Insight 13: A Method to Prioritise and Accelerate the Commercial Value of Research
Summary
The Faraday Institution has developed an analytical methodology to assess early-stage commercialisation potential for each of its research projects. The assessment results in a bespoke approach to commercialisation tailored to each project, the prioritisation of limited resources and the development of consortia that are investment ready. The approach can be implemented by any organisation with limited resources and a portfolio of research projects.
Conclusion
TSCAN gives the Faraday Institution a clear and robust way of making and presenting rational judgements about the best use of scarce commercialisation resources. The methodology enables roadmaps to be developed to accelerate the commercialisation of research to the specific advantage of the UK manufacturing industry and the UK economy. In particular, TSCAN helps the commercialisation team to:
- Accelerate the commercialisation of electrochemical research;
- Ensure research is addressing the right challenges, with application inspired targets;
- Transition research from the laboratory to the real world; and
- Create UK employment and UK economic impact.
TSCAN will be particularly important to the next phase of work of the Faraday Institution, which will increasingly be focused on commercialisation activities; such as moving the technology from a laboratory prototype to a pre-commercial demonstrator and through to mass manufacturing. A gap often exists in the UK between the making of new discoveries and the commercial application of those discoveries for the benefit of the UK economy.
Commercialisation plans have now been developed for each of the Faraday Institution’s research projects together with a prioritisation of resources across those projects. More resources will be deployed in the next few years to translate discoveries from the laboratory to the business world in ways that promote the competitive advantage of the UK manufacturing industry. The TSCAN methodology continues to develop as the Faraday Institution’s research programmes evolve and deliver scientific and industry-relevant impacts.