Sector: Business Development
Monetisation is about making money from goods or services that were previously provided free, or that were unprofitable. With their in-depth expertise in developing business models, the staff at Newcastle University Business School are well-placed to advise on opportunities for monetisation.
For example, Professor Feng Li is currently advising on the monetisation of a product aimed at people with Alzheimers Disease. The product is a personal tracking system that helps confused people to be located and assisted.
Normally the users of a product are the ones who pay for it – but people with Alzheimers Disease are, for obvious reasons, not the most reliable customers. Who else could pay for the product? When should they pay? And how much?
To answer these questions, Feng Li is leading the development of innovative business models. His role as Professor of E-Business Development gives him unique perspective on the challenge of developing models that are not only sustainable from a financial point of view, but also take into account the well being and quality of life of the elderly and their families and carers.
Who will pay? There could be innovative ways of sharing costs between families and local authorities who would otherwise be liable for the high fees of residential care.
When should they pay? Potentially they could pay on a pay-as-you-go basis, or even on a results-only basis.
How much? The price of the tracking system could be included in a total stay-at-home package, whose price would need to be less than full-time residential care.
Professor Feng Li says: “My engagement in these questions is seamless with my research. For me, the engagement is the research.”
Contact a Business Development Manager to discuss how to access University expertise.