thanks toora um hopefully you can all see my screen um as as we mentioned and our reference back to the paper as we go but Commercial Business Cas is hugely important for organizations looking to make the most of well any commercial opportunity but particularly in an emerging and growing field I think it's particularly important um and zeni have quite rightly called that out too I'm just going to touch on a few things that I think from the paper and from from the research that I think are particularly relevant for those that are in this space and looking to build a build a position and I'll put this full screen so people can see as well um within the I won't expect people to read this but as part of the research paper um the for each of those elements that I had on screen um the zenic team have pulled together a view of what those challenges are what the opportunities are and what the recommendations are um and I think from from this View and from the recommendations in particular I've just pulled out three elements that I think are incredibly important when you're building a business case and this doesn't necessarily apply to just cam it's it's relevant in Cam and and there's an awful lot within here but it's actually just fundamentals of building a good business case for any bit for any business or business model or emerging business model that you're looking to bring to Market um so I think it's it's really important that we focus on three things in particular so the first is um the zenz research particularly calls out focusing on high opportunity areas and I think the important word there is focus and it's focusing on where problems can be solved today one of the big challenges we see with startups and with um businesses in general when they're looking to launch new products is we get fixated on this idea of the product being excellent or the technology being superior but we don't necessarily then talk about and what does that Superior product or Superior technology actually solve a problem for and that is a real a real flaw in how businesses go to market is being focused on the superior superiority of a product rather than necessarily what the problem is solving and so I think that focus on the right areas and focus on the problem that you're solving becomes a much more effective way to build a a build a commercial business case um linked to that it's then about finding those early commercial use cases and finding the customer that is willing to pay to fix that problem and I think again certainly when you're a startup or when you're a smaller company looking to grow identifying who your Target customer is is so important and identifying what that Target customer is trying to achieve and how you can help them solve it is the way that you demonstrate Revenue early it's the way that you demonstrate a run rate and and a and a route to increasing growth and increas inreasing increasing revenues over time and it's it's just the best way to build a business case that has that stands up to scrutiny from investors is actually having either Revenue in the bank or a clear customer that's already on boarded already part of the challenge and and interested in solving a problem with you and the third which I really like the wording around in in the report was creating technology stepping stones and from that what I took away was it's really important to think about how you can be flexible and how you can be agile and how you can respond rather than having to pave the entire Road and show the entire route you just need to have the stepping stones that start to get you there and being able to demonstrate we have a view of what the end goal is but actually we want to start small we want to be able to scale we want to be able to scale quickly and we want to be able to respond and be responsive to where the market moves especially in areas like cam where the market quickly different areas become more more open to the technologies that we're promoting and we're talking about more regularly so I think these three elements for me are hugely important that that idea of focus that idea of meeting a customer need and that idea of being agile and flexible and I'm going to touch on each of these in a little bit more detail now so when we talk Focus it's really hard to be focused in an area where there is so much potential and this is not even this isn't even the full Gambit of where you could choose to focus as a provider of technology or product into the um into the autonomous market right there is so many areas and use cases that could be applied the challenge we have and we see this across not just cam but across most Industries is when a startup or a company gets set up they build this product and they'll develop a a really amazing technology and so they'll be really focused on making that thing on the left hand side of this slide as incredible as possible and the best-in-class but if you can't then translate that best-in-class technology into how did it solve a problem in one of one or more of these areas on the right hand side within this this industry you're never going to get that customer pull that is required in order to actually develop and grow a business you've seen things like with Oro in the in the Aviation Space they've been able to develop it they found them they found a target market they they started with a technology they then found a target market and they focused in on that space to develop and and develop and find a product fit that was solving a customer need in an area that is more um more amable to the technology and that's where I think the difference between off high and on and on highway is really important in the cam space because if you can find closed loop systems or safer safer environments in which to prove your technology and then you can take that into on Highway applications you're much more likely to see investment and you're much more likely to see uptake of of that product and of that market so I think there's a for me part of that focus is not only is is about focusing Beyond just the technology finding a use case that's relevant and finding one where there is real application sooner rather than later so you don't necessarily have to build for a future where there are driverless vehicles and everybody is hands off facing the other way not looking at the car actually building something that provides an autonomous solution today in a closed loop environment is hugely beneficial provides and and provides a business case or an element of a business case that can then be scaled over time so I think focus on where you can solve a problem is really important the next is then which customer or who your customer might be and how you're helping them to solve set problem and I've taken just an excerpt from the uh another zenic report that identifying the UK Supply Hammer supply chain because as a as a part of well as a as someone trying to enter or be a part of that supply chain you need to understand where you fit and you need to understand who's going to be willing to pay for what you're offering so if you have a great product is it a tier one that's actually going to be your your buyer or are you trying to compete and go directly to the oems or actually is your is your offer and product actually of most relevance to say an insurance provider because by providing them with more data depends on the product obviously but you have to think about where your where your product fits and who you could be targeting and one of the ways in which we tend to do this at PA as in our growth strategy practice and we do a lot of work around proving the value of product helping grow that and helping launch products into the market um we tend to talk about customer value proposition which I'm sure many of you will have seen before um but the key for me is being really clear and being able to answer all of these questions so you need to at