OGSEDG

This refers to the body of evidence (generally a working prototype) that needs to be produced to prove that the invention actually works. For many inventions, POC can take place at two occasions along the commercialisation value chain.

The first occurs at very early stages from idea to POC where a ‘research-grade’ prototype is produced (mostly within the university or the research institute).

The second occasion is when the ‘research prototype’ is redesigned to an ‘industry prototype’ that can be scaled up and sold in the market. The Development Grant fund will address both stages.

Compliance with state, local and federal regulations is critical in obtaining certification for marketing and distribution of new products and services.

Most products fail in the market due to the lack of awareness in regulatory certification bodies and the process by which certification can be obtained.

Provision of access to specialised sector-specific data and information services including market intelligence reports, business models, and specialised training in order to help the companies to strategise their business model and thereby maximise the chances of commercial success and competitiveness through thorough planning. Such intelligence would enable the companies to make informed decisions as well as to identify any unexpected market challenges. 

IP is important (whether collectively or individually) to businesses as it is an intangible asset that can be financially exploited i.e. assigned, acquired or licensed. Every business possesses such assets whether they are aware of it or not.

When a business is establishing its presence in the marketplace, protecting and managing its intellectual property is critical as it can mean the difference between success or failure.

That is why it is important for businesses to understand the different forms of intellectual property because some involve formal application and examination process before right can be registered while others come into play without the need for a registration process. 
 

To develop better products and increase their competitiveness in the industry, companies may need external technical assistance to integrate the in-licensed IPRs into their new or existing products under development.

This can be sourced from universities, external consultants (local or overseas) and other experts. The usual route by which technical assistance is obtained is via consultancy. 

The most important purpose that a promotion serves is that it sets a business apart from its competitors. No business will ever need to run any promotions if there wasn’t any competition.

Companies must stay ahead of their competitors in order for customers to keep doing the business with them. Promotional strategies and marketing must go hand in hand. Marketing aspects of manufacturing, promoting, and selling product to the customers. Promotion is a key element in putting across the benefits of the product or service to the customers.

Well designed marketing and promotional strategies ensure long-term success, bring in more customers and ensure profitability for businesses.