Research to business plan: A metamorphosis

Author: Michelle Cortis

Michelle Cortis

In recent years, there has been a shift in the relationship between research and commercial industries. Commercial viability almost always comes into question for ongoing research. Commercialisation can be a boon. When a research project has demonstrated its potential to become a viable business, funding opportunities increase, meaning the research can be turned into a product or service that people can use.

In 2018, as part of a Masters in Knowledge-Based Entrepreneurship, I analysed the commercial potential of an ongoing University of Malta project. I conducted an in-depth market feasibility study on Prof. Ing Joseph Cilia’s Smart Micro Combined Heat and Power System, a device that can be fitted into homes and offices to deliver heat as a by-product of electricity, reducing energy costs. Many EU countries are setting up incentives to make these systems more feasible and attractive to consumers. 

For my dissertation, I developed a business plan for the research team. An engineer myself, and having earned a Masters by Research back in 2014, this was different to anything I had done before. My supervisors, Prof. Russell Smith and Dr Ing. Nicholas Sammut, helped me find the right balance between utilising my technical knowledge whilst also analysing the product’s commercial potential. Even my language changed through the process; I began to speak of ‘euros per day’ rather than ‘kilowatt hours’. I learnt to differentiate between technological features and what real benefits future users would gain.

Being presented with a physical product, initially one may assume that it is to be sold to customers, or protected through a patent and licensed to the private sector. However, my market analysis revealed new target audiences that had not been thought of before. Selling the device was not the only way to exploit the project’s commercial potential. What if we leased the product instead of selling it? Should we continue developing the product or is it already innovative enough? What if we developed a spin-out—would it be too expensive or is it worth the investment?  

By analysing a project through a commercial lens, all these questions arise, pointing out potential ways to make a good project great. But what makes a good business plan great is when all these questions are answered. 

The Project ‘A Smart Micro Combined Heat and Power System’ is financed by the Malta Council for Science & Technology, for and on behalf of the Foundation for Science and Technology through the FUSION: R&I Technology and Development Programme. 

Are you carrying out research at the University of Malta which you think may have commercial potential? If so, contact the Knowledge Transfer Office on knowledgetransfer@um.edu.mt

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From Immigrants to Theology

Over 1.82 million migrants entered the EU in 2015 and this has triggered much dialogue across member states. In May 2015, the Archbishop of Malta, H.G. Mons Charles J. Scicluna, after the Vatican announcement of the Year of Mercy, reached out to the academic community to reflect on the immigrant phenomenon. This call set in motion The Mercy Project, which aims to create a set of reflections and recommendations around immigration.

The project has four stages. It first reflected on the issues of mercy and immigration within the Maltese context. During this stage, staff members from various University of Malta (UoM) faculties explored the local situation, reflecting on the terminology used, prevailing concepts and current practices. This was followed by a second stage. Academics held meetings to discuss various viewpoints and realities around migration. Those involved included members from the Faculties of Theology, Arts, Social Wellbeing, Laws, Education, and Health. At the third stage, a symposium on ‘Mercy and the Immigrant’ was held on 6 June 2016. The symposium brought together interested parties and agency representatives to reflect on the issue. This provided a platform for a dialogue between theologians and society. Rev. Dr René Micallef S.J. (Gregorian University in Rome) spoke about the mercy, justice, and policies needed to be considered by Malta and the rest of the EU.

The final forth step is underway. A publication of the project’s position papers is being prepared. This will make available to various sectors of the public some of the philosophical, social, legal, educational, and theological ideas which surfaced during the project’s dialogues and consultations. It will provide concrete recommendations for the University of Malta, State, and the Church. 

Dr Pauline Dimech and Rev. Dr Stefan Attard are the project co-ordinators.