Demonstrating Proof of Concept
A crucial step in gaining market acceptance and adding value to a technology is providing evidence that the invention or discovery actually works (Proof of Concept). This stage of commercialisation can be conducted by a research organisation or a company. This section details the role of Bio Innovation SA in helping researchers/inventors from research organisations and companies to demonstrate Proof of Concept for their invention and provides some useful links regarding funding and design of Proof of Concept trials.
Some useful questions to ask of any technology at this stage of development include:
- Is the underlying science sound?
- What constitutes ‘proof of concept’ for this technology?
- What outcomes are needed in order to continue on the desired commercialisation pathway?
- What sort of experimental and/or trial design will maximise the value of the technology to a third party?
Bio Innovation SA Capabilities
Bio Innovation SA is dedicated to assisting technologies reach their full potential. Bio Innovation SA recognises that proof of concept experiments are among the key phases of technology development and is active in assisting the design of trials and/or experiments with a commercial outcome in mind. Bio Innovation SA has a number of post-doctoral graduates on staff who have been involved in commercial proof of concept studies and subsequent experience in product development and product launch into global markets.
Bio Innovation SA Grants
Funding for proof of concept studies is available to research organisations via the Bio Innovation SA Commercial Development Initiative (CDI) and to early stage South Australian incorporated bioscience companies via the Business Development Initiative (BDI). These initiatives provide a source of funding (up to $250,000 + GST) for critical proof of concept experiments. Applications are open anytime and are assessed by merit criteria as defined in the grant guidelines.
Links
Often components of proof of concept studies are subcontracted out to service providers.
Please click here for information about Drug Development SA, a partnership of providers who undertake these services.
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Bio Innovation SA
Level 15/33
King William Street
Adelaide SA 5000
Australia
Phone:61 8 8217 6400
Fax:61 8 8217 6416
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