Startup Funding Espresso – Innovation Models

Innovation Models Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Technology commercialization applies new technologies to the formation of a business. Innovation drives technology commercialization. To grow your business you may need to foster the development of the technology and its supporting functions. Here are several innovation models to consider to grow your technology. Open innovation model. Some technologies rely upon other technologies and so an open innovation model helps bring products to market through buying, selling and licensing related technologies. Acquiring companies for their technology is also an option. Disruptive innovation. In this model, technologies are developed for new customers not currently served in the market. These customers are typically entering the market at the low end. Over time, the technology increases in capability and expands up market, and disrupts the market. Frugal innovation. In this model, technologies are created and then iterated upon to increase the capabilities. Over time, the technology gains a following and customers adapt to use it. Innovation prizes. In this model, a prize is given for the first one to create an innovation that achieves a milestone. The prize money incentivizes the innovation of new technologies and company formation. Consider these innovation models for your technology. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.