Technology Facilitation & Business Innovation 2017-11-26T20:36:55+00:00

TECHNOLOGY FACILITATION & BUSINESS INNOVATION

YIM’s Technology Facilitation & Business Innovation division drives innovation development through a variety of mechanisms, initiatives and programmes such as Mainstreaming Grassroots Innovations (MaGRIs) and High Impact Programme (HIP6) etc.

YIM provides support and funding varies throughout various stages of the innovation life cycle, ranging from research and development, prototyping improvement, capacity building, market diffusion and technology deployment through multi-stakeholder collaboration. Such partnerships enhance the sharing of expertise, information and best practices with innovator coaching and step by step facilitation managed by YIM’s trained and dedicated Project Managers.

The scope of work includes

IP Management

While YIM provides grants, facilitates capacity building and innovation development, for the innovation to be protected against idea duplication and risk of copyright infringement, it is important to implement intellectual property (IP) protection.

IP registration which covers a limited period of time provides innovators some measure of legal property rights to prevent others from duplicating the innovation design, exact component composition, logos or other discoveries which are proprietary to the innovator for commercial use without the agreement of the IP owner.

YIM plays the role of advising and connecting innovators to registered IP registration companies for professional consultancy. There are instances when YIM funds the registration of the IP.

The result is that innovators or the companies that owns the innovations are able to gain and retain their competitive advantage. Innovations protected with IPs are also more likely to win the approval of potential angel investors, venture capitalists, funders, financial institutions and potential partners for strategic collaboration.

Licensing

One of the strategies to help innovators or startups with new innovations to raise funds is through licensing.

YIM provides licensing advisory services and supports in the negotiation of term agreements by connecting the innovators to regional distributors whereby revenue can be generated through further research and development exercises and product sales or usage royalty.

Industrial Design

In YIM, project managers are assigned to innovation projects to help innovators improve their prototypes.

Part of this involves industrial design whereby YIM guides innovators on how to conduct research, connect with industry experts and other specialists in improving the prototype design and functionalities.

YIM also aids in the training of innovators in creative design thinking methodologies such as TRIZ which accelerates innovators’ design improvement capabilities through structured and algorithmic analysis approach. Integrating the industrial design thinking processes into innovation development inculcates creativity with customer-driven strategies and improved innovation outcomes.

Product Testing

New innovations require to undergo concept testing and product testing in order to identify the market opportunities. Feedback on product usage potential, utility, features and functions are obtained and functionalities are obtained from prospective users or customers. This is followed by prototype development or improvement, and if funds are available, pilot products may be commissioned.

The prototypes or pilot products will undergo product testing in the form of technical or process testing, ease of usage and actual product benefits.

Market Testing

Market Testing is conducted once remedial actions or product improvements are made following the product testing feedback.

The objective of the market testing is to test the potential market receptiveness of the product through evaluations across the distribution channels such as retailers, agents and potential customers.

Market Research

Market research is one of the strategies employed in YIM’s innovation development projects. This is vital to ensure the right product-market fit achievement.

The activities that are conducted as part of this market research include product field tests, feasibility reports and business plans that outline the innovation’s commercialisation strategy. Conducting market research helps innovators and potential new startups to engineer their products to meet the needs of the target audience, buyers and potential customers.