Idea and business development at LU Innovation
We provide you with free commercial advice throughout the process. Our experienced business developers have worked in both academia and industry. Our primary task is to guide and move you forward but all projects are different and there are no ready-made solutions. And remember – without your commitment there is no project to work with.
We usually start by mapping the situation, looking at aspects such as the market, competitors and any possible patenting. We do not expect you to have all the answers, but before we start you will be asked to provide a fairly detailed description of your idea.
We will then discuss together the best way to proceed with your idea. There are many aspects to consider: what is your ambition, what does the market look like, etc? Often, you will have more questions than answers at this stage.
Our business development process focuses on doing things in the right order, prioritising the right things first. For us, it is important to have an open dialogue along the way. Many of the projects we work with are complex and may require that we build slowly.
Quick Reference Guide NABC
The NABC (Need – Approach – Benefit – Competition) model can help you define your idea and think through what really makes the idea valuable to your potential customers. It is also an excellent tool to use when preparing a presentation, or a pitch. The model was developed at the Stanford Research Institute (SRI).
Once the most essential questions have been answered, and there is a basis for a business idea or value proposition, the focus will be on getting together the pieces missing in order to start a company or to make a licensing deal. In some projects, we also have the opportunity to take a more operational role, by working with you as a partner.
Financing at this stage can be sought in the form of verification funds, but also from other funding agencies. We have a wide network and several collaboration partners, and can guide you in this endeavour.
Through LU Holding we can help with all the agreements necessary when forming a company or making a licensing deal, as well as sitting on the company board.
We can also guide you to other parts of the innovation system – locally, regionally and nationally – and help you find other alternative funding opportunities.
What we Can Achive
Together with the University’s researchers and students, we have been working successfully to bring benefits and growth to society since 1999.
The companies and projects that we have supported over the years have been beneficial to the economic development of the region, but also to us working together for a transfer of knowledge that enables societal growth.