• innovation
• kaupallistaminen
• SaaS
• Startup yritys

Start-ups are not only drivers of innovation, but they also create jobs as well aid in diversifying economies. By exploring the best practises in commercialization, we can identify the key factors for start-up success and ensure that new technologies enter their target markets and deliver value to their customers.  Within the University ecosystem, this means that without effective commercialization practices, even patented, ground-breaking innovations might never reach the market. 

Start-ups often arise when teams or individuals identify a problem or a gap in the market. Alternatively, within Universities a group of researchers might stumble on a discovery through their work. Regardless of how the innovation emerges, the general components of a commercial journey will include at least the following:

• market research
• value proposition
• go-to-market strategy
• pricing
• use of incubators and accelerators

Most recently, with the emergence of various AI tools, the use of AI has also been included in the start-up journey. Of course, the above list is not an exhaustive list but it can serve as a good starting point.

Market research and value proposition

There are no rules as to where one should start, however conducting a market research can be seen as a good starting point. Exploring current market trends, gathering information on direct or indirect competitors and customer needs is a crucial step that can aid in making informed decisions. Of course, at the heart of it all is the customer, which is why finding and defining a products unique value proposition is crucial. A clear and unique value proposition can be described as a clear statement of the unique benefits a product or service offers to its customers. In cases where the innovation arises from a discovery (not based on an existing problem) it can be sometimes hard to find a niche where the innovation might provide the most value, however once pinned down, the value proposition should serve as the guiding light for any future product development.

Got-to-market strategy

Equipped with information and data from the market research and customer interviews, teams can make an informed decision on their go-to-market strategy (GTM). An effective GTM strategy outlines how a start-up will take its product or service to the market and achieve a competitive advantage. Within the Saas industry, the use of product lead GTM can be recommended. Especially in the B2B context, a product lead strategy can contribute to lower customer acquisition costs and it can facilitate faster onboarding of customers.  

Pricing

Pricing is another important strategy a start-up must decide on. Pricing too high can limit adoption rates whereas pricing too low can undervalue the product and limit profitability. In a value driven context, the price of a product or service will reflect the products value and appeal to the customer. Within the Saas industry, a usage-based pricing is seeing increased adoption as it aligns well with both value and costs as users only pay for what they use which can lower the entry barrier and encourages adoption.

Artificial intelligence

Artificial intelligence is set to impact work across industries and the start-up ecosystem is no different. It can be used to automate tasks, brainstorm ideas, personalise marketing messages or handle customer support via chatbots. Within the start-up ecosystem, where resources and time is limited, using AI tools to craft tailored emails and marketing messages and brainstorming ideas is perhaps the easiest way to utilise AI.

Incubators and accelerators

Finally, most start-ups will need the guidance and support of mentors and a place to grow their network. Incubators and Accelerators are great places where start-ups can get access to various training events in addition to industry experts and mentors. However, before joining a program, the general advice is to consider what the founders want to achieve from the specific program and evaluate if it fits their current needs. In this way, by making sure the program fits the start-ups needs, the founders can make sure they maximise the value they get from investing time in the program.

Conclusion

Even though this thesis took on a Saas industry perspective, the general advice can be applied across industries. Weather conducting market research or interviewing customers or developing the product, keeping the customer needs and market condition in mind when making strategic decisions will increase a start-ups success when entering any market.