Commercializing the technology means creating unique value for end users while capturing value over time. Real value creation lives at the intersection of technology, market, and business.
- What is feasible (solution expertise)
- What is desirable (opportunity expertise)
- What is viable (execution expertise)
You do that by reducing risks (market desirability and business viability, technology feasibility)
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It is a tradeoff between risk and value from
idea → prototype → customers → revenue → growth -
NASA TRL → KTH Innovation Readiness Level (more accurate)
- decide what your risks are in the KTH framework: market business model, team, funding, technology, IP. don’t default to technology because that’s your comfort zone.
- then prioritized risk list → de-risk via rapid learning loops → progress against milestones
There are known knowns , that is there are things that we know we know.
Things we know
- we know: are facts which may be wrong and should be checked against data
- we don’t know: are questions we can answer by reporting, which we should baseline and automate.
Things we don’t know
- we know: are intuition which we should quantify to improve effectiveness, efficiency
- we don’t know: are explorations which is where unfair advantage and interesting epiphanies live. (This is really bad for your business).
You might like to think of risks as reasons you might fail. Resolving those risks will increase the chance of success and venture value.
Number 1 priority is uncertainty + Risk and to do that the fastest way is create learning momentum by minimizing the time through the loop.
Some useful advices
Ask yourself constantly
Is this the most important thing I can be doing right now to increase the chance of success
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Use the Eisenhower matrix to prioritize your time.
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Find your most productive time, and use your least productive time to do mundane logistics tasks.
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Create a prioritized list for tomorrow every day.
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Create an action plan (30,60,90)
- single owners
- clear timelines and milestones
- track progress
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Split with cofounder and parallelize what you can do and have regular cadence.