To ensure that the technology is commercially viable, the project includes commercialization and technology transfer activities in addition to the technical development.
Measuring the Potential
These activities will begin with a market study to identify and characterize lead-user markets that will help facilitate entry into oil and gas applications.
A competitive analysis will then be completed to evaluate the technology against market criteria and compare its performance relative to potential competing technologies/solutions. Finally, evaluation of the value chain for the markets of interest and a technology transition plan will be completed to ensure our solution can readily move from our research laboratories to a commercial entity.
Initial work will identify and characterize potential markets for technology beyond oil and gas – with a focus on identifying markets that will help facilitate entry into the oil and gas market. We will validate the market need for technology in potential markets. This will include the establishment of detailed technical, economic, and operational decision-making criteria in most attractive markets.
Selecting a Business Model
We will then evaluate the technology against market criteria and compare performance relative to potential competing technologies/solutions. Value chain analysis will provide information about the structure for target markets in which the technology could compete, including, key players (and potential partners), commercial competitive environment – including barriers to entry – and business model options.
Finally, we will identify different models for commercializing the technology (e.g., new venture, licensing, joint development) and assess the risk/return profile of each option. We will determine the fit between the risk/return profile of each option and the requirements of potential investors/partners, and select the most attractive model.