Over two thirds of UK private sector productivity growth between 2000 and 2007 was the direct result of innovation, according to figures from the NESTA Innovation Index 2009. But according to UK consultancy ExeTec, for the UK to remain at the top table the ability to innovate needs to focus upon the crucial role that technology commericalisation has on company profits.
Gordon Young, ExeTec Consulting, states: Product development has a reputation for high failure rates; research indicates that only a quarter of products that begin the development cycle see it through to the market, and even then a third fail once launched. This is a hugely uncertain and risky venture so to address this we have produced the first in a series of White Papers for decision makers to help guide them through the challenges of new product market entry.
The last available figures on Gross Domestic Expenditure on R&D in the UK are from 2011 when it stood at 27.4 billion which, although up from 2010 in real terms by 2% year on year only represents 1.79% of GDP.
This is the real challenge for technology businesses whether they are a start up or an established player. Companies simply cannot afford to fail to successfully monetise the heavy development costs involved in product and solution development. The White paper series we are developing aims to guide businesses through the minefield of initial concept to market launch. It is a must read for the sector, added Gordon.
Key areas the White Paper addresses:
Correctly Identifying the business problem
Maximising the commercial return on investment
Innovative customer acquisition strategies
Gordon Young added: At ExeTec we have found in almost every company that we have been involved in over the last 20 years that experience of product commercialisation is a key skill gap and often one that isnt recognised until things go wrong. We strongly believe in learning from the mistakes of others and are not too proud to share some of our own; we have put together a series of whitepapers to share our experience of the common pitfalls involved in the market entry decisions which we think are well worth a read; download our An insight into how Product Commercialisation directly improves company profit.
Clive Mayne, Managing Partner, added: Our extended team has experience of executive leadership which bridges technology development, operations, marketing and business development which delivers for our clients a rich depth and breadth of experience and insight into driving business growth.
Clive concluded: Our hands on approach working as part of an internal team, means we can deliver tangible business results. Our team of CXO leaders bring a wealth of experience, which will enable and facilitate our clients to take technology from concept to market, bridging both technology and commercial leadership skills. It is this skills set and experience that we aim to share in this, the first of a number of White Papers.