To achieve market readiness, a technologically innovative solution must address three critical questions, encompassing various and often divergent interests.
First, it’s essential to determine whether the solution actually works. A rigorous testing programme is necessary to prove its functionality. Take marine fuel as an example; the stakes are high. Testing begins in the lab, progresses to engine trials, and then requires third-party approvals. This is followed by onboard ship testing, which can take thousands of operating hours. Only once the product is proven to work can it move to the next stage.
Next, scalability is crucial for any innovative product. Securing key long-term reliable production and logistics partners is essential. This scalability must be replicable across every point of production and supply, not just in a small geography. However, addressing supply is pointless without demand, leading to the third question.
The ultimate test is commercial viability. Is there sufficient incentive for customers to switch to this new product? Is it cheaper than the alternative? Does it offer other benefits, such as being safer for the crew or producing lower emissions? The more benefits the product offers, the greater its likely market impact.
Throughout the innovation process, these questions need to be revisited repeatedly. Effective innovation must consider technical, logistical, and commercial aspects to ensure a successful transition from an idea to a market-ready product.
Final Thoughts: For a groundbreaking idea to become a market-ready solution, it must be proven to work, be scalable, and be commercially viable. These considerations are crucial in developing a product that meets all necessary criteria and has a significant market impact.
Quadrise plc (LON:QED) is an energy technology provider whose solutions enable production of cheaper, cleaner, simpler and safer alternatives to fuel oil and biofuels, proven in real world applications. Quadrise technologies produce transition fuels called MSAR® and bioMSAR™, which allow clients in the shipping, utilities and industrial sectors to reduce carbon emissions whilst also saving costs.
