How to successfully guide your venture from concept to commercialisation

Entrepreneurs shouldn't confuse knowing their product or industry well with knowing how to successfully commercialise their creations, argues flagship South African business and technology incubator.

Leading business and technology incubator, SoftstartBTI, maintains that entrepreneurs should be wary of confusing knowing their product or industry well with knowing how to commercialise their product successfully.

The Midrand-based incubator, which has been supporting and growing entrepreneurs for five years, suggests that devising and implementing an effective 'go to market' strategy is one of the key proficiencies entrepreneurs need to learn.

"Most entrepreneurs have really great ideas and many also know their markets well," confirms SoftstartBTI coaching manager, Craig Aaron, "and these are both important, but knowing how to commercialise a product successfully is often the key to profitable success. That's why it is considered such an important topic by professional coaching services like ours."

Aaron cites the recent example of South African company Aluview and its innovative business process automation software application to illustrate his point. "Aluview is a successful, established company and a significant player in its industry already," notes Aaron, "but the firm asked us to help it devise an effective 'go to market' strategy for the innovative software program it is developing because of the expertise our coaches have in this area."

"We approached SoftstartBTI and asked them to help us commercialise our product, Made To Measure, so we could, eventually, spin it off as a separate commercial entity," explains Marc Burman, the Made To Measure project manager at Aluview. "As a result of the coaching process we've actually now modified our strategy, but the direction and guidance of the SoftstartBTI coaching team has been invaluable."

A first in South Africa, the Made To Measure software application automates the sales and fabrication process from the sales visit, specification and quotation generation, to the production of technical drawings and fitting lists. "Lead times are enormously reduced and the order can be entered into the system for processing immediately," explains Burman. "We initially designed this for our own use, but you can appreciate its tremendous potential for other manufacturing businesses as well."

Burman refers to the creative brainstorming sessions with SoftstartBTI coaches as one of the highlights of the mentoring process. "The SoftstartBTI coaches are expert at taking something from concept to commercialisation," he confirms, "and by using a technique that I would describe as 'brainstorming in a directed fashion' they made the process a very positive and stimulating one. We also covered an immense amount of ground in a very short time, from refining our business plan and brainstorming pricing models to designing a product launch and devising sophisticated launch strategies."

Aaron confirms the importance of the brainstorming sessions. "Coaching is not about prescribing a solution, but developing an individual's latent acumen and encouraging them to use their own creativity to solve the challenges they face," he maintains. "That's why brainstorming sessions are such a key component of the process. Sure, we will add proven methodologies and ideas into the mix if appropriate, but it is up to the individual to focus and dictate their efforts."

This approach is also reflected in the fact that there is no set formula employed by the SoftstartBTI coaching team. The process is highly customisable and kept deliberately broad so it can encompass any specific needs a company might have. "SBTI is the hub of a wide network of skills and expertise," explains Aaron, "and our coaching service covers everything from marketing and business strategy development to sales strategies, financial planning and making preparations for obtaining funding."

Burman is also quick to emphasise the importance of the positive, objective support received from the SoftstartBTI coaching team. "People often forget how easy it is to get discouraged when starting a new venture, there is always so much that needs to be done and so many challenges to overcome," he observes. "Aside of the exceptional guidance received, I have personally taken an invaluable sense of encouragement out of the coaching process."

Aaron also believes that the outstanding quality of SoftStartBTI's coaches has been an integral part of the incubator's astonishing success in recent years and why the SEDA Technology Programme has chosen the organisation to be its flagship incubator.

"SEDA's recognition and support of the work we have been doing is also important because the organisation has subsidised the cost of the coaching services," explains Aaron. "We can now offer the service at 33% less than its market-related value without having to compromise on its quality."

Entrepreneurs interested in joining the SoftstartBTI community and taking advantage of the organisation's professional coaching and mentoring services should contact Simphiwe Mabaso (simphiwe@sbti.co.za) on (011) 695 4800 to arrange a meeting to discuss their plans. Please note that SoftstartBTI is focused solely on the needs of start-up and early stage entrepreneurs in the ICT and electronics markets.