This case study outlines how Boots Centre
for Innovation works with innovators to take ideas from concept to
saleable product.
Innovators are introduced to the Centre in many different ways: at
an event or trade show, through mutual business contacts or by making
a direct approach. In some instances the Centre may approach the innovator
directly, for example if they are interested in a particular technology
or product to meet a perceived market need.
However the two parties meet, the key process then follows a series
of well defined steps:
| The innovator provides initial information about their idea to the Centre, and a confidentiality agreement is drafted and signed by both parties. | |
| The idea is assessed by the Centre team at an internal assessment forum. Feedback is provided within a four week period of the submission with an outline of the next steps. | |
| If more information is required, one or more of the Centre's business development managers meets with the innovator to gather more information and analyse the potential of the concept. | |
| The idea is then reviewed again by the Centre team to establish interest levels from the trading team in Nottingham and to understand the size and uniqueness of the opportunity. Assuming positive response to these questions is received, due diligence is then carried out. This looks at aspects such as the technical status of the idea, its safety profile, its IP status (for example, are patents filed and what are the IP risks), consumer validation of the concept and development and supply capability. | |
| If the idea passes this stage it moves into product development. At this stage potential investors may be introduced into the process if additional funding is required. The Centre also offers help with different aspects of development, such as manufacturing, market research, claims etc. | |
| If the development stage is completed successfully, the idea progresses to implementation. Again, investors may be approached to provide funding if appropriate. | |
| Finally the product moves into the Boots new product innovation process, culminating in an appearance on the shelves of Boots stores. |
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