Startups miss one great opportunity – university technologies. There are multiple tech transfer offices wherever you are and the first step is in developing a relationship with the local group. Why try and commercialize your own idea when you can advance science from the university.
Technologies available for licensing cover all areas and you should focus on the area where you have expertise – whether it be medical devices, engineering, and so forth.
OK, this is the part where it gets interesting.
Work with the tech transfer office. Find a technology or technologies you want to work with. Do the research – is this available for commercialization or further research. Need help with this evaluation – call us. Develop your next steps, whether it is licensing with key partners or further development with SBIR grant opportunities. There are other grant opportunities with the NSF, NIH, and other organizations. Check out the patent or patent application. It is possible to move ahead on patent applications into the research or licensing marketplace.
Sign an option for a license agreement for a period of time with your company. Execute your next steps. SBIR grants are awarded to an external company with part of the funds going to the university for technology development. Part of the funds also go to funding salaries (like yours). The first grant is smaller, the second grant is very large. Successful SBIR grants lead to licensing.
Licensing opportunities are also available with industry clients.
At some point, you will need to fully fund the license agreement with the university, but you should recognize the option agreement will give you time to decide whether or not to proceed with the technology.
Want to discuss further? Give us a call.