BCInet ~ VP Greg Hyver @ MIT Neuroven 2010

Great to have Greg Hyver, Vice President of Business Development, BCINet (and former Vice President of Neurosky) join us today in MIT Neurotechnology Ventures speaking about Mass-Market Brain-Computer Interface (BCI) Technology Using Electroencephalography (EEG). EEG, or brainwave-reading technology, has existed for a century. Over the recent five years, the technology has reemerged, not only in traditional medical sectors but in emergent markets -- including the consumer mass market. Hyver introduced the current state of this industry and discussed, from a business development perspective, some of the major lessons-learned during his tenure at two different BCI start-up companies. Plus we had a demo of the NIA PC Game Controller, a BCI device for playing existing PC games. Hyver’s Top Lessons-Learned in neuroventuring include:

1. Sell Your Industry While Selling Yourself ~ The viability of your industry is as critical as your own viability;
2. Core Technology vs Applications ~ Understand the trade-offs of each model before making a commitment;
3. Facilitate the “Killer App” Treasure Hunt ~ Guide your developer community through the discovery process;
4. Expose Your Niche ~ How are you unique? Be clear with your customers!
5. Know the Decision-Makers & -Paths ~ Don’t waste time & money talking to the wrong people;
6. Know When to Engage & Disengage ~ Don’t get them hot-and-bothered when you can’t deliver;
7. Speak Their Language ~ Create demos and analogies that relate to their world;
8. Control Expectations ~ Save your company’s reputation; don’t overhype your technology; it’s a long slog;
9. Treat the Competition as Foe AND Friend ~ Killing each other off will only de-legitimize your nascent industry;
10. “Out Support” Your Competition ~ Follow-Up and Follow-Through are relationship essentials.