How Do I Know if My Invention Has Commercial Potential?

Beth DreesTeam 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?

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 PositionSUCCESSFUL 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.