Identifying Opportunities With Successful Characteristics

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Sub-stream: IP management and commercialisation

Keywords to reference Good Practice Recipes (e.g. relationships, consulting, networks):

Success, Successful, Characteristics, Innovation

(What) Description of Good KE Practice/Recipe

When prioritising commercialisation opportunities, I recommend using the following characteristics which are associated with innovative companies: 

Change - the team look upon change as an opportunity, not a chore to have to re-adjust to.
This may be techonology change, people change, legislative change, etc.

Learn - the company culture (and budget) is supportive of gathering information and intelligence from outside of the organisation. 
This may be market data, comparisons with leading competitors (benchmarking), identifying trends which may affect the company or its customers.

Innovate - a bias towards to doing something commercial with the knowledge.  Generating a revenue stream from licencing, making and sellling a product or service.  This is the big step, which almost always requires an investment of people, time and money.   Innovation is rarely risk free.  Profitable changes are more often attempted and therefore more likely to succeed, in organisations with cultures which enable a degree of managed risk taking.  
Clearly the bias for action has to has some self imposed control on the management of people and money.

Venture - requires resources and taking the risky step of doing something which may not have been attempted previously by the organisation.   Financial and personal committment at a high level in the organisation, improves the likelyhood of the innovative step leading to success.   In some organisations gaining the freedom / authority to start a venture, may require planning over a year ahead, to avoid being underfunded as a result of 'innovation' not being budgeted for. 

Empower / Enjoy - People who show the characteristics of supporting innovation or successful commercialisation, should be empowered to get on an do that.  All empowerment should be within a framework of what is acceptable behaviour or conduct. 
Successes should be marked in some way.   Success may be seen as product of doing the job correctly, but a public 'thankyou' can go along way to motivate and re-inforce the message of what success is looked for by the organisation. 

Characteristics of Sustainable Commercial Success :
Change, Learn, Innovate, Venture, Enjoy

(How/When) What contextual factors need to be taken into account in the application of this Good KE Practice

The characterics of sustainable success can be applied widely in both public and private sectors.   It may take nothing less than determined culture change over 5 years, or it may take the development of suitable incentives taking a few days.   It depends on the starting position of the organisation. 

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