University Commercialization Process
- Upon the filing of a patent application the Project Manager, assigned from the IP Asset Development group, will conduct a preliminary market assessment for commercial opportunities utilizing a search of public databases and past experiences.
- Within six weeks of the filing of a patent application, the Project Manager will schedule a "commercialization meeting" with the inventor(s), along with the Licensing Analyst and interns as appropriate, to more thoroughly analyze and evaluate the technology and create a marketing sheet of potential opportunities to guide future efforts. The commercialization meeting serves a number of purposes; 1) it introduces the inventor(s) and the commercialization "team," 2) it allows the team to gain a more complete understanding of the technology and the current state of development, and 3) it serves as a platform to begin formulating a commercialization strategy. Inventor participation and input is critically important to this process and the successful marketing of the technology.
- With information gained from the commercialization meeting the commercialization team led by the Project Manager will review market segments and quantify opportunities, consider marketing approaches, and determine whether additional technology development or "proof of concept" testing should be undertaken. The initial commercialization strategy will be implemented by the Project Manager and updated periodically as information is developed.
- The efforts of the commercialization team may result in a variety of outcomes. For example, the technology may be 1) licensed to one or more companies, 2) may form the basis of a new business, or 3) a commercial partner might be identified to collaborate with and further develop the technology. In the event a commercial outlet cannot be identified, the Project Manager, in conjunction with the inventor(s) and the patent procurement group, will review the feasibility of continued prosecution or maintenance of an application and/or issued patent and make a final determination.