What does it mean to commercialize a patent?
What does it mean to commercialize a patent?
Commercialization here means the original owner of the patent has either: (1) sold the patent; (2) licensed the patent; (3) introduced a new product based on the patent on the market in his own, existing firm; or (4) introduced a new product on the market in his own, new firm.
What is the commercialization process?
Commercialization is the process of bringing new products or services to market. The broader act of commercialization entails production, distribution, marketing, sales, customer support, and other key functions critical to achieving the commercial success of the new product or service.
What does it mean to commercialize innovation?
Commercialization is the process by which a new product or service is introduced into the general market. Commercialization is broken into phases, from the initial introduction of the product through its mass production and adoption.
How do you commercialize an invention?
You can commercialize your patent by licensing it to a major player. What is licensing? You can think of it like renting. If you do not want to make and sell your invention yourself, you can license it to an individual or company who does.
Why is patenting important in commercialization?
Patents do not only exclude third parties from the use of inventions. The patent system attempts to compensate inefficiencies associated with market exclusivity. By making public new knowledge through disclosure, patents contribute to making innovation more efficient by avoiding needless duplication of R&D efforts.
What are the reasons for commercialization?
Reasons for Commercialization
- Reduction in Operational Inefficiency: To reduce operational inefficiency and gross incompetence on the part of the management.
- Revenue Generation: It helps the government to generate revenue.
What is the importance of commercialization?
Commercialization enables customers to obtain a wider choice of products and allows companies to generate more revenue, increase efficiency, and reduce costs. It’s a critical process since it entails making strategic and tactical decisions. They affect the success of a product and a company in general.
How do you commercialize a product?
Six steps to commercialize your new product
- Define your offer.
- Align the product with your business core.
- Identify your target audience.
- Promote your product.
- Use a sales plan.
- Forecast the results your product commercialization can bring.
What are Commercialisation strategies?
A commercialization strategy refers to the series of financing options that a founder or management team chooses to pursue in order to bring a technology from concept to the marketplace. Attention to a commercialization strategy must be ongoing because the strategy selected is dynamic and should evolve over time.
Do patents Matter for commercialization?
First, the presence of a granted patent has no effect on the decision to continue the commercialization process. Applications that are still pending progress through the commercialization process as well as those in receipt of a grant.
