By Claire West
Rightly or wrongly, a perception has emerged, in recent years, whereby entrepreneurs of growth companies in the UK technology sector, believe that seeking and obtaining investment, and the commercialisation of that technology, is getting far more difficult. This is according to ExeTec Consulting, a UK business consultancy which advises on exploiting the commercial potential of technology companies.
Clive Mayne, Managing Partner, ExeTec Consulting, stated: “One element that drives the issue is that product development has a reputation for high failure rates; research indicates that of every four products that enter development only one makes it to market and then at least 1 in 3 fail at launch. Gaining investment against that background and in the current economic environment means that the hurdles are as high as ever.”
“These failure rates are high in themselves, however many products go on to fail and do not actually match the commercial expectation of success; so why is product development such an uncertain and risky endeavour?”
The truth is that the journey facing entrepreneurs and business leaders to build and grow a technology business is hugely challenging. A new product or service lies at the very heart of many company’s success and survival but often there is a key lack of the crucial skills to make its market entry a success; so why does it not receive the level of management attention that it deserves.
Gordon Young, added: “At ExeTec we have found in almost every company that we have been involved in over the last 20 years that product development is a key skill gap and often one that isn’t really recognised until things go wrong'
Gordon Young added: “Our extended team has experience of executive leadership which bridges technology development, operations, marketing and business development which delivers for our clients a rich depth and breadth of experience and insight into driving business growth.”
The focus of the consultancy has come from extensive real-world experience in product management and other business critical disciplines such as leadership, technology commercialisation, marketing, business development and sales. ExeTec can therefore provide immediate access to a broad skills set to deliver practical support, integrated directly into an existing team.
Clive concluded: “Our hands on approach working as part of an internal team, means we can deliver tangible business results. Our team of CXO leaders bring a wealth of experience which will enable and facilitate our clients to take technology from concept to market, bridging both technology and commercial leadership skills. It is this skills set and experience that we aim to share in this, the first of a number of White Papers.”