This involves looking at the system from the point of view of the scientist/innovator (green arrow) incorporating a set of business models. Each business model in the value chain represents a different firm and the contribution of each firm needs to be joined up in the right order at just the right time to deliver the product to a market. The IMPACT project is at the beginning of the process of foresighting what business models will work best for development of the device – how will they get to a market and generate value from their research. A full explanation of this model and how it works is available on the Innogen website here
The value chain (the system) is embedded within an innovation ecosystem, including the range of factors that will affect the development of the device but which cannot be controlled by the innovators. Innogen’s research for the IMPACT project will involve foresighting the range of possible business models, including which firms are most likely to be useful collaborators in the overall value chain, and analysing how ecosystem-related factors (particularly regulation) are likely to have an impact on the proposed business models.
Experience from previous research using this approach has shown that decisions taken early in the research process can have profound and unexpected implications for the future development and uptake of a new technology in a public health or commercial context. This approach will enable IMPACT researchers to explore the downstream implications of such decisions and to refine them with future opportunities in mind.