Less Is More: Commercialization Factors for Technology Evaluation
In evaluating innovations for technology transfer, it’s important to consider the most critical factors in order to efficiently determine the commercialization potential of your technology. After you’ve done all of your market-based research, you should have a pretty good gut feeling about the commercialization potential of the technology. So to verify that your gut is right, we find that it’s often sufficient to evaluate just a few key factors in your final analysis rather than get mired down in a lengthy list.
These factors fall into three key groups:
- Commercialization factors: Considering just a few elements helps to identify if the market will be ready to adopt the technology or if there are issues with the stage of development or implementation requirements.
- IP factors: A few indicators related to protection status make it clear whether coverage can be obtained or is sufficient, or if there are red flags that might impede commercialization.
- Market factors: Fuentek has found that a handful of sub-factors can serve as a litmus test to determine if there are any show-stoppers or barriers to entry.
Commercialization potential can become very clear when you consider only these key factors. It’s quite possible that not all of the factors will fall on the weak or the strong side—a mix of these is common. But analyzing these provides insight and guidance on whether and how a technology warrants further resources for commercialization, or may indicate that investing additional resources is not warranted.
Once you’ve done your homework, you will have the information you need to rank your technology according to these factors and you will know if you have a viable commercialization opportunity or not.
The critical elements we’ve discussed here really should suffice, saving you time and helping you efficiently arrive at an accurate and actionable commercialization recommendation.
For information about how Fuentek can help you determine the market potential of technologies in your intellectual property (IP) portfolio, contact us today.