Aims To discuss innovation in the context of some regulated industries in order to: Consider innovation, and
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slide1. INNOVATION STRATEGIES FOR DEMANDING MARKETS Dr Vincent J Mifsud OBE TD
Managing Director
Caleta Technologies Ltd
3 November 2016<br>
slide2. Aims To discuss innovation in the context of some regulated industries in order to:
Consider innovation, and some areas that may not be immediately evident if the intention is to make product and create wealth
Inform you on the aspects that need to be considered when addressing these more difficult markets
Share some personal experience in innovating and new product development (NPD)for these markets
Provoke some thought and discussion on innovation as a process
Encourage you to consider these sectors for your future careers
Entrepreneurship comes in many forms: individuals setting up companies, small teams, individual contribution in larger company environments<br>
slide3. Background and agenda Earlier talks within the Future Worlds concept
Muj Choudrey – SalesForce: Growth, sales and processes
Chris Spackmann – Dealing with Big Business
Josh Valman – Making Innovation Happen
Context for this Discussion
Objectives
Personal background to set the scene
Context for Innovation
Demanding Markets
Lessons learnt drawn from examples in various roles
Semiconductor R&D instrumentation
Medical electronics
Defence Electronics
SME in instrumentation
Aerospace
Summary<br>
slide4. Personal Background 40 years of experience in engineering, in industry and TA (Army Reserves)
Broad engineering background, including defence, medical and aerospace engineering
Experienced in strategy, systems engineering and M&A
CTO positions in Vickers plc and Cobham
General management experience in QinetiQ, Cobham and a high-technology start-up
Recently involved in design and implementation of AGP & DGP; strong links into MOD, BIS, EPSRC & universities
Started consultancy in Easter 2015
Currently working at ATI, UCSB and a number of large and small companies<br>
slide5. Innovation Innovation (Wikipedia) is defined simply as a "new idea, device, or method".
However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
What does this mean?
Better solutions?
New requirements?
Unarticulated needs?
Application?<br>
slide6. Innovation Process<br>
slide7. Technology Readiness Level<br>
slide8. Context…<br>
slide9. Innovation Process – the grind…<br>
slide10. Key Messages – ‘take-aways’ Innovation strategies – key elements
Understand the market need and positioning
Evaluate many ideas – think around the subject
Identify the differentiators and ensure they are significant
Question your assumptions
Assess your current TRL, and complexity of the offering
Consider the NPD process – what is needed, and appropriate
Evaluate the evolution to TRL7-8, the needs and the risks
Decide on your route to market, and your exit strategy
Take advice where necessary, no one person knows it all!<br>
slide11. Demanding Markets Josh has covered the FMCG and markets with fewer regulatory constraints – internal processes dominate innovation
Chris has emphasised the need to understand the customer need and processes, especially when interfacing with big business
In demanding markets i.e. markets where there are significant regulatory hurdles, or specific customer constraints or expectations
Excellence in internal processes is still required
Understanding the customer is a given
Other factors may dominate product introduction processes / timing
Innovation is still possible, indeed essential – good opportunities!
The UK is well placed in several of these markets<br>
slide12. Demanding Markets - characteristics Medical instrumentation
Defence
Scientific Instrumentation
Aerospace Conclusions:
Partnership likely to be needed to access market
Costs of developing product are high
Opportunity to join-up trends and add value
Think laterally
Good tie in with universities and R&D base
Opportunities for complementary funding from government
Some areas are ripe for radical change<br>
slide13. Examples of innovation Molecular Beam Epitaxy (MBE) Innovation:
Scaling challenges
New sources – gases
Measurement
Automation
Cost engineering Differentiators:
Closeness to customer
Innovative sources
Advanced processes<br>
slide14. Examples of innovation Medical Device Innovation:
Technology insertion
New algorithms
Low signal processing
Cost engineering Differentiators:
Better technology – DSP
Exploitation of COTS – PC
Networking (relevant to date)
Regulatory processes<br>
slide15. Examples of innovation Bradley Armoured Fighting Vehicle Innovation:
Technology insertion
New modulations
User interface
Wireless elements
Cost engineering Differentiators:
Better technology – COFDM
Exploitation of COTS – MESH
Robust product – soldier-proof
Working with difficult customer<br>
slide16. Examples of innovation SpectraProbe Innovation:
Novel detector
Novel configuration
Integrated unit
Materials Differentiators:
‘Immediate’ answer
Size and weight
Configuration
Robust product
Chose the starting market<br>
slide17. Example of future innovation UK Aerospace Strategy Innovation:
All electric
Cryogenic
LH2 fuel
Systems Differentiators:
Clean
Efficient
Quality of flight
New networks<br>
slide18. Summary Shared thoughts on innovation in demanding markets
Built on earlier presentations: importance of front-end work
Scope in many areas to take advantage of new technology
Considered some of the aspects that need to be tackled when addressing these more difficult markets
Think through the complete NPD process
Partner where appropriate
Shared some personal experiences in innovation and new product development (NPD)for these markets
Encouraged you to consider these sectors for your future careers, however you wish to innovate and create value
Be it individual, small team or within existing companies
Support from FutureWorlds, mentors, experts – unique opportunity
Have fun!
