If you’re in the early stages of your business, it’s time to consider how you will make money from your intellectual property. While there’s no single journey, there are steps to consider.
Step 1 – Understand commercialisation. You’ll come across terms such as pathway, strategy, vehicles and business structures.
Step 2 – Decide how to source and protect your idea.
Step 3 – Review the IP background, also known as due diligence.
Step 4 – Choose your commercialisation vehicle option. From selling your IP rights to creating a joint venture, there’s many ways to make money from your idea.
Step 5 – Choose your business structure – the legal entity you will operate as.
Step 6 – Decide how to fund your idea. You might find a ‘business angel’, decide to crowdfund or apply for a government grant.
Step 7 – Finalise your commercialisation plan!
Visit IP Australia’s website for more information [On screen - Visit: ipaustralia.gov.au].