Last week, I attended a great presentation from Damien Edmond at the Institute of Health and Biomedical Innovation (IHBI), at Queensland University of Technology (QUT) on “Developing Your Research Proposition”. Inspired by the talk, I thought I would share some further tips on how to effectively communicate the value of your research/ new innovation to your intended audience.
Being able to effectively communicate the value proposition of your research/new idea is extremely important, especially when you are seeking investment. However, developing a value proposition can take time and is an iterative process; so here are some tips to help you get started:
1.First consider, who is your audience and what does your audience want/need?
– This is a really important first step and ensures that you remain relevant and engaged with your audience.
2. Who are you, and why should they listen to you (expertise)
– People invest in people. It is important to introduce yourself and communicate your expertise.
3. What is your idea/technology?
– What is it that you have come up with? Explain in simple terms and don’t assume your audience has your depth of knowledge in the area.
4. How could your idea be the basis for a product/service?
– Great, you’ve got an idea. How could this be translated into the community? What does it look like and how will it be used by the end user?
5. Who is your idea helping (end-user)?
– Who is the end-user? Are there multiple end-users?
6. What is the problem that you are going to fix?
– Define the problem you are addressing. Showing focus is important here, even if the idea could potentially solve a number of issues. Choose the problem with the biggest market and/or easiest market entry, and put the other problems that you may be able to solve in the pipeline.
7. How does your idea fix that problem?
– How does your idea or research fix that problem, and how does it special from what others are doing?
Once you are able to clearly answer each of these questions, the trick is trying to communicate it all as succinctly as possible- 30 seconds or less and practice.