A deep gap often exists between the development of a superb technology and its successful market deployment. The depth of the gap, however, is not always appreciated and companies end up burning a lot of cash and making some pretty significant mistakes along the learning curve. The smart approach for growing a unique technology or solution into a profitable and competitive enterprise lies, to a great degree, in the development and execution of a sound market-entry strategy. Developing a strategy might not be rocket science, but it does require an important set of skills and experience. The right person should possess the following characteristics:
- Technology Oriented: This does not typically characterize professionals in the business development, marketing and sales fields, yet being able to truly grasp the technology at hand is crucial to the following steps
- Associative: A combination of experience, exposure, and an ability to reference similar solutions or situations
- Extrapolative: Develop initial thoughts around market potential, marketing techniques and technology applications way before any real research is done
- Methodical: Based on initial thoughts, lay out the foundations of strategy and its various components on a case-by-case basis
- Sales oriented: The entire approach must be oriented towards the sale, which might mean choosing one possible direction over another or one target audience over another
- Marketing oriented: Creative thinking about effective messages and methods of their delivery
- Research oriented: Resourceful and organized in collecting relevant information
- Networked: The broader and larger the network, the better, and the more indicative it is of one’s ability to establish and maintain relationships, and to communicate effectively
- Leadership: An important skill exhibited not only in one’s ability to lead others, but also to lead oneself, to maintain discipline and direction, to oversee the process and take initiative
As inventors and entrepreneurs launch new ventures they should keep in mind the need for sound strategy and bring on board the right people to build and execute that strategy. As Jim Collins wrote in his book “Good to Great” – “…leaders of companies that go from good to great start not with “where” but with “who.” They start by getting the right people on the bus, the wrong people off the bus, and the right people in the right seats.”
Ilan Friedman
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