What is it and why should I care? The Triple Chasm Model Commercialisation Canvas is a powerful tool to help assess the relative progress of a business in its commercialisation journey and to identify the necessary actions to increase the chances of success. It uses a systematic framework to thoroughly assess the internal and external factors affecting progress, known as vectors, and the interventions needed to cross the next chasm.
The canvas is part of a family of tools to emerge from a global research project spanning Europe, North America and Asia with firm roots in Cambridge. If you are an entrepreneur or senior executive or an advisor of a business commercialising a novel science or technology based idea, this canvas is an ideal tool to help you ascertain those areas of your business venture that need further development.
How do I use it? Use this Commercialisation Canvas to construct an execution plan to reflect the activities you need to perform to improve the potential for success of your venture. Assessing your business using the broader context provided by the Canvas can generate useful insights into setting priorities for those execution plan activities.
Typically, companies that have used this canvas have:
Reappraised their progress along the commercialisation journey.
Reassessed the challenges ahead.
Made corrections to their strategy.
For example, several firms changed their business models as a result of this insight; others changed their execution plan priorities and funding tactics based on a better understanding of the challenges ahead.
What do I do next? Download a free copy of the Canvas and print off, preferably on A3. Reflect on and respond to the questions listed next to each vector with your team, if you have one. From the responses that can be provided (and those that cannot be), identify those vectors that have the most gaps need further work.
Prepare an action plan to address the gaps and further refine your commercialisation strategy.
If you are interested to learn more about the Triple Chasm Model and how apply it in your business, join one of our training courses or get in touch.