• Government Funding for Innovative Product
  • Development of New Electronic and Software Product
  • Government Funding for New Product

Client: Innovative start-up company developing advanced materials handling systems.

Project Objective: Research and win government funding for accelerated commercialisation of world’s first and ground-breaking technology to rotate and manage suspended loads.

Project Summary: 

Following EPRAKT’s development and execution of the company’s manufacturing strategy, an opportunity was identified to:

  • Complete a significant funding proposal for IMCRC funding in conjunction with an Australian university;
  • Write a 60-page funding proposal;
  • Facilitate workshops with university academics to test synergies and address the project objectives;
  • Align the business, university and government stakeholders; and
  • Engage with key funding approvers to encourage buy-in to the proposal intent and tone, prior to seeking approval

The Challenges:

  • Diverse stakeholder needs between the company, academic advisers and funding body;
  • Creating a single proposal that incorporated 20 diverse, high-level individual views;
  • Limited available resources, and window of opportunity was tight; and
  • Difficulty in estimating the research and development of undefined product manufacturing processes

Solutions:

  • Development of a professional project plan;
  • Application of highly capable stakeholder management methodologies;
  • Conversion of esoteric concepts into a monetising commercial value; and
  • Prioritisation of approach to match funding criteria.

Outcomes:

  • Approval of a $4.4M project including government grant was achieved which enabled manufacture of the new product line;
  • Simplified highly technical concepts into a clear and achievable roadmap;
  • Successful transfer of ownership of funding proposal to client for execution phase;
  • Client was able to compress a planned three-year product development program into 1 year; and
  • Establishment of access pathway to academic staff and test facilities.

Client: Australian Geotechnical Supplier

Project Objective: Develop and Launch Innovative New Product

Project Summary: EPRAKT’s scope of work was to project manage the development and launch of an innovative new product

The Challenges:                     

  • The company had developed a proto-type for an innovative new product with global potential
  • Unreliable and expensive suppliers
  • Product was unproven and had significant issues
  • The new product and service was completely different to existing core products

Solutions:

  • Investigated potential new suppliers, recommendations made for PCB boards and software suppliers made
  • Developed and managed the complete project Gantt Chart plan
  • Developed value propositions for each customer type
  • Financially evaluated product and service offers and pricing was set
  • Developed detailed business case
  • Channels to market
  • Identified and managed project risks
  • Worked closely with third-party branding expert
  • Made introductions to potential clients
  • Carefully monitored cashflow

Outcomes:

  • New product successfully launched, number of units sold, sales $ and profit on budget after 6 months
  • Directors had confidence to invest more significantly in product launch than initially planned
  • All manufacturing partners upgraded to suppliers with greater capability
  • Large previously unknown potential markets for product discovered
  • Pricing for product set based on value to customer rather than cost leading to much higher profitability
  • Professional branding strategy positioned product and service in a superior position to competitors
  • Extensive sales pipeline was captured and processed in new CRM

Client:Australian Manufacturer

Project Objective: Secure and manage government funding

Project Summary: EPRAKT’s scope of work was to write a government grant funding application and then once successful, manage the project to completion and achieve all project objectives

The Challenges: 

  • New innovative and high potential product that requires significant upfront investment
  • Complex government grant processes - makes it difficult to identify appropriate grants, win them and then manage them appropriately to government requirements
  • Time poor managers with many priorities
  • History of under-performance of innovative new product opportunities

Solutions:

  • Manufacturing criteria determined and testing plan implemented
  • Detailed sales and marketing plan developed
  • Value of product to each customer segment calculated
  • Channels to market investigated and prioritised
  • Pricing offers defined and launched
  • Distributor agreement drafted
  • New website and e-commerce strategy designed and launched
  • Eprakt sourced person cost effectively produced and managed social media and website content
  • Project management meetings held only when value-adding and when needed to keep project on track
  • Leadership coaching provided to senior management

Outcomes:

  • New product successfully launched in Australia
  • Sales targets exceeded in first 6 months after launch
  • New distributor secured
  • Global sales and marketing plan implemented
  • Core business grew strongly as management could mainly focus on their day jobs

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