Launched award winning product in the drug discovery business
An opportunity was identified to commercialize a leading printing company’s technology in an adjacent market. The project faced multiple barriers including entering an adjacent market with tightly constrained funding and a short timeline.
ICG led a Collaborative Strategy Development project to identify and select a strategy for the precision dispense technology. The life science market was selected because there was a high value for high-precise dispensing capabilities and the competitive position looked promising. The challenge was that the possible applications were highly fragmented. ICG led a Guided Business Launch project with a number of independent market probes to determine where the value proposition was the strongest. Small teams were formed to rapidly experiment in the market execute with the current system prototype. This process helped the client to rapidly gather evidence and narrow down to one specific application.
Other key actions included:
- Outside partners were engaged to provide application development funding, technology and market expertise. This created incentives that motivated all parties to advance the investigations collaboratively.
- To generate new innovations, the client created a development kit that allowed outside users to test the high-precision dispensing technology in diverse applications.
- The Decision Analysis approach was essential for selecting the best strategy across a very complex set of options that included multiple markets and applications, diverse customer needs, competition, regulatory requirements and resource opportunity cost. We considered everything from IP licensing to building a new independent business unit. We kept commercial options open as long as practical; eliminating business models only when absolutely required.
- The Evidence Based Execution Plan work superbly to guide the small, dedicated, teams with clearly defined learning objectives and the necessary support from the core business.
With a small incremental investment, the client launched an award winning “precision dispense” product for use in the drug discovery business and generated licensing revenue from a portfolio of innovations in life sciences.