Commercialise your IP
Commercialising Intellectual Property (IP) is about getting your products or services into the market place. Your commercialisation strategy depends on many variables; your individual circumstances, business capabilities, competitive environment and access to finance.
Licensing is the most common commercialisation method, but it is just one of many options for taking your IP to the market place. You need to consider questions such as:
- Do you want to commercialise in-house or with a partner?
- Do you want to manufacture, market or sell your product?
- Do you want to outsource?
There are also different issues to consider when commercialising internationally.
Traps to avoid
Regardless of whether you decide to commercialise in-house or with a partner, be aware of the two most common traps:
- failing to keep your IP a secret before applying for protection
- failing to secure ownership of your IP
Summary of key concepts in commercialisation
- Commercialisation is the process of getting your IP to market.
- You can commercialise on your own, through a partnership or a combination of the two.
- There are different issues to consider when commercialising in Australia and internationally.
- Make sure, regardless of how you commercialise your IP, you maintain confidentiality arrangements with all parties.
- There are a number of options available when commercialising with partners.
- In licensing, the owner might give up the right to commercialise, but not the ownership of the IP itself.
- Exclusive licences are the most common form of commercialisation.
- There are a number of shades of exclusivity - product, field, territory restrictions or a combination of these.
- Licences include trade mark licences and franchises.
- Assignment is not licensing, it involves transferring or selling the IP - the owner retains no rights to the IP.
- Other ways of commercialising IP are through a start-up company involving a venture capitalist or a joint venture with other parties or established companies.
- Royalties payments associated with licences can be calculated in a number of ways.
Last Updated: 24/7/2015