Technology Market Evaluation (TME)
Time and effort spent developing and patenting a technology is essential, but market assessment is equally important. Knowing who will buy the technology and why is crucial to justifying further expenditure. At a simple level market assessment should allow you to decide whether further patenting and R&D costs are justified. At a more intense level it should allow you to answer more complex questions such as:
- Which markets should you target?
- What are the drivers for adoption and the ‘Value Proposition’?
- What are the best entry / commercialisation strategies?
- How can you achieve significant early sales or licensing?
Answering these questions is a difficult exercise for technology owners to undertake internally, as a single technology may have many applications, each with radically different commercial potentials, life cycles, barriers to entry and potential profitability.
Qi3 developed the TME methodology to assess and evaluate the potential applications and markets for a given technology or patent. This rigorous methodology and strong technology background, when combined with our sales and marketing experience, gives penetrating insights when answering the questions outlined above. The amount of detail covered, and the number of issues looked at vary according to the level of service chosen. These levels vary from a speedy evaluation, to more extensive projects. We operate with a consistent and rigorous methodology and can tailor the deliverables to meet your requirements. Qi3 has undertaken several hundred Technology Market Evaluations, and we are known for our no-nonsense approach, combining concise, actionable recommendations with supporting analysis.
Deliverables from the Evaluation are used to:
- Support further fund raising from investors, grant awarding bodies and other organisations by providing independent evidence of market potential
- Inform and guide scientific, technical and product development
- Provide the market evidence base for the business and commercialisation plans
- Extend the market understanding of the team and guide development of the technology and / or business
An example of a TME for a CERN detector technology is used here for illustration.
TME Phase 1 – Broad Assessment
The first phase of a TME is intended to provide the following answers (within the limits of the time allowed):
TME Stage 2 – Deep Dive
The second stage of a TME focuses on the 2 or 3 most highly ranked markets from Stage 1 and addresses the following issues (within the limits of the time allowed):
Of course, this evaluative stage is only of real value when it forms the basis for further action.