A “technology commercialization” process is one that formally transforms your research into practical applications with commercial potential, seeks patent protection for those innovations, and transfers those innovations to the industry through license agreements and sometimes start-up companies.
The most common way to reach the masses with your invention is through commercialization. However, filing a disclosure, obtaining a patent, or getting copyright does not guarantee that your innovation will be successful. To realize commercial success, there are multiple factors that need to be evaluated and further developed.
Innovations from universities can be brought to market in a variety of ways. There are several factors that will influence your decision, including the availability of potential industry partners, your interest in entrepreneurship, and the market-readiness of your innovation. Depending on your personal objectives, your preferred path to market may be obvious from the start or determined over time.
The Research organizations and University’s most common marketing paths are:
An industry partner is licensed to use the technology. The most important part of commercializing your research is industrial collaboration. Technology licensing to an existing start-up. It is possible for a start-up company to be interested in taking on a technology that compliments its product or strengthens its value proposition.
In addition to solving some of life’s most pressing problems, the commercialization of research makes incremental improvements to the quality of life for consumers and the effectiveness of businesses.
The commercialization of innovations also provides economic benefits. Commercialization provides new revenue generation and job creation locally, regionally, and globally, regardless of whether technology is licensed out to other companies, or a new start-up is formed.
As a result of the successful commercialization of innovations, the University’s research, inventions, and entrepreneurial culture become more widely known. As a result of successes and publicity, faculty, students, and additional research partners can be retained and attracted.
By bridging academia and industry, investors can gain a better understanding of the business sector, career development opportunities, and investor relations.