6 Steps of Creating a Successful Technology Commercialization Strategy – Part 2

We ended the last blog on the 6 Steps of Creating a Successful Technology Commercialization Strategy on the notion that There are significant implications in licensing technology that affect you, your current and future (target) prospects and customers, and your firm. Well, that’s really an understatement. 1. If you are licensing a technology in your core business area, there will be some business as usual items except you will have more constraints and the pressure to expediently commercialize the technology and make it successful. 2. If this is largely or totally a new area to you, there will be significant changes that will occur, and your SHOULD NOT believe you can master them all (even if you can). You should (or might want or need to) have some new blood infused into the firm which is expert in this process and area. This will help you at all phases of your endeavor. 3. You have to overcome the NIH (not invented here) Factor and deal with culture and change in your organization early on, and without equivocation. Hence, we suggest an assessment and as-is to be evaluation and planning process. It is a self-discovery process that determines what steps you have to take, and decisions need to be made – and how to succeed. 4. Don`t EVER forget that Technology Transfer and Licensing IS a business. With over 4,000 universities doing research under federal and private grant moneys, they keep tight hold on their intellectual property. How big a business is it to Academia? According to one survey, in 2011 universities took in over $3 billion in licensing and royalty fees. To engage in the process is to take that single biggest step towards changing your firm and your focus. Most companies in the services sector adapt to changing technologies and processes. When you decided to become a product–centric company, you become driven by technology and you engage in technology-driven transformation. And that brings on a different way of thinking, of approaching everything, and a commitment to culture, business processes and business operations that may be or ARE quite different than what you likely have today. The licensors you will work with do this for a living. You have to up your game to deal with them. You have to know the playing field, the rules, and be able to present your plans and intents in a compelling and believable manner. You’ll need funding identified, a viable commercialization strategy, and a host of other items that are taken into consideration by the Licensors. Properly planned you’ll get to your goals. If not? You`ll likely get nowhere and waste time and money, and possibly lose credibility elsewhere. Why? Much like customers in a given market, universities and research labs talk with each other, and compare notes. Ever try to sell to a prospect soured on you? Same ground rules apply. Just keep that in mind. Well, until the next blog, get to thinking, be successful and have a great one!