The Department of Science and Technology-MIMAROPA (DOST-MIMAROPA) spearheads an online nationwide forum that teaches the science community, academe, and entrepreneurs how to transform their inventions into innovations that are widely accepted by the market.
Held last September 21, 2021, titled “Inventions to Innovations: Understanding the 11 Building Blocks of Business Model”, DOST-MIMAROPA tapped the renowned marketing mentor of the Philippines, Mr. Josiah Go, to help DOST and its partners to make inventions and research outputs into more marketable, attractive, and palatable products and services, and eventually increase translation to innovations.
DOST-MIMAROPA Regional Director Ma. Josefina P. Abilay officially opened the forum with words of encouragement for the participants. “The quest to convert promising ideas into innovations patronized by the intended market may be challenging for many. And this activity is designed to help us understand the important elements and key points that we must not miss when trying to bring our outputs to those that need and will benefit from them.”, she said.
The forum revolved around discussions on Josiah Go’s 11 business model building blocks namely: target market, value proposition, channel, customer bonding strategy, revenue model, value chain, key processes, key resources, complementors, reconfiguration, and cost. These building blocks are said to be key elements that need to be considered to successfully launch a valuable and profitable innovation for the market.
Go emphasized that one of the common mistakes in marketing technology is thinking like an inventor rather than thinking like a consumer or user. “It is important for the science community to not get carried away with the invention, it is not the product that comes first but the target market… before you make the business model you must first know who the target market is”. said Go. He also stated that for technology and solution providers like DOST to be even more successful, it is important to understand the part of the operating model which includes the following building blocks: target market, value proposition, channel, and customer bonding.
He also tackled the five (5) barriers to consumption namely: time, access, wealth, attitude, and skills. He mentioned that for the technology to be adopted by the users, it is important to identify the five barriers from the point of view of the person who will use the technology.
The forum also emphasized the two elements of innovation— invention and commercial success. According to Go, technology should not be just new but should also create value to users and consumers or converting product advantage to market advantage.
DOST Undersecretary for Regional Operations Engr. Sancho Mabborang highlighted the need for continuously enhancing the capabilities of science professionals, especially that the global health crisis has reminded the nation of the importance of access to science, technology, and innovation (STI) to respond to and build resilience. He said “As science professionals, having the proficiency to advance innovations outside the lab is no longer nice-to-have but a rather a need… I am optimistic that together we can fully tap the wonders of science to achieve sustainability to improve the quality of life of Filipinos in the longer term”.
A total of more than 320 participants from the DOST community, academe, and the industry took part in the said activity. Six (6) lucky participants were also given free access to Josiah Go’s 55-video Business Model Course to have a more in-depth understanding of the 11 building blocks of the business model.
