VITALISE Bootcamp - Tools.pdf
0 likes89 views
The document outlines a project funded by the European Union's Horizon 2020 program, focusing on commercializing research innovations through the Vitalise Bootcamp and KTH Innovation Readiness Model. It emphasizes the importance of transforming research outcomes into market-ready products to enhance societal impact and support economic growth. The case study of HearArt Technologies illustrates how a spin-off addresses hearing aid challenges through an AI-based solution that optimizes user experience and reduces costs for retailers.
VITALISE Bootcamp - Tools.pdf
- 1. This project has received funding from European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No 101007990. Virtual health and Wellbeing Living Lab Infrastructure Vitalise Bootcamp anthologyventures.com Anthology Ventures SUMMER SCHOOL 2023 Commercialization Bootcamp June 6-7, Bilbao
- 2. Why is Commercialisation important? § For many researchers, the overall goal is to make an impact through knowledge – How? …By setting up a business or partner with a company to exploit research outcomes moving research results from the laboratory into new or improved products and services § Commercialisation activities can be a powerful way to enhance and sustain research impact after funding ends. – While creating a positive impact in the region’s economy. § Positively distinguish yourself and your work from peers – While achieving widespread, sustainable, positive impact on society. 2
- 3. But here you may ask…. “How will I know if I am on the right track for successfully launching a new product into the market?” 3
- 4. VITALISE Innovation and Commercialization Monitoring System Innovation Radar identifies high potential innovations and innovators 4 KTH Innovation Readiness ModelTM guides idea development and assesses idea status https://www.innoradar.eu/ https://kthinnovationreadinesslevel.com/
- 5. The Innovation Radar The Innovation Potential Indicator The Innovator’s Capacity Indicator 5 Innovation Potential Indicator (IPI) Market Potential Indicator (MPI) 33.3% Innovation Management Indicator (IMI) 33.33% Innovation Readiness Indicator (IRI) 33.33% Innovator’s Ability Indicator (IAI) 50 % Innovator’s Environment Indicator (IEI) 50 % Innovator’s Capacity Indicator (ICI)
- 6. The EU Innovation Radar Platform 6 • Diverse services focused on guiding startups towards market and investor readiness. • Help promising innovations secure funding needed for their future commercialization. https://www.innoradar.eu/
- 7. The KTH Innovation Readiness ModelTM § Assess the maturity of an idea on a scale from 1-9 in seven key areas of innovation development § In each area, clear definitions of the different readiness levels (RLs) are provided along with milestones and activities that define each level. § An RL >4 in all seven areas, means that the project’s main focus should support commercial development 7 The KTH tool is available under a Creative Common's license.
- 8. The KTH Innovation Readiness Model Readiness Levels 5-9 § CRL - establishing customer relationships or conducting pilots § TRL - conducting field or user tests of more advanced prototypes § BRL - define and test a business model, including a revenue model § IPRL - secure and develop complementing forms of IPR according to the adapted strategy § TMRL - continue to build the team and include other entrepreneurs § FRL - prepare pitching materials for securing funding § SRL - The sustainability strategy contributes to competitiveness and revenue growth and makes a proven contribution to relevant parts of the UN’s sustainable development goals 8 Readiness Levels 1-4 § Customer RL - Understanding your customers/users. § Technology RL – Solution is validated in lab environment § Business RL – Describing your sustainable business model in increasing level of detail § Intellectual Property RL - Identifying, describing, and assessing the potential to protect your IPR § TeaM RL - The initial team to verify and develop the potential of the idea § Fundraising RL – Primary focus on funding to verify and develop the potential of the idea so that you can identify a viable business model. § Sustainability RL - sustainability concept embedded and tested to customer
- 9. § For researchers: How many of you are implementing a research project at the moment? Where does your research project stand in the different areas i.e. 1-4 or 5-9? § For LLs: From your past experience in projects, where does your activity focus in terms of supporting commercialisation and where do most of your project stand (1-4 or 5-9)? The KTH DashBoard adapted within VITALISE 9 Food for Thought:
