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How Do I Know if My Invention Has Commercial Potential ? Beth Drees Team Lead, Health Sciences

How Do I Know if My Invention Has Commercial Potential ? Beth Drees Team Lead, Health Sciences. Why Commercialize?. Commercialization: Translates research findings into practical applications. Allows public benefit from tax-supported research.

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How Do I Know if My Invention Has Commercial Potential ? Beth Drees Team Lead, Health Sciences

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  1. How Do I Know if My Invention Has Commercial Potential? Beth Drees Team Lead, Health Sciences

  2. Why Commercialize? Commercialization: Translates research findings into practical applications. Allows public benefit from tax-supported research. Results in new products with positive impacts on society.

  3. Impact of Utah Inventions BRCAnalysis: Over 1M tested for hereditary cancer risk. Actiq: Pain relief for cancer patients. LightCycler and FilmArray: Real-time PCR revolutionized molecular diagnostics. ProSigna (PAM50): Next generation of diagnostics to guide breast cancer treatment. HyStem Hydrogels: Customizable synthetic matrix for research and medical applications.

  4. Most Inventions Do Not Succeed! Franz Reichelt (d. 1912) attempted to use this contraption as a parachute. Reichelt died after he jumped off the Eiffel Tower wearing his invention, which failed to operate properly as a parachute. http://en.wikipedia.org/wiki/List_of_inventors_killed_by_their_own_inventions

  5. Why do Inventions Fail? FAILED INVENTIONS Technology Issues Business/Market Factors Intellectual Property Challenges

  6. Technology Issues • Insufficient proof of concept/ validation. • Invention remains stuck at early stage. • New developments make invention obsolete. • Failure to obtain needed regulatory approvals. • Lack of resources ($$, time).

  7. Business/Market Factors • Product/invention does not meet or create a demand. • Small market size does not support investment. • Competitive market, invention is redundant. • Poor business strategy, understanding of market fit. • Lack of solid business leadership.

  8. Intellectual Property Challenges • Existence of dominant IP (patents held by others). • Lack of freedom to operate. • Invention is not patentable or otherwise protectable. • Patent cannot be enforced.

  9. Which Inventions Succeed? Product/Market Fit Value Proposition Partnership Technology and Product Development How can you increase your chance of success? Strong IP Position SUCCESSFUL INVENTIONS

  10. Technology: • Define the product. • Understandthe level of investment and resources required to commercialize ($ and time). • Develop a strategy for continued technology development/derisking. • Understandregulatory and other approvals (i.e., reimbursement) needed for commercialization. • Re-evaluate the commercial value of your invention as the technology landscape evolves.

  11. Business/Market • Identify a clear need or demand for the product/invention. • Define features which differentiate you from the competitors. • Use feedback from potential customers/end-users to guide development. • Seek experienced and qualified partners to commercialize your product/invention.

  12. Intellectual Property • Evaluate the novelty of your invention in light of earlier work by yourself and others. • Provide data which meets the enablement requirements for patentability. • Understand how the patent claims relate to the product based on your invention, and how they might be enforced.

  13. The Key Ingredient • YOU!

  14. Engage for Success • Track trends in your field and impacts on the commercial applications of your work. • Find opportunities to interact with companies and entrepreneurs and understand the commercial perspective. • Work with TVC in evaluation of your invention, in patent filings, and in patent prosecution. • Actively participate in identification and outreach to potential partners.

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