The future is yours…<br>
slide19. Thank you<br>
Managing Director
Caleta Technologies Ltd
3 November 2016<br>
slide2. Aims To discuss innovation in the context of some regulated industries in order to:
Consider innovation, and some areas that may not be immediately evident if the intention is to make product and create wealth
Inform you on the aspects that need to be considered when addressing these more difficult markets
Share some personal experience in innovating and new product development (NPD)for these markets
Provoke some thought and discussion on innovation as a process
Encourage you to consider these sectors for your future careers
Entrepreneurship comes in many forms: individuals setting up companies, small teams, individual contribution in larger company environments<br>
slide3. Background and agenda Earlier talks within the Future Worlds concept
Muj Choudrey – SalesForce: Growth, sales and processes
Chris Spackmann – Dealing with Big Business
Josh Valman – Making Innovation Happen
Context for this Discussion
Objectives
Personal background to set the scene
Context for Innovation
Demanding Markets
Lessons learnt drawn from examples in various roles
Semiconductor R&D instrumentation
Medical electronics
Defence Electronics
SME in instrumentation
Aerospace
Summary<br>
slide4. Personal Background 40 years of experience in engineering, in industry and TA (Army Reserves)
Broad engineering background, including defence, medical and aerospace engineering
Experienced in strategy, systems engineering and M&A
CTO positions in Vickers plc and Cobham
General management experience in QinetiQ, Cobham and a high-technology start-up
Recently involved in design and implementation of AGP & DGP; strong links into MOD, BIS, EPSRC & universities
Started consultancy in Easter 2015
Currently working at ATI, UCSB and a number of large and small companies<br>
slide5. Innovation Innovation (Wikipedia) is defined simply as a "new idea, device, or method".
However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
What does this mean?
Better solutions?
New requirements?
Unarticulated needs?
Application?<br>
slide6. Innovation Process<br>
slide7. Technology Readiness Level<br>
slide8. Context…<br>
slide9. Innovation Process – the grind…<br>
slide10. Key Messages – ‘take-aways’ Innovation strategies – key elements
Understand the market need and positioning
Evaluate many ideas – think around the subject
Identify the differentiators and ensure they are significant
Question your assumptions
Assess your current TRL, and complexity of the offering
Consider the NPD process – what is needed, and appropriate
Evaluate the evolution to TRL7-8, the needs and the risks
Decide on your route to market, and your exit strategy
Take advice where necessary, no one person knows it all!<br>
slide11. Demanding Markets Josh has covered the FMCG and markets with fewer regulatory constraints – internal processes dominate innovation
Chris has emphasised the need to understand the customer need and processes, especially when interfacing with big business
In demanding markets i.e. markets where there are significant regulatory hurdles, or specific customer constraints or expectations
Excellence in internal processes is still required
Understanding the customer is a given
Other factors may dominate product introduction processes / timing
Innovation is still possible, indeed essential – good opportunities!
The UK is well placed in several of these markets<br>
slide12. Demanding Markets - characteristics Medical instrumentation
Defence
Scientific Instrumentation
Aerospace Conclusions:
Partnership likely to be needed to access market
Costs of developing product are high
Opportunity to join-up trends and add value
Think laterally
Good tie in with universities and R&D base
Opportunities for complementary funding from government
Some areas are ripe for radical change<br>
slide13. Examples of innovation Molecular Beam Epitaxy (MBE) Innovation:
Scaling challenges
New sources – gases
Measurement
Automation
Cost engineering Differentiators:
Closeness to customer
Innovative sources
Advanced processes<br>
slide14. Examples of innovation Medical Device Innovation:
Technology insertion
New algorithms
Low signal processing
Cost engineering Differentiators:
Better technology – DSP
Exploitation of COTS – PC
Networking (relevant to date)
Regulatory processes<br>
slide15. Examples of innovation Bradley Armoured Fighting Vehicle Innovation:
Technology insertion
New modulations
User interface
Wireless elements
Cost engineering Differentiators:
Better technology – COFDM
Exploitation of COTS – MESH
Robust product – soldier-proof
Working with difficult customer<br>
slide16. Examples of innovation SpectraProbe Innovation:
Novel detector
Novel configuration
Integrated unit
Materials Differentiators:
‘Immediate’ answer
Size and weight
Configuration
Robust product
Chose the starting market<br>
slide17. Example of future innovation UK Aerospace Strategy Innovation:
All electric
Cryogenic
LH2 fuel
Systems Differentiators:
Clean
Efficient
Quality of flight
New networks<br>
slide18. Summary Shared thoughts on innovation in demanding markets
Built on earlier presentations: importance of front-end work
Scope in many areas to take advantage of new technology
Considered some of the aspects that need to be tackled when addressing these more difficult markets
Think through the complete NPD process
Partner where appropriate
Shared some personal experiences in innovation and new product development (NPD)for these markets
Encouraged you to consider these sectors for your future careers, however you wish to innovate and create value
Be it individual, small team or within existing companies
Support from FutureWorlds, mentors, experts – unique opportunity
Have fun!
The future is yours…<br>
slide19. Thank you<br>