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.
•
Results in new products
with positive impacts on
society.
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.
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
Why do Inventions Fail?
FAILED INVENTIONS
Technology
Issues
Business/Market
Factors
Intellectual
Property
Challenges
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).
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.
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.
Which Inventions Succeed?
Technology
and Product
Development
Product/Market Fit
Value Proposition
Partnership
Strong IP Position
How can you
increase your
chance of success?
SUCCESSFUL
INVENTIONS
Technology:
• Define the product.
• Understand the level of investment and
resources required to commercialize ($ and
time).
• Develop a strategy for continued technology
development/derisking.
• Understand regulatory and other approvals (i.e.,
reimbursement) needed for commercialization.
• Re-evaluate the commercial value of your
invention as the technology landscape evolves.
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/endusers to guide development.
• Seek experienced and qualified partners to
commercialize your product/invention.
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.
The Key Ingredient
• YOU!
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.