Set these conditions for IP commercialization success

Six conditions have to be in place for technology commercialization to work, according to Dr. S. Dimolitsas of Georgetown University.

  1. Ideas. The whole process always begins with an idea. Ideally, this will be a market-driven, “commercializable” concept.
  2. Talent. An idea without the requisite talent to follow-through is meaningless. What role will the inventors play in the commercialization? Is an entrepreneur needed? Once the scope and nature of the technology commercialization project is decided, who is needed to manage the process where it lies and while transferring it to design and production facilities.
  3. Networks. What partnerships might be required?
  4. Discipline. Plan the work, and stick to the plan, which must include milestones.
  5. Proper risk aptitude. Each stakeholder looks at risk differently. What is the risk for the inventors? How is it different for the financial backers?
  6. Support infrastructure. A technology commercialization office is essential to:
  • Develop a project plan and tracking system with assigned responsibilities
  • Protect intellectual property
  • Business development and marketing
  • Interface with the commercial sector, and
  • Negotiate and administer IP licenses