Commercializing an Invention
BGSU's goal is to license innovative creations, technologies, and inventions and transfer the benefit of such innovations to an external entity to commercialize and make available to the public. Entering into a licensing agreement with BGSU will allow the external entity to access the innovations and provide them with the right to use and commercialize innovations. All licensing negotiations are handled directly between the OTTS and a representative of the company. The process of licensing an innovation can be long one. License agreements often include requirements for payments in the form of upfront fees, minimum annual royalties, milestone payments, and sometimes transfer of equity. Successful commercialization depends on many factors, including the company's ability to further develop an innovation, their interest, prior business experience in the field of the innovation, financial capital, market opportunities, quality of management, complimentary assets, and many more factors.
Benchmarking tests are often required to demonstrate the product/service advantages and to position the product in the market. The licensee’s performance is monitored by the OTTS for the duration of the license. Most license agreements require periodic financial or development reports from the licensees. The role of the innovators may vary depending and the interest of the licensee company in utilizing your services. Involvement may be limited by the BGSU policies and a separated sponsored research agreement may be required. The launch and use of a new product is the final stage of a product development. Most money will have to be spent for advertising, sales promotion, and other marketing efforts on this nearly launched product.
Updated: 08/01/2019 01:23PM