- Intellectual Property (IP) Rights: You must understand and protect their intellectual property. This includes patents, copyrights, trademarks, and trade secrets. Knowing how to secure these rights is crucial for negotiating favourable terms in commercialisation agreements.
- Market Viability: Assessing the market demand and commercial potential of their technology is essential. You should conduct market research to understand if there is a need for their innovation and who the potential customers or clients might be.
- Business and Legal Aspects: You need to familiarise yourself with business and legal considerations in commercialisation [that’s where we come in]. This includes forming collaborations, being part of negotiating licensing agreements, and addressing liability and regulatory issues.
- Funding and Resources: Commercialisation often requires funding and resources for product development, marketing, and scaling. Awareness of available grants, venture capital, and other financial options is key to support a potential venture.
- Entrepreneurial Skills: You may need to develop entrepreneurial skills and seek mentorship or support from experienced entrepreneurs. This includes understanding business operations, marketing, sales, and management to successfully bring their technology to the market. However, Otago Innovation provides much of this.
Navigating these aspects is essential if you are looking to bridge the gap between academia and the commercial world and ensure the successful commercialisation of yourr technology.