- 10. HearArt Technologies Applying the commercialization process A University Spin-off Case Study 10 https://us02web.zoom.us/j/86953857895?pwd=YkxZbEpxdHVsNjZOVllrS0Y2bEhYZz09
- 11. HearArt Technologies & Commercialization § About HearArtTec § Problems they address § Solution they offer § Conceptual framework § How it works § Applying the KTH assessment grid + conclusions § Q&A with Bootcamp participants 11
- 12. About HearArt Technologies § Aristotle University of Thessaloniki (AUTh) § 3 Principle Co-founders: 2 Faculty + 1 Entrepreneur § May 2020: Spun-off from AUTh § February 2022: Co-creation agreement signed with external providers for tech development 12
- 13. The market dominated by major producers of acoustic devices
- 14. Hearing Devices Sold 10-20% 2.2 MM 2.2 Bil.€
- 15. 15 Aging Population: Increases Market Size Standards for Quality of Life: Improves adoption rates, changes demographics Health Benefit Programs: Improves adoption rates Perceptions on Hearing Devices: Improves adoption rates, changes demographics R&D: Increases adoption, provides more options to users Main Market Drivers
- 16. A hearing aid User (customer) will make an average of 2,5 visits after purchase to tune the device The hearing aid User (customer) will make up to 20 visits during the life-time of a hearing aid device to adjust it with increasing hearing loos or maximize its efficiency The visits to a hearing Retailer are NOT paid. Hearing Aids Users and Hearing Aids Retailers Interaction
- 17. The problems with hearing aids and hearing implants (prosthetics): § Consumer Dissatisfaction: ü Poor performance of acoustic devices (sub-optimal hearing); ü Discomfort and inconvenience (ill-fitting) § Retailer Burden: ü Consumer troubles (above) lead to recurring visits in attempt to improve their conditions; ü Repeat visits are unpaid; and take lots of staff resources/time 17
- 18. The HearArtTec Solution § HW/SW combination § AI-based approach: • hearing assessment, • precise fitting of acoustic devices, • auditory training & rehabilitation. § Allows users of hearing-assistive prosthetics (aids and implants) to reach the full potential of their hearing 18
- 19. HearArtTec: conceptual framework 1. Generate profile of individual's hearing needs; 2. Repetitive AFT Cycle (Assessment – Fitting – Training); 3. Specially designed algorithms optimize the performance of any listening device (regardless of manufacturer); 4. Users have true acoustic improvement to the impaired auditory system, and devices finally perform to satisfaction. 19
- 20. HearArtTec: how it works § Smart Assessment ü Specialized, proprietary tests (many go far beyond clinical praxis); ü Information is optimized in real-time to ensure accurate audiological profile; ü Testing time is kept to a minimum. § Device fine-tuning ü Fitting technique uses novel mathematical and biophysiological frameworks; ü Data analysis and AI decision-making create optimal maps for user’s device. § Aural Music Training ü AI systems re-train and sharpen users’ hearing; § Individualized audio material ü Customized for each patient's auditory profile, listening preferences, and hearing device. 20
- 21. YES YES YES YES CREATE VALUE Acoologists – HA/HI Retailers: Add revenue stream Speech Therapists: adding revenue stream INCREASE VALUE HA/HI producers: Make their clients happier HA/HI retailers: make their clients happier ELININATE COSTS DECREASE COSTS HA/HI retailers: Decrease free fitting - tuning visits Hear Art Tech delivers unprecedented optimization of HA/HI devices and revenues to existing intermediaries of the value chain HA/HI retailers: Eliminate cost of reassessment Business Model: B2B2C
- 22. • Complete Clinical Tests • Complete MVP • Establish working/cofounder relationship with Partners in Market Launch • Engage with Early Adopters Short-term objectives
- 23. Startup Plan: • Cash Flow Positive: Y3 (Based on 5yr Financial Plan) • Hockey Stick Growth • Revenue >12M euros Y5 • Exit Y5 after MVP Launch Business & Financial objectives
- 24. KTH – IRL for Hear Art Tech 0 1 2 3 4 5 6 CRL TRL BRL IPRL TmRL FRL SRL SCRL LRL HEAR ART TECH CRL 2 TRL 6 BRL 4 IPRL 3 TmRL 5 FRL 2 SRL 2 SCRL 2 LRL 2
- 25. This project has received funding from European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No 101007990. Contact us Online presence https://anthologyventures.com/ https://www.facebook.com/AnthologyVentures https://www.instagram.com/argyriosspyridis/ https://www.linkedin.com/company/35505743/admin/ Subscribe to our newsletter: European Network of Living Labs (ENoLL) https://enoll.org/ https://openlivinglabdays.com/ info@vitalise-project.eu Project coordinator: Dr. Evdokimos Konstantinidis Scientific coordinator: Prof. Panos Bamidis Adriane Thrash Anthology Ventures at@anthologyventures.com