In a perfect world of licensing, TTOs may dream of a discovery licensed to a medical company, which continues developing it until it has established proof-of-concept in humans.Then a larger firm with the capability to conduct late-stage clinical trials comes in and carries the molecule to the market launch. It is an ideal scenerio that rarely plays out in real life. Instead, the path to the market is rough & laden with inefficiencies from funding to licencing agreements. The bad is that almost every early stage technology at the universities has to deal with these troubles all the time.
Meanwhile we also very often hear news about the commercialization success stories of MIT, Standford, Pittsburgh, University of Texas, Washington, Colombia etc. So, while some can’t make it, some can do. What is the MAGIC?
I conducted many interviews with the experts from these universities. There is not a formula which brings success but there are well planned strategies. Although these strategies vary depending on the culture of the university & TTO, here are some very essential points to keep in mind:
- The academician can not express his invention in a marketing wording style. You should use your own marketing skills while defining the value proposition of the invention & presenting it. Technics is necessary but never enough. MAKE YOUR SHOW
- Do not ignore the negative aspects of the invention. Be aware of them. This consciousness increases your strength on the table. BE ALERT
- Do not tell the potential customer every detail of your technology. First make a SWOT of the licensee and tell how you will solve his problem by what you offer him. BE SPECIFIC
- Track the TRL of the inventions. Call the academician, get the latest news. STAY UPDATED
- After you prepare a QuickLook report, do not keep it the same for months. REVISE IT
- Contact with small companies. They may need to licence your Technology to be competitive in the market. NEVER IGNORE
Source: bit.ly/1q7nhkW