On March 3rd, the DTU Innovation Center, in cooperation with the Hanoi University of Science & Technology (HUST) and the Lab2Market company, held a seminar entitled “Nine Steps to Commercialization”, to share information on the commercialization of products and services. Experts from enterprise networks, incubators and universities met to discuss the development of the evolving innovative startup ecosystem in Danang.
Dr. Arjun Tekalur speaks
Dr. Arjun Tekalur, Director of Hardware at the Xerox 3D Printing Division, said: “It has been a long time since I was last in Danang and meanwhile the city has become even more beautiful, cleaner and greener. In life, there are two states of awareness, namely consciousness and subconsciousness. Many tasks require little thought and can be completed easily, just like breathing, but other jobs require deep thought and strategizing. I have carefully prepared today’s presentation so that my advice will help you focus on the successful commercialization of your products and services.”
Attendees participating in the game
Dr. Tekalur outlined the nine steps to commercialization:
Step 1: Based on primary market research, internet searches, VPC (Value Proposition Canvas) and BMC (Business Model Canvas), the gains and pains are identified for each customer
Step 2: Based on market research data, a clear understanding of the market, regions, and target companies is established
Step 3: Based on VOC (Voice of the Customer), minimum product cost is analyzed
Step 4: A low fidelity MVP (Minimum Viable Product) on customer commitment is developed to provide further information and verify the value of solutions to measure their expectations
Step 5: Based on the initial market response, a second MVP is developed
Step 6: The business model is validated
Step 7: A highly fidelity MVP to solve problems is developed
Step 8: Pre-commercial demonstrations are made to customers to gather and analyze their responses
Step 9: Full commercial development is implemented
Mr. Nguyen Van Chuong, Director of the Danang Business Incubator, said: “After listening to Dr. Tekalur’s presentation, I now have a clearer understanding of the importance of conducting comprehensive market research and identifying consumer needs and preferences, before developing a new product or service. Commercialization is not just about building a product, it is about creating a product that the market and customers need.”
(Media Center)