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Invention And
Inventing 101 |
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Think you
have a great idea for a new product or service? You're not alone.
Every year, tens of thousands of people try to develop their ideas and
commercially market them.
The
very first and basic steps an inventor has to take is to Learn the
relationship between patents and the market value of inventions, the
need for counsel, the need for prior art searches and about being
skeptical of invention promoters |
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The
following represents the panel’s top 10 recommendations for bringing
research advances to market: |
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Opportunities for commercialization
abound at universities. Take stock of the possibilities afforded by
your research efforts.
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Once you have an idea, ask yourself: Is
it really that good? Remember that markets (and investors) will
ultimately decide.
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The science does not speak for itself.
Rather, successful invention depends on interdisciplinary
relationships founded on trust and respect. It’s all about the team.
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Avoid unnecessary complications by
being completely open and honest with everyone involved up front.
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Keep in mind that there are many
sources of capital – venture capital firms, corporate investors, and
– perhaps most importantly -- individuals.
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Don’t miss opportunities by holding out
for the “perfect deal.”
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Plan carefully. While conflict of
interest is a reality of entrepreneurship, the vast majority of all
conflicts can be managed.
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Be the champion of your technology. Do
as much as you can to understand the commercialization process,
rather than expecting others to do it for you.
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Once a company is licensed, stay
involved. A good way to do this is to “send someone over” – for
example, a postdoc or a faculty member on sabbatical.
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Don’t over-think it. No one can predict
which inventions will turn out to be the winners.
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