Doesn’t an acronym make everything better? Seriously, sometimes the act of sitting down and thinking through the essence of what you do in an effort to come up with a clever, memorable acronym leads you to greater clarity about what’s really important.
PRISM is Fuentek’s acronym for how we approach technology licensing with our clients. Our experience has shown that viewing licensing through the PRISM helps technology transfer offices consistently, predictably, and efficiently execute successful licensing agreements, improving their success rate in transforming technology disclosures into licensing deals.
More detail on each of these components will be discussed in this series, but here’s a quick overview of Fuentek’s Technology Licensing PRISM:
Prioritize: Quickly yet thoroughly evaluate intellectual property (IP) to ensure that resources are directed at those innovations with the greatest potential for technology commercialization success. (This blog has covered the importance of using technology screenings and assessments in making commercialization decisions before, but there is much more to say about this.)
Return on Investment (ROI): Develop a strategy that delivers the greatest ROI to your organization—be it a company, a university, or government lab—while also calculating your potential licensees’ ROI and how they value your technology in making their commercialization decision.
Information Management: Leverage key attributes of IP asset management database solutions to facilitate communications, data capture, and activity tracking to ensure deals come to fruition efficiently and as a means of evaluating your success.
Streamline: Be agile and efficient in getting deals signed, institutionalizing enough process and standard templates to move quickly while still protecting your organization’s best interests.
Measure: Efficiently identify and capture key operational metrics to monitor and proactively manage progress towards achieving your goals.
Next post: Prioritize
–By Laura A. Schoppe