Commercialization: Making Innovation Successful
Innovations can fail, not because of technical issues, but because they fail to become commercially viable. This is due to many of the obstacles faced by innovators, including: the need to scale up; achieve operational integration; build market acceptance; and the need for well-executed business strategy and plan.
In recognition of this, CEMI’s fifth area of strategic focus, BizMine: Commercial Viability was formerly established in 2015. CEMI’s support for commercialization is not new. The Innovation & Prosperity Office at CEMI had been supporting commercialization of innovations with project partners innovation since 2011. The IPO has been integrated into BizMine and it continues to work with mining service and supply SMEs (small-medium sized enterprises).
The aim of BizMine is help our project partners navigate the many obstacles of commercialization and help accelerate mining innovation into the marketplace.
commercialization support for cemi’s strategic areas of technical focus
Benefits of CEMI’s BizMine
The benefits for mining innovators when they work with CEMI’ BizMine team include:
- Experienced team of mine engineers, geologists and seasoned business development professionals working hand-in- hand with innovators to identify and provide tailored commercialization support or services to their specific needs
- Ability to access both technical experts and business support in one place, making the process of determining the commercial viability of innovations seamless.
- BizMine team will engage with all sectors and disciplines—the developers of innovation, the funders of innovation and the end users to determine commercial viability.
Impact of Commercialization of Mining Innovations
CEMI’s disciplined approach ensures that the commercialization of mining innovation achieves:
CEMI’s BizMine team disciplined approach ensures that the commercialization of the mining innovation achieves:
- Better operational performance
- Lower operational costs without compromising on safety
- Accelerates the rate of discovery and time to first revenue
- Reduces the up-front capital investment required to bring an ore-body into production
- Improves environmental performance and social impact of mining
- Improves productivity and ROI
We understand that an operating mine has to deliver value to shareholders and our project validation process requires that the projects demonstrate a significant impact on the NPV (net present value).
BizMine Services & Activities
BizMine services include:
SME Commercialization Support
CEMI has worked with mining service and supply companies (mining equipment, technology & service companies) to help meet their specific commercialization needs since 2011.
CEMI’s aim in helping SMEs (small to medium enterprises), is to support bringing innovation to market, given their size and limited resources.
The approach is to build long term collaborative relationships, providing situational assistance, based on specific technical and commercialization gaps or needs. Based on consultation with the SME, the level of support is determined.
The key activities include:
General Services (at no cost to the SME)
- Understand the needs, gaps and requirements of innovation (is there a market?)
- General Business Advisory Services (strategic or tactical)
- Industry introductions/contact for resources or networking
- Partnership Developent
Intensive Services (fee-based or other compensation models)
- Prototype Development (does is work?)
- Demonstration & Manufacturing Readiness (is it viable?)
- Intellectual Property Protection Services
- Market Development, Support & Analysis (will it be used?)
- Channel Development
- Advisory Board
- Financial Support.