AI-generated summary
Startups face a high failure rate, with nine out of ten not surviving their early years, often due to superficial planning. A brilliant business idea alone is insufficient; it must be developed into a profitable company through careful study, planning, and collaboration. Programs like InspiraTech, a partnership between the Bankinter Innovation Foundation and the CSIC Foundation, support scientists transitioning from academia to entrepreneurship by providing essential technological and management knowledge aimed at creating socially impactful innovations.
The process of turning an idea into a successful business involves several key stages. First is identifying a real problem to solve and assessing market potential and barriers. Next, thorough market research and feasibility analysis help understand customer needs and competition. Defining a business model, often using tools like the Business Model Canvas, clarifies how value will be delivered. Developing a prototype or Minimum Viable Product (MVP) enables testing and refinement based on feedback. A detailed business plan outlines the strategy, finances, and operations, crucial for attracting investors. Securing funding and assembling a specialized team are vital to advance. Industry collaboration, strategic alliances, and participation in incubation programs provide mentorship and resources. Finally, continuous innovation and process optimization drive growth, turning innovative ideas into impactful products or services that benefit society and the market.
We explore how to transform academic knowledge into innovation that can be applied in the market
Nine out of ten Startups fail in their first years of life. This happens because, very often, its founders adopt superficial planning. Unfortunately, in fact, a business idea, no matter how brilliant, remains just that if it is not developed into a profitable company. From university to offices, through laboratories, chasing a dream is something great, but you have to learn to make it happen and then sell it. Plaster is not easy.
Collaboration between business and university is the basis of an innovative ecosystem that works. In this sense, programs such as InspiraTech, developed in collaboration between the Bankinter Innovation Foundation and the CSIC Foundation, allows the transfer of technological and management knowledge necessary to move from the academic to the business phase. In fact, this training is aimed at people from the scientific field who are finishing their doctorate or have recently finished it and who aspire to approach innovation with the purpose of developing research and real solutions with a social impact.
Depending on whether you want to set up a company or simply develop one innovation in a specific area, you have to bet on different strategies, but for both options it is essential to follow a well-defined path, characterized by study and planning, trying to surround yourself with the right people. Let’s see what the main stages of this process are.
1. Identifying opportunities
The first step is to define the problem that the idea aims to solve. We must ensure that the innovation has a practical application and a potential market. Why is this solution important? What value does it offer? There must be a real need to increase the chances of success. This step also includes an initial assessment of market entry barriers, such as patents, development cost, and competition.
2. Market Research and Feasibility Analysis
Before developing a product or service, a thorough analysis of the market must be conducted. This includes researching competitors, understanding customer needs, and clearly defining the target audience. Interviews, surveys and smoke tests (a launch simulation to gauge the public’s interest before the actual launch) can help to understand if the proposal has a place. A thorough understanding of the market, including benchmarks and competitors, allows you to identify opportunities and adjust your strategy. Tools such as SWOT analysis (strengths, weaknesses, opportunities, threats) help define potential risks and advantages.
3. Definition of the Business Model
If the goal is to create a company, possibly one startup, it is necessary to find a Business Model, to define how innovation will create value for customers. You can use the Business Model Canvas, a visual tool that makes it easier to understand and update the model as the business idea evolves (or is modified) and, therefore, the Business Model.
4. Prototype development and idea validation
To take action, you can use, for example, the Lean Startup by Eric Ries, which consists of testing the idea in the market with tools such as the MVP (Minimum Viable Product): a prototype, which is testable and modifiable according to the feedback received. This basic version allows us to test our concept without investing large resources before launching it on a large scale.
4. Creating a Solid Business Plan
The business plan is a document that details all aspects of the project: product description, market analysis, financial plan, marketing strategy, and business model. It defines how revenue will be generated, what resources are needed, and what the operational structure is. A well-designed plan is key to attracting investors and ensuring the long-term viability of the business.
5. Obtaining funding and resources
To bring an idea to market, you need funding and there are different options: grants, business angel, venture capital and incubators. Gathering financial and human resources is the key step in overcoming the challenges involved in transforming an idea into a business. You have to form a cohesive and specialized team, where each member should be an expert in an area of the business (marketing, finance, management, etc.). And, of course, you have to have an accountant, possibly a lawyer, a labor consultant, etc.
6. Industry collaboration and support networks
The transfer of knowledge from academia to the market is most effective when there is collaboration with industry. In fact, strategic alliances and networking can facilitate access to additional resources, marketing expertise, and potential distribution channels. In addition, participate in Incubation programs can provide mentorship and support to navigate the initial phases of the business.
7. Growth
This phase is the consequence of the actions carried out previously. We have to work on continuous innovation and process optimization, using the same lenses that customers use. With a well-defined strategy and the right support, an innovative idea can be transformed into products or services that have a real impact on the market and society.
