Noventra Innovations unique business model is designed to help customers anticipate disruption
Our unique business model presented in Figure 1 below enables corporate partners to anticipate disruption and provides them with visibility into ideas and technologies that can affect their markets in two to three years. The transformation of ideas into commercially viable products allows our partners to do what they do best - scale innovations for high incremental revenue, - but with minimum risk. For technology partners, our business model provides financing, infrastructure and business acumen to effectively bring their idea to market.
Step 1: Product Identification
We proactively identify unfilled market needs by working with advisors and partners. In a parallel process we solicit product ideas and promising technologies that can fill these needs. An innovative match of these flows creates product ideas. For each idea we rigorously assess the opportunity, product viability, strength of the intellectual property and exit opportunities. We select product opportunities that can be taken to market within 12 to 24 months. Our technologies and product ideas typically come from:
Step 2: Product Development
After a technology or product idea has been licensed or acquired, we work on product prototyping to fit a particular market need. At the same time we work on strengthening the intellectual property related to the product. Our objective in the product development cycle is to ensure a working product version. We focus on taking out the technical risk first and then the market risk by working with customers and observing the product's performance in their environment. The crucial point of our efforts and attention is the speed of reaching these milestones.
Research and Development is critical to ensuring that innovative products become a success in the marketplace. For each selected product opportunity we bring together a powerful team consisting of world-renowned researchers, experts in various aspects of the technology as well as market experts. We leverage our relationships with established design firms in each market segment who also participate on the team. This team operates on a rigorous but manageable time line for creating and assessing product prototypes.
Step 3: Product Commercialization
The work on product commercialization starts in the previous phase of product development. We assess the appropriate routes for entry into the marketplace and look for partners who can scale the product. The structure of these deals can vary and may include: