The KwaZulu-Natal Innovation Support Centre (ISC) is appealing to inventors, individuals or companies with innovative ideas to bring these to the centre in a bid to further develop their potential and to create sound business ventures.
Sean Achim, business development manager, says the ISC, which is a Section 21 non-profit organisation funded by the European Union, says that as many as 90% of 'good ideas' do not reach the market because of inadequate research and marketing.
"Most organisations will tell you that only one out of 20 ideas will be successful. Four out of every 10 business plans will fail completely and three might break even. Two should run profitably and only one will make a lot of money, which makes up for the losses incurred by the others."
He adds that companies attempting to market a new product without any planning or research have only a 33% chance of success. With just a moderate amount of research the product has a 66% chance of success while excellent market research, analysis and planning will give the product a 75% and above success rate.
"It is essential, therefore, that a tried and proven business process is followed and we at the ISC have studied many commercialisation models across the globe, culminating in what we believe is a best practice procedure," says Achim.
Individuals or small to medium companies who approach the ISC with new ideas or inventions can expect their products to be evaluated and researched before they are advised if it has a degree of success.
"If we believe it has market potential, the first step is to apply for a provisional patent. That costs about R6000, but ensures protection of the intellectual capital. We then go through the process of building a comprehensive business and financial plan, which we take to potential investors, a number of whom we have strong relationships with.
"Depending on the nature of the product, we have the networking facilities at our disposal to introduce technical partners, marketing and distribution experts, investment partners or other bodies relevant to the success of the product."
Achim says that at the business plan phase, the ISC helps to develop a financial model and determines the most innovative ways of bringing the invention to the market.
He stresses that the ISC itself has no vested interest in the inventions themselves, but encourages individuals or companies to come forward and jointly develop the true potential of the innovation in a well-structured business plan.
"The only time the ISC earns money is through royalty payments only when the venture is successful. Our task is to evaluate the product, assist with the business plan, recruit further technical expertise if necessary, form links with venture or seed capital and ultimately bring the product to market," says Achim.
For more information contact John van der Meer, 031 273 1500, [email protected]
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