Tips On Technology Commercialization and Leveraging of Intellectual Property Rights: An Eye Opener for University Academia

Abstract

Technology commercialization is the process of transforming an idea or scientific discovery into new or improved product, process or service. Technology commercialisation process is complex, non-linear, with false starts, dead ends, changes in direction and feedback loops. It requires different skill sets, namely: scientific, technical, business and marketing. There are various options for realizing value, namely: licensing, start-up and alliance. An idea or discovery, by itself, has no direct economic value, but rather economic value is created when an idea or discovery finds an application and gets translated into a product, process or service. Commercialization provides returns to public investment in research and ensures that new and promising ideas become seeds to innovative products and services. Commercialization leads to creation of new ventures which are needed for competitiveness and economic growth. Technology commercialisation happens post-research and has about 6 major steps: discovery, proof of concept, product development, market-ready product, marketed innovation, and demand for innovation. The circle repeats once it reaches this end. Discovery/conceptualisation phase has shown that ideas evolve through constant iteration between a new technological capability and market need. Researchers generate new technological possibilities that are embodied in new discoveries and methods. Research could be triggered by real or perceived market needs or by researcher’s own convictions or interests. Proof of concept entails evaluation of the technological feasibility and commercial viability of a technology. Product development refers to the entire process of: identifying a market opportunity; creating a product to appeal to the identified market; testing/trials; and modifying and refining the product. This paper will present tips on how University academia could move fro