Turning Intellectual Property
Into Money-Making Ideas
Intellectual property is like milk: the longer it sits on a shelf, the more it loses its value and no one wants it. Consider that the vast majority of intellectual properties never reach production and sit around collecting dust.
It can be hard for a manufacturer to step into the customer’s shoes, and involvement in technical and logistical details may blur the most important factor in running a business – customer satisfaction
For the record only 5-10 percent of all intellectual properties ever become commercial products. The problem is it’s a long process to walk a good idea through the entire development to reach commercialization. Mark DeWyngaert, senior manager of Ernst Young of Stamford, works with companies and universities to help get their intellectual properties into production. He points out that protecting ideas with patents typically cost big bucks. And when good ideas sit around collecting dust, it still costs companies money – often a lot.
“There are a lot of intellectual properties sitting around,” DeWyngaert said. “Patents expire and when that happens, someone else comes up with an idea. There are important steps to take to insure the tech transfer process takes place properly.”
DeWyngaert moderated a recent Connecticut Venture Group Technology Commercialization Forum that lead investors, entrepreneurs and researchers through the technology transfer process from intellectual property to commercial production. DeWyngaert notes that the process is complicated and fraught with pitfalls for researchers and inventors who need to consider three critical steps