Your patents, trademarks, copyrights and industrial designs are all Intellectual Property. When you have put in efforts to create something new, your inventions and ideas must not only be protected, but should also be leveraged to obtain some benefit or gain.
These gains and profits can be realized by selling your rights or by commercialising your IP. Commercialization of intellectual property is nothing but the process of bringing your invention or creation into the market. This is done to put it to commercial and business use. The financial success of this may depend more upon the nature of the product.
There are 5 steps to commercialization of IP:
1. Test the waters
Look for the viability of the product. Conduct deep research. The commercial applications of your product must be clear. The techniques you can use for mass production, the costs, etc. must be considered.
Look for potential investors. This is important for the near future of the product and its commercial applications.
2. Check for feasibility
The impact of your invention, if sold to the common public, must be evaluated. Give thought to the social, political, legal, economic and technological implications. Costs associated and potential profits must be gauged. There can be legal or political problems if your product is illegal or does not meet required standards. It is better to obtain legal counsel from an IP commercialization lawyer.
To set up a project, you need to plan carefully and be prepared to iron out a few wrinkles. Strategies have to be created under various domains. Finance, marketing and operations strategies have to be developed.
These strategies will further help you create a proper business plan. This plan is not only useful for your current goals, but also will be critical when looking for further financing.
The project must be implemented in accordance with your plan. Deviation from your existing plan at the last minute will likely create chaos and impede operations. You have to oversee the functioning and development of the project. Any discrepancy must be immediately addressed.
This can be either your first step or the last one. The chronology will depend upon the need for financing. If you require capital from the start you will have to approach banks or other financial institutions. If you need it at a further stage in you operations, a venture capitalist can be an option.
Selling off your rights or inventions can be an easier option. But commercializing your IP will give you greater satisfaction and higher returns. Patent Lawyer Edmonton