We have developed a suite of software applications for Maintenance, Repairs and Operations (MRO) called Voyager (www.voyager2012.com). This software suite has 3 components : 1. Maintenance Management Software, 2. Workshop Management Software and 3. Spare-parts Management Software. These software have been implemented at a number of organizations including Western Railways, Castrol, Bayer, Syngenta, Novartis, Mafatlal Chemicals, Lupin, Eicher Motors etc.
These software solutions are grouped under the market segment called Manufacturing Execution Systems (MES) and Indian manufacturers are increasingly using such solutions in order to enhance their productivity. The Indian MES market was worth over USD 4.7 billion in 2011 and is expected to reach USD 8.9 billion by 2016 at a CAGR of 14 per cent over 2011 to 2016. While addressing this large market, we are facing a problem that these software were developed some time back and are in Visual Basic and SQL Server and Oracle. To upgrade these software to the latest technology platforms and then subsequently to market them will require significant investments which we cannot afford at present. So we are thinking of either selling out the Intellectual Property (IP) of these software or to find a partner/investor who is willing to make the investment required for the development and marketing of these software. In this connection, I wanted to know what would be your advice on how we should proceed.
Look forward to hear from you.
If it is full-time and long-term, find money (loans, investments from friends and family etc.) to develop Alpha version, get a customer and fund the rest from his advance. Or get couple of customers and use the contracts to raise money from investors, for the rest of the development and sales work.
If it is part-time (I assume it is part time from your post), get someone with the resources to build and sell this, give it to them at a royalty and stay on board as a founding consultant or adviser. You can consider taking what you have spent so far as an upfront (minimum guarantee) fee.
Sasikanth Chemalamudi, www.thefirstcrore.blogspot.in