Introducing new technologies to your company: Questions, finances and funding
- Posted by Gerhard Pramhas
- On 15. May 2017
A very exciting case: Not long ago, a company asked for my help. The task quickly became clear: I had to introduce new technologies to the company and establish them. One of the most important topics a company in this position must address – you can probably already guess the answer – is the question of financing. But also: What are the first steps of a successful reorganisation? What possibilities of financial support exist? And how does a company manage to fully integrate these new technologies into their internal processes? I will answer these questions and many others in the following paragraphs.
First of all: Always rely on your own financial strength! If you cannot implement an innovation, a new product or a new technology using your own financial strength, then it is better to forget it! Only when the financing exists you can sensibly start thinking about research funding. And there is enough of that in Austria.
First mover vs. fully developed financing project
Once you have mustered your financial strength, you can and should apply for funding. It is crucial to answer these questions before applying:
- What does the timeline look like?
- From a “time to market” perspective, can I afford to wait for my funding application or is it better to start right away to reach the market before my competitors?
- Is it more important to me to receive quick pledges for smaller amounts of funding, or would I rather receive a larger grant?
- Can I afford to work together with a scientific partner such as a university or another external research institute?
- Does my scientific partner have more know-how than I do, or is it perhaps the other way around?
- Do I get more funding if a scientific partner is involved in my project? Even if he or she contributes no know-how?
In the end, it all depends on the capital
Which factor gives companies a considerable competitive advantage? Of course: It’s financing! Whether the financing comes via a grant or early profits and market shares thanks to an advance in technology – only a good mix of both makes an innovation and, therefore, a company successful. Then, you might snatch a decisive share of the market from competitors thanks to a quickly implemented innovation. That is already the case in the example I mentioned above: Only 2 telephone conversations and 2 meetings after making first contact, we are now in the implementation phase.
Would you like to integrate new technologies in your company? Contact me and gain a competitive advantage – now!