The death valley of innovation

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1 The death valley of innovation The methaphor and some comments from the field Prof. Paolo Gaudenzi Dipartimento di Ingegneria Meccanica e Aerospaziale Life & path of an innovative project in France Or the innovation chain from idea to development Rome Feb 3, 2015 Facolta di Ingegneria Civile e Industriale Università di Roma La Sapienza Dipartimento di Ingegneria Meccanica e Aerospaziale

2 DEATH VALLEY

3 The Valley of Death of innovation: A Desert Between Research outcomes and the Market (or the profit) The development of our global society is currently based on innovation. What is innovation? 1 The action or process to making changes in something established, especially by introducing new methods, ideas or products. (source: Oxford Dictionary) 2 The process of translating an idea or invention into a good or service than creates value for which customer will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. (source: Businessdictionary.com) It is clear that the novelty is introduced in a context, a specific environment, that might be a market, that recognizes the introduction of something new. Innovation is not a synonimous of discovery (find, learn of, or observe something for the first time) or of invention (to produce something previously unknown by the use of ingenuity or imagination) but of course a discovery or an invention might be the sources for an innovation.

4 The meaning of innovation P. Gaudenzi The death valley of innovation Discovery Invention Initial Product or Service concept Research and Development New Product or Service Utilisation and sales Innovation Creativity Hard Work Reward University of Rome, January 2009, Master in Satelliti e Piattaforme Orbitanti, Marco Guglielmi, Strategy and Innovation Slide 4

5 Why a valley of death? In technology transfer, the valley of death is the metaphor often used to describe the gap between academic-based innovations and their commercial application in the marketplace. The valley of death suggests that the practice is anything but smooth. As a metaphor, the valley of death suggests that the path between academic innovation and its commercial application is a perilous and life threatening one at best. Indeed, regardless of its merit, an innovation s success is never certain many obstacles, including monetary resources, can stand in the way. (source: K.E. Gulbrandsen Bridging the valley of death: The rhetoric of technology transfer, PhD Thesis, 2009 Univ Iowa) The valley of death refers to financial risks that start-ups face as they struggle to grow from small teams to going ventures. The dip of the valley refers to the debt the negative balance sheets that companies experience as they invest money now in hopes of making it back upon success. (source: Into the Valley of Death, A. Hargadon, 2011 University of California at Davis)

6 DEATH VALLEY 2

7 Why we are here at this seminar? Life & path of an innovative project in France Or the innovation chain from idea to development Communities are increasingly looking to their regional governments and universities to implement programs that stimulate the local economy. This community expectation is especially vocal when regions are trying to overcome an economic downturn (e.g. the post dot-com bust), or stimulate a particularly promising industry (e.g. nanotechnology). In response to these heightened outcries, government leaders eagerly assemble a plan corresponding to taxpayer-derived funding. Leveraging universities is frequently a key component of this solution. How to go through or to cross the death valley? What governments can do to implement the best policies for innovation? To go where?

8 From the death valley to another valley let us have a look to California We would like to move from the death valley to Silicon Valley! From uncertain venture to successful business and growth!

9 FROM HERE: DEATH VALLEY

10 TO THERE: SILICON VALLEY

11 SILICON VALLEY

12 A field of opportunities for development: finding the valley of success! The example of MIT and Stanford Research- and technology-intensive universities, especially via their entrepreneurial spinoffs, have a dramatic impact on the economies of the United States. MIT and the Boston area: A direct extrapolation of the underlying survey data boosts the numbers to 25,800 currently active companies founded by MIT alumni that employ about 3.3 million people and generate annual world revenues of $2 trillion, producing the equivalent of the eleventh-largest economy in the world. (source: Entrepreneurial Impact: The Role of MIT, E. B. Roberts and C. Eesley MIT Sloan School of Management, February 2009) Stanford and the silicon valley: Stanford University has long been known as one of the world's leading centers for innovation and a breeding ground for the entrepreneurs who created and continue to shape Silicon Valley. The companies formed by Stanford entrepreneurs generate world revenues of $2.7 trillion annually and have created 5.4 million jobs since the 1930s. The equivalent of the world's 10 th largest economy.(source Stanford University s Economic impact via Innovation and Entrepreneurship, C. Eesley, 2011, Stanford Alumni) P. E. Auerswald, Lewis M. Branscomb, Valleys of Death and Darwinian Seas: Financing the Invention to Innovation Transition in the United States, Journal of Technology Transfer, 28, , 2003, (Kennedy School of Governement at Harward University)

