Brainstorming. The first part of any team project will involve the search for one or two "ideas". As I walked round the class last time, it came as no surprise that a number of groups were considering how they might tackle the global challenge of environmental "plastics". No surprise really, since whenever Sir David Attenborough brings something to the Nation's attention on prime time TV, it usually makes its mark! Those of you who have seen the acclaimed film "The Graduate" might recognise the scene below in which a family friend (Mr. McGuire) offers some sage career advice to Benjamin, the newly qualified graduate, played by Dustin Hoffman:Mr. McGuire: I just want to say one word to you. Just one word.
Benjamin: Yes, sir.
Mr. McGuire: Are you listening?
Benjamin: Yes, I am.
Mr. McGuire: Plastics.
Benjamin: Exactly how do you mean?
Mr. McGuire: There's a great future in plastics. Think about it. Will you think about it? Quite a different perspective in 1967 than in 2018! Some would say that this is now the business to get out of! Or alternatively, as some of you have recognised, an example of how one company's commercial decline can lead to the success of another!
By now, you will have hopefully settled on one or two of your "ideas" as a platform for developing your new company (I'll call this NewCo for simplicity). For the purpose of this module, there is just as much value in working through the opportunities for your NewCo as the potential pitfalls. The main purpose of this exercise is to raise awareness of the challenges and stages involved in the translation of an idea into a business opportunity. The word translation is commonly used today to describe the whole process of technology transfer, the result of which is the transformation of an idea into a tangible product or service. It is of course also the Biochemical processes involved in the transition from nucleic acid chemistry to protein chemistry on the Ribosome: emphasising the importance of context in the precise use of language, which is a critical element in both Science and Commerce.
In summary, whatever your idea, now is the time to commit to it and to begin the journey in which you translate your idea into a robust venture. I should say that while your Business Plan needs to be robust, it can be a not-for-profit organisation. However, whether a business focused on profit or societal "good", it must still be financially viable.
Articles of Incorporation The roles and responsibilities of "committee" members must be defined early on as part of the development of your Business Plan, and each member will be responsible for preparing their contribution to NewCo when you finally bring your work together in the form of a poster presentation. It is our intention that the company should provide you with a real world business opportunity, the allocation of roles and responsibilities will therefore be critical. You will need a minimum of four key roles: strategic leadership (CEO), scientific and technical leadership (CSO), a financial lead (CFO) and a sales/marketing/communication person(s). All of these roles can be shared out, but only one CEO usually emerges: if you can develop a different structure that will be fine, but expect it to come under close scrutiny!It is important to note that business plans should never be "set in stone". The first draft is likely to be updated, expanded, contracted etc as the project develops and you begin to incorporate "intelligence" from your discussions and from competitor analysis.
Scoping the business and evaluating "the competition" When you have satisfied yourselves that your plan is sound in theory, you will need to test it out against the competition and the market (in some preliminary way). You may have settled on a software idea, or a new approach to reducing spread of infectious diseases. You may wish to produce a hair restorer or alternatively a hair remover! Whatever your idea, you will need to "survey" your potential customers (whoever they may be). It may be that your idea is sound, but by "putting it out there" with a group of friends and family members (in the commercial world this would form the basis of some form of market survey), you may find some fundamental flaws, that you hadn't anticipated (it does happen!).
Competitor analysis Your idea may or may not infringe somebody else's patent, or you may need a license for access to a piece of IP that's essential for your idea to be deliverable. Alternatively you may have a large "corporate" operating in the same commercial space, who are unlikely to take your arrival on the scene lying down! You will therefore need to carry out an analysis of the market for your product to fully inform your business strategy. Will your idea form part of an IP portfolio, which will require one type of fund raising strategy and a rigorous legal position. Alternatively, you may want to proceed by keeping your idea an "in-house secret", which has been Coca Cola's (very successful) strategy.Today you will receive some pointers that will guide you through the stages of business planning. However, this is not intended to be a comprehensive Business School module, rather a taster, which we know from employers gives undergraduates an introductory level of insight into the fusion of the worlds of Science and Business.
