Business Principles in Sensor Development and Commercialization

The overarching goal of sensor development is to provide information and knowledge that can be used beneficially in decision making for individual and societal well being.  Additionally, businesses must be profitable in pursuit of this goal or they do not survive.  Business development and commercialization of technology involves a set of unique and challenging circumstances and problems.  We are familiar with the problems encountered in making basic research a success, but many of us have not been exposed to the practical concepts and issues involved in business development and successful technology commercialization.  This presentation will address some of the basic ideas of business, as well as many of the issues that one encounters in taking a sensor technology from the lab to the market.  We will explore markets and market fragmentation, the nature of demand, barriers to market entry, supply and distribution chains, competition, intellectual property protection, competitive advantage, the product lifecycle, market analysis and other concepts relevant to sensor development.  Understanding these concepts is important for conceiving and executing a commercial strategy.

During these discussions, various sensors, customers and markets will be used as illustrative examples. In particular we will discuss new printed sensors developed at KWJ Engineering and introduced in 2013, where relevant to the discussion.  We will examine how regulation, codes and standards drive sensor markets and opportunities and will discuss some key considerations when embarking on invention and practical development of new sensors.    Everyone involved in basic or applied sensor R&D should understand the basic realities of marketplaces to have a clear vision of where and how their technology can be implemented in the world.