Stage 1:
Investigation (Should I?)
Understanding your technology, your market, and your licensing
Navigate each of the processes below by reading more, downloading support files, and/or watching some of our online webinars. Each of them provides more context and support throughout the Goldsmith Model.
Process 1.1 - Technology Analysis
Generating a rough draft of the technical concept of your product
When commercializing a product or service, there needs to be an understanding of the validity of its technology and ability to solve real-world problems for consumers. For there to be any sort of commercial value, these problems must be solved quicker, cheaper, more efficiently, or easier than other possible solutions. Keep in mind that when entering this market, opposing products are supported by preexisting budgets, complex marketing schemes, and customers who are brand loyal. The value of the Technical Investigation appears as a rough draft of the technical concept of your product; whether that be a written/verbal description, sketches, schematics, conceptual models, etc.
Process 1.2 - Market Needs Assessment
Gaining confidence in your ability to market the product effectively
Based on information from the Technical Concept Analysis, there needs to be an investigation into the marketing aspect for the product. These questions are relatively basic and direct: who will purchase the product, how many products will they buy, what barriers stand in your way, who is my competition? Answers to these questions can come from a variety of sources such as existing market studies, electronic data, trade journals, and more. This value of this step comes in the form of confidence in your ability to market the product effectively.
Process 1.3 - Venture Assessment
Verbalizing a brief description of the business model for your technology
Once there is a firm understanding of the concept and marketability of this new product/service, there should be an investigation into the path it will go in the future. More specifically, the Venture Assessment helps determine if the newfound technology should be directed towards a company to take it to market by licensing, or if the drop entrepreneur has the resources to do it themselves. When making this decision, there is one question that needs to be answered honestly: does this venture opportunity generate enough revenue to justify the upcoming risk? By the end of the Venture Assessment, it’s value will reveal itself as a brief description of the business model for your technology.