13 Bridging the gap, crossing the desert is the challenge in front of us to the valley of development. - The methaphor of the valley of death might frighthen us and discourage to proceed to innovation but on the other side make us aware of the difficulties, the risks, the threats. - Also if the figures of MIT and Stanford may be overestimated and seem to be really excessive, they also send a very clear message of opportunity. It would be maybe good to try to make a measure of the impact of La Sapienza in society following the same approach, also if the differences are clear in terms of the contexts, the society, the rules and the role of Universities in Europe versus the American case. But the point is today that to better exploit the potential of innovation in the European context and better understand the good models, policies and practices, like the French ones. Among other considerations two factors might make this a real opportunity: 1. Natural cultural tendency in Italy to entrepreneurship 2. Presence of consistent research centers universities a treasure largely unexploited

14 We might have a more optimistic view! Look at the valley still a desert with another approach! But let us enter the field now since I promised some comments from there

15 Let us go through the desert! Let us do start our (ad)venture!

16 The adventure My goal/motivation - Survive - Reach an oasis - Have fun/adventure - Reach the other side What I need? What to take with me? - Water - Food - Shelter - Adequate suits (hat) Weakness/threats Alone or in a team Duration of the adventure - Map - Binoculars - Way of transportation - Smart phone (GPS, etc) - Access to web Information on the environment Uncertainties

17 The venture My goal/motivation What I need? - Survive - Reach the market - Have revenues - Reach the b/e point: profit Weakness/threats Alone or in a team Duration of the venture - Value proposition - Business plan - Organization - Financial resources - Human resources - infrastructures - Access to information - Communication - Partnership Information on the environment Uncertainties

18 Smart Structures Solutions srl A Spin-Off Company of the "Università di Roma La Sapienza"

19 My company is now right into the valley Will we survive? Will we reach the valley of our success? Smart Structures Solutions is a company that works in the field of Structural Health Monitoring, with the aim of developing innovative solutions for monitoring critical system parameters, based on the integration of local sensing and space data. Structural Health Monitoring is an horizontal field, due to the fact that the need of keeping under monitoring critical mechanical elements is common to many industrial sectors (Telco & Broadcast, Energy, Oil & Gas, Transportation and so on) with the purpose of risk reduction and better and lower cost maintenance activities.

20 Smart Structures Solutions has developed know-how in developing and manufacturing custom-made sensor network solutions and architectures with experience in the field of Telecom towers monitoring. (Pictures below from the experimental campaign on Raiway Tower of Monte Mario) Environmental Node Environmental Node Structural Node GPS Node Structural Node Main node (data collection and TLC)

21 Structural Health Monitoring for Telecom Towers Project: Structural Health Monitoring for Telecom Towers ARTES 20 (IAP) Feasibility Study, ESA Contract Number: /13/NL/US Objectives: Assessing of the structural integrity of towers for Radio-TV Broadcasting to increase safety and to optimize the maintenance procedures. promoting the transition from a timebased maintenance to a condition-based one. The key point: the integration of several existing technologies such as structural health monitoring and wireless sensor networks with existing space services in order to enhance the proposed service with innovative capabilities.

22 Where are we now? Right into the valley! Are we well equipped? Hope so! 1 Value proposition 2 Business plan 3 Patent deposit 4 Partnership for Industrialization and Commercialization Where would we like to be? - In three months from now in Las Vegas at one of the largest world fair for our candidate market! - But With your help!

23 The death valley of innovation The methaphor and some comments from the field Prof. Paolo Gaudenzi Dipartimemto di Ingegneria Meccanica e Aerospaziale Life & path of an innovative project in France Or the innovation chain from idea to development Rome Feb 3, 2015 Facolta di Ingegenria Civile e Industriale Università di Roma La Sapienza Dipartimento di Ingegneria Meccanica e Aerospaziale

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