What is the recipe for success in supporting startups and innovative companies at the MT Lab? Startups supported by the MT can increase their turnover by an average of 50% in one year. 75% of our selected start-ups are still in business after 5 years, while the Quebec average is 35.3%. And above all, half of them are experiencing hypergrowth. Here's our tool that contributes to the success of this recipe.
The success of an innovative company that seeks to offer its solution in tourism is based on a mix of networking and twinning with tourism leaders, training adapted to the reality of the industry and a space for personalized and caring support and coaching... It is a rigorous and holistic approach where each support begins and ends with a diagnosis of each key aspect of the company. We use the holistic diagnostic tool of the MT Lab. It is an open innovation-friendly version of the Royal Institute of Technology Stockholm's (KTH) Innovation Readiness Level Model, which in turn is inspired by NASA's renowned Technology Readiness Levels (TRL).
In the MT Lab's holistic diagnostic tool, we find six main axes that are evaluated to measure the maturity and readiness of an innovation. In turn, each axis is divided into several levels, each of which represents a specific stage in the innovation process. An axis corresponds to a key aspect of innovation that influences its ability to be successfully brought to market.
Here is a description of each axis:
1. Clientele:
The customer axis focuses on understanding the needs and expectations of potential customers or end-users of innovation. It assesses whether the innovation meets a real need in the market and whether it offers significant value to customers. This evaluation can include market research, competitive analysis, and feedback from potential customers.
2. Technology:
The technology axis looks at the sophistication and reliability of the technology underlying the innovation. It examines the robustness of the technology, its ability to operate reliably in different environments, and its compatibility with other existing technologies. This assessment may also include considerations such as intellectual property, protection of one's intellectual property rights, and patent ownership.
3. Intellectual Property (IP):
The intellectual property axis assesses the legal protection and ownership of intellectual property rights associated with innovation. This includes the examination of patents, trademarks, copyrights, and other forms of intellectual property that can secure the innovator's rights to their invention and allow them to benefit from its commercial exploitation.
4. Market:
This axis focuses on the analysis of the market in which the innovation will be introduced. It assesses the size of the potential market, supply and demand dynamics, market trends, and potential barriers to entry. This assessment helps to determine the potential for success of the innovation in the market and to identify appropriate commercialization strategies.
5. Organization:
The organization axis examines the ability of the organization or team behind the innovation to develop it and bring it to market successfully. This includes the assessment of human resources, skills and technical capacities, as well as the organizational structure and management of operations. This assessment aims to identify the strengths and weaknesses of the organization that could influence the success of the innovation.
6. Finance:
The finance axis assesses the financial viability of the innovation and its ability to generate a positive return on investment. This includes examining development costs, available sources of funding, revenue potential, and long-term financial projections. This assessment helps to determine the economic viability of innovation and to make strategic investment and financial management decisions.
By assessing these six axes, the MT Lab's holistic diagnostic tool provides a comprehensive overview of the maturity and readiness of an innovation to be introduced to the market. This allows stakeholders to make informed decisions and implement effective strategies to maximize the chances of innovation success.
If you are a startup or an innovative company, do not hesitate to join one of the MT Lab programs to benefit from this holistic analysis and get the relevant resources and pairing with industry leaders that will help you reach your full potential.
