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

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Presentation transcript:

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.

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

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 SUCCESSFUL INVENTIONS How can you increase your chance of success?

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/end- users to guide development. Seek experienced and qualified partners to commercialize your product/invention.

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. Intellectual Property

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.