Commercialising Intellectual Property

a focus on the more commercial issues addressing the following points is required:

For someone considering the licensing or acquisition of the IP to exploit the technology, a further assessment of the costs is required as follows:

Ideally, an evaluation is performed at four separate levels:

The following important attributes should be considered when assessing the value of obtaining a patent for a specific technology or product:

This prior art information you have discovered influences the direction of your project and your approach to solving problems and, more importantly, may impinge on any IP you create in your own research. IP that has been created in this field of interest already is termed ‘background IP’ and may restrict, or even prevent, what you intend to do commercially with the results of your project.

At that point, an intellectual asset has been created, but until it is converted into a tangible asset such as a product, a process or a service, it is difficult to establish the real commercial value of the innovation.

until a workable solution to the problem actually has been devised by proving the concept with some experimentation, demonstration of a prototype, or illustration of a design, the original idea has no real value.

Intellectual property (IP) is an intellectual asset that underpins the transformation of an innovation into a tangible asset, a product, process or service that someone else can benefit from and is willing to pay for.