the start as you're building a product and as you're building a business you need to be able to say who is your market and who are your Target customers and then you need to be able to translate that into what's the issue or the unmet need that they are unable to resolve today and you don't have to solve all of their problems but you have to be solving some sort of problem in order for them to be willing to pay you you then need to be able to articulate what your offer is and you need to be able to do that relatively relatively succinctly I've been in lots of pitches with startups where you have to really dig deep and dig into the pitch to really understand what it is they're offering and what the benefit is to me as a buyer and I think you one of the things that I try and when we're talking to startups and they're building that pitch case to investors and to clients and to customers is to put the benefits first what's the benefits of me as a buyer how does that fit and how does that work and what's that reason to believe what's the evidence that supports that and that's where when we talk about evidence that's where things like the cam scale up program are really important and things like um piloting and testing are really important because you need real data to give people the confidence that what you're saying is true and what your the benefit you're saying you can deliver is actually achievable so if you can articulate who you're targeting you can articulate what your offer is and you can articulate what the benefit is of your product or service then you can start to talk about a go to market plan how are you going to engage with those customers how are you going to Target them what's your route to meeting them how do you get in a room with them how do you fund the investment to support you what's your key Communications and one of the things that don't often talk about is what's the trade-offs your product and your service may not cover everything but it's better for you to be upfront and aware of what you don't do versus your competitors and being aware of what you do do and what you do better and that for me is a really important aspect that people often don't think about is actually we're not trying to solve all of your problems but we will solve this problem in a particular way that allows you to really change the way that you're delivering your business or realizing efficiencies or whatever whatever that might be and I think the interesting one there's a really interesting example of if you think about some of the business cases historically in cam the argument that first was put forward was you can take people out of say out of the you can take the driver out of the vehicle but if your pred predication of taking the driver out of the vehicle is the only benefit you can offer and so you're really the benefit that you're offering is a operational saving to the bus company the train company or whatever that might be actually when you then dig into it further and you say but we do need someone on the on the bus to be responsible for monitoring ticketing for instance that business case and the benefit that you are offering is no longer relevant because you still have the same operational overhead cost of a person in the vehicle but if your benefit case and the benefit and the positioning that you're putting forward is you're creating a safer product and a safer a safer drive and a safe safer environment you are um delivering kind of services that would otherwise be unattainable or unserviceable in areas where for instance there's less access or less public transport there are elements where you can start to build a case that that operational saving is no longer the reason to believe and the and the the benefit that the customer is paying for and so the more you can have those nuggets of information as to why your product and your service is of benefit the more strong your commercial case becomes and you want to have multiple where you can you want to have multiple kind of legs to your stool that allow you to say this is why this product and this service is of benefit to to you as a buyer and as a client so I think for me there's a make sure you're focusing on the right areas and you can provide a real real world example of where you can deliver value make sure you're then identifying the right customers and the benefit you can offer to them and then the third piece is then how do we deliver and make sure that we can deliver and value at scale without compromising how we offer and work today and the diagram on the right is is the way in which we at at PA talk about big digital transformation with large organizations but I think the concept and principles are absolutely still true for a startup you want to have a really Clear Vision of what you can offer and be clear in that vision and how you pitch it so think big we you want to be able to articulate the end State especially when you're talking to investors you're not just talking about in a year's time we want to have a customer you want to be talking about in five 10 years time the market will look like this and we will be an integral part of that because we have a route to get there that looks like this we working with these customers we offer this benefit and that can be scaled over time it's important then to to then say how do you demonstrate value early and start small and I talked to earlier around piloting and trials and demos and the use of these sorts of scaleup programs to really get evidence on the ground of we have delivered this value for these customers in the these ways in the past and then crucial to then being able to make the most of it is then having an ability to scale fast so building your product your service the way in which you operate with that end state in mind and I'm not saying hire 500 people because you're planning to be on the footy 100 eventually but if you can build your Tech stack in a way that is completely scalable where you're not relying on if we don't have if I need to hire another me in order to make this bigger what you don't want to be reliant on is headcount to drive your growth and so the more you can build and a a way in which your product can be scaled and you can take on more customers without necessar so for instance using cloud services and being able to just add more capability over time the more effective your ability is to respond to opportunities as they come what you don't want to do is be in a position where you have a great business you have a market opportunity that comes up you're not able to realize it because your business model is predicated on needing X number of people in order order to be able to deliver so there is a there's a real kind of tension but it's a good tension between being ambitious being pragmatic in how you start and set yourself up and then being able to Pivot and building a flexibility in the way you operate to be able to then pivot further going forward so that's for me some of the successful elements of a of a strong Commercial Business cases being incredibly focused on what you can offer and where you can offer it it's identifying a customer need and being able to articulate the benefit early and ideally locking down revenues to be able to prove that there is a viable business here that someone is willing to pay for no matter how small if you can get one person buying into your concept and buying into that as a as a principle that this product is of value then it's it's a proof point that you can take to others and then it's building with the end state in mind that you you can scale without being limited by head count by resource and by by your abil your own personal ability if you're in a very small company to then scale quickly so I think if you can think with those three things in mind around a commercial case I think that's where the real value comes and it's something worth thinking about