how do i know if my invention has commercial potential? beth drees team lead, health sciences
TRANSCRIPT
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How Do I Know if My Invention Has Commercial Potential?
Beth DreesTeam Lead, Health Sciences
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Why Commercialize?
• Commercialization:
• Translates research findings into practical applications.
• Allows public benefit from tax-supported research.
• Results in new products with positive impacts on society.
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Impact of Utah Inventions
• BRCAnalysis: Over 1M tested for hereditary cancer risk.
• Actiq: Pain relief for cancer patients.
• LightCycler and FilmArray: Real-time PCR revolutionized molecular diagnostics.
• ProSigna (PAM50): Next generation of diagnostics to guide breast cancer treatment.
• HyStem Hydrogels: Customizable synthetic matrix for research and medical applications.
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Most Inventions Do Not Succeed!
Franz Reichelt (d. 1912) attempted to use this contraption as a parachute.
Reichelt died after he jumped off the Eiffel Tower wearing his invention, which failed to operate properly as a parachute.
http://en.wikipedia.org/wiki/List_of_inventors_killed_by_their_own_inventions
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Why do Inventions Fail?
Technology Issues Business/Market
Factors
Intellectual Property
Challenges
FAILED INVENTIONS
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Technology Issues
• Insufficient proof of concept/ validation.
• Invention remains stuck at early stage.
• New developments make invention obsolete.
• Failure to obtain needed regulatory approvals.
• Lack of resources ($$, time).
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Business/Market Factors
• Product/invention does not meet or create a demand.
• Small market size does not support investment.
• Competitive market, invention is redundant.
• Poor business strategy, understanding of market fit.
• Lack of solid business leadership.
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Intellectual Property Challenges
• Existence of dominant IP (patents held by others).
• Lack of freedom to operate.
• Invention is not patentable or otherwise protectable.
• Patent cannot be enforced.
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Which Inventions Succeed?
Technology and Product Development
Product/Market Fit Value Proposition
Partnership
Strong IP PositionSUCCESSFUL INVENTIONS
How can you increase your chance of success?
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Technology:• Define the product.
• Understand the level of investment and resources required to commercialize ($ and time).
• Develop a strategy for continued technology development/derisking.
• Understand regulatory and other approvals (i.e., reimbursement) needed for commercialization.
• Re-evaluate the commercial value of your invention as the technology landscape evolves.
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Business/Market
• Identify a clear need or demand for the product/invention.
• Define features which differentiate you from the competitors.
• Use feedback from potential customers/end-users to guide development.
• Seek experienced and qualified partners to commercialize your product/invention.
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• Evaluate the novelty of your invention in light of earlier work by yourself and others.
• Provide data which meets the enablement requirements for patentability.
• Understand how the patent claims relate to the product based on your invention, and how they might be enforced.
Intellectual Property
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The Key Ingredient
• YOU!
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Engage for Success
• Track trends in your field and impacts on the commercial applications of your work.
• Find opportunities to interact with companies and entrepreneurs and understand the commercial perspective.
• Work with TVC in evaluation of your invention, in patent filings, and in patent prosecution.
• Actively participate in identification and outreach to potential partners.
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