Commercialising IP or intellectual property is all about getting buzz for your services or products in the market. Essentially, you need to extract the value from your IP service or product by marketing a novel service, product, or production method that’s partly based on your IP. But how do you start planning for this huge undertaking?
Consider the route to commercialisation
Commercialising a novel service or product consists of various steps that make up the route to IP commercialisation or the market. These steps commonly include the following:
- Define and document your IP and other commercial opportunities related to it;
- Find a specific commercialisation prospect, such as by researching for legal rights that apply to existing IP;
- Assess your IP to figure out if it’s worth taking on potential commercialisation risks;
- Establish a legal business structure, for the initial stages of commercialisation at least;
- File for protection of your IP;
- Get funding;
- Prepare a very detailed IP commercialisation strategy;
- Develop your IP service or product to a level that’s marketable; and
- Create capabilities for manufacturing (if necessary), marketing, and sales.
Depending on how you go about this path, you might take a couple of these steps simultaneously, repeat them, or skip some of them altogether. You need to take into account your IP service or product’s niche and your resources to determine which steps you need to take, which ones to scrap, and the most appropriate sequence to employ.
Consider your strategy
This is your action plan, developed to accomplish your commercialisation objectives. It must interact with and should guide the factors you considered in selecting your commercialisation route. Common considerations when figuring out your strategy include the following:
- How your new IP service or product fits with your already established key business interests and those of your investors;
- Who, where, and how would your IP service or product be sold; and
- Who would want to buy the IP service or product.
You could tweak your overall strategy as needed, but just make certain that you address all the key considerations first. Also, consider getting professional help to ensure that you develop an actionable and effective commercialisation strategy.