Can invention be commercialized?

Can invention be commercialized?

You can commercialize your patent by licensing it to a major player. If you do not want to make and sell your invention yourself, you can license it to an individual or company who does. The key to licensing a patent is packaging.

What is the purpose of technology commercialization?

Technology commercialization helps create new start-up businesses and expands the product lines of existing companies. Commercialization increases business-to-business transactions as commercialized technologies are frequently used in manufacturing processes rather than sold to the consumer.

How do you commercialize technology?

The typical process is summarized in “The 8 Steps of Technology Commercialization”:

1. Step 1: Research.
2. Step 2: Invention disclosure.
3. Step 3: Assessment.
4. Step 4: Patenting.
5. Step 5: Identifying potential licensees.
6. Step 6: Negotiation.
7. Step 7: Licensing.
8. Step 8: Revenue & commercialization.

What to do after patenting an invention?

Licensing the right to make, use, or sell your product is usually the most profitable route for inventors. As patent holder, you retain ownership of the invention and earn royalty payments on future sales of the product. You can grant an exclusive license to one company or several companies.

How can I promote my invention?

If promoting your invention sounds too time consuming, you may want to hire an invention promotion firm to study the market and help you find buyers.

1. Identify Target Market. Promoting your invention starts with identifying the end-user.
2. Find a Manufacturer.
3. Advertise to Wholesalers.
4. Promote to End-Users.

How is innovation commercialized?

Our definition of commercialization of innovations has three attributes: recognizing a market for an innovation; developing and manufacturing it into a product; and. selling/distributing the product.

What other factors do you think facilitate the successful commercialization of new products and technologies?

The 8 key factors involved in new product development are Knowledge Management, Market Orientation, New Product Development Process, New Product Development Speed, New Product Development Strategies, New Product Development Teams, Technology and Top Management Support.

What is a commercialized product?

Commercialized Product(s) means all products, proprietary technologies, and intellectual property developed, marketed, distributed, licensed, supported, maintained, or under development by the Vendors prior to the Closing Date.

How do you protect an invention?

First, you can file a provisional patent application (if your invention is patentable). Second, you can use a nondisclosure agreement (regardless of whether it is patentable). (Remember that inventors do not always need to license their invention in order to make money.

Should I patent my invention?

Patents are not legally required before you sell your product or profit from your idea. There are many products and services sold in the United States that are not patent-protected. However, a patent is necessary if you want to prevent others from making marketing, selling, or importing your invention.

What are the challenges of Technology Commercialization?

Each technology commercialization path has unique challenges that require careful planning and solid relationships to efficiently work through any development barriers. Michigan Tech has a long and successful history of working closely with our licensees as partners in the transfer technology from the lab to end-users.

How to successfully commercialize an innovation?

Five steps to successful commercialization of an innovation – can the pitfalls be avoided? 1 Business potential and finding it. For an innovation to be turned into business, it must obviously be related to… 2 Getting the value chain involved. In a development project, it is important to hear different opinions. The different… More

How long does it take to develop a new technology?

Perseverance is particularly needed in the development of large-scale plants, as introducing new technology to the market may take 10–15 years. Based on my experience, I cannot promise that you will not have any pitfalls following these instructions.

Do you have the capability to bring new technologies to market?

Some companies—like Canon, Philips, and Merck—already have the capability to bring sophisticated technology-based products to market faster and more often than competitors that treat commercialization as a purely intuitive, creative process. Most other companies will be compelled to develop this capability if they are to thrive.