In the business of entrepreneurship and innovation, founders are often keen inventors, socially adept and, above all, immensely passionate about their idea. However, where innovators are often challenged is in the commercialisation of their idea.
This is particularly true in the Engineering, Construction and Resources (ECR) sector. Compared with the IT and biological sciences sectors, the ECR sector does not receive the same level of support and attention.
Recognising this, the Queensland Department of State Development, Manufacturing, Infrastructure and Planning (DSDMIP) created the Engineering, Construction, Resources and Innovation (ECRi) Hub program. The focus of the ECRi Hub is to assist Small and Medium Enterprises (SMEs) in commercialisation of their ideas in the engineering, construction and resource sectors.
Commercialisation
GHD Digital was selected by DSDMIP to deliver the ECRi Hub program. Drawing on its vast experience in this sector and coupled with its innovation, commercialisation and new venture creation program, GHD Digital has helped more than 30 Queensland innovations go to market since 2016.
Commercialisation is an oft misunderstood term where it is frequently viewed as simply marketing and selling the idea, however it is a much more complex process than this. Having said that however, there is a “recipe” that is generally accepted within the investor and start up community.
Ideally, the commercialisation process should start as soon as the idea is written down on a serviette, drink coaster or formed at that after work discussion on a Friday evening. At GHD Digital we have adopted a “swim lane” model that takes into account the technical, market and business aspects getting an idea to market.
The three “lanes” of commercialisation
We call them swim lanes, because they all run parallel along one another in the process, each ultimately feeding into the other. Firstly, there is the technical lane, which refers to the technology development lifecycle. We analyse the SME from the point of inception to where they are at in the current moment. We iterate through matrix of 6 phases, from the ideas pipeline all the way through to a market ready product.
This leads us to the market lane, which goes deeper in the market need or desire for the product or service. Who is the customer? How would the customer use it? How would we actually get it to the market? This information from the market then feed back into the business and technical development for another iteration.
Lastly, there is the business lane, which deals with the nitty gritty: your business plans, cash flow analysis, financial modelling, your ROI and how exactly you are going to get there, how you structure the venture from a company perspective.
While we examine the innovation in the context of each lane, we also emphasise the interdependency of each lane. For example, an invention may be modified based on market research that identifies a market need or requirement.
From the company partner perspective, we think about how we see the SME sitting in this commercial pathway and provide feedback, which may include a gap analysis and suggest what steps should be taken next.
ECRi Hub also seeks out innovative SMEs to collaborate with industry leaders who can help them get to market.
An ECRi Hub success story
It’s very rewarding seeing the ECRi Hub process in action. Recently, we had the pleasure to work with a wonderful local company on a robotic scanner that encircles commercial marine pylons and tracks up and down the vast cylindrical structures to provide a digital assessment of their condition. Fundamentally, it is a robotic scanner of pylons for ports and marine piers; it scans pylons to look for damage, allowing asset managers to make important decisions regarding repairs, replacements and budgets. Mentored by GHD Digital, the company took their product to the local market. Now, the company expects to grow from 5 to 100 employees within the next three years, such is their rapid growth. They are committed to keeping it local for now but it will continue to work with ECRi Hub and GHD Digital to build on this success.
The fruits of ECRi Hub
A key lesson has been that innovation is a thoroughly collaborative process and therefore requires all involved in the project to adopt that mindset. The ECRi Hub model works well and with ECRi Hub 4.0 about to be launched its contribution to a broader market will see it make a bigger impact in building an innovative and world-leading engineering, construction and resource sector in Australia. For more information about ECRi Hub please see the full case study.
Greg has nearly 20 years’ experience in advising start-ups and new ventures in the area of innovation and commercialisation. He also has extensive experience working within the research sector and industry developing collaborative research projects and providing commercialisation advice to this sector in robotics and big data, statistics and other areas of applied mathematics.