Commercialisation is the process of introducing a new technology or idea to market. The path to successful commercialisation can be a complex and challenging one, with medical devices facing the additional challenges of R&D expenses and regulatory hurdles. For instance, a surgeon may have an idea for a new surgical device or a researcher might have developed a new diagnostic.
There are a few fundamental elements that an inventor must consider in taking their product to market:
- Clarifying the product or service and the problem it will solve for the target markets
- Protecting IP and finding a patent lawyer
- Proving the concept
- Route to market
- Researching your market in terms of customers, market players and competing technologies.
- Designing and completing a working prototype
- Determining your ‘Go-to-market strategy’ – will you form a new company, partnership, joint venture, etc.
- Gathering a reliable team that can assist in the commercialisation process. This may include a trusted advisor or consultant that can assist you to identify a commercialisation pathway
- Write a business plan with a commercialisation strategy, this may also include other important strategies such as marketing, distribution, financing.
- Funding – Will you use personal funds, grants, venture capitalists, external investors, etc.
At Inner Maven, we specialise in technology commercialisation. We work closely with inventors and organisations in developing and implementing the best go-to market strategy for your company or technology. We understand and have worked through the complex issues that face entrepreneurs in the complex path of commercialisation with many success stories.