It is great to have an innovation or product but sometimes the greatest challenge is how to best commercialise IP. Commercial success for any business is having the right commercial partners. This is important whether your strategy is to to sell off your product or licence it to various partners. There are three basic things that need to be considered when developing commercial plans and partnerships.
The first and most important element is to fully understand what value your product will provide not only to those who will use it, but also your commercial partners who will sell and market the product.
Commercial partners look for technologies that will grow their business over the long term, not just increase revenue in the short term. They also look for technology that will add to their existing portfolio of products.
The second point is know what advantage and benefits your product provides over existing products in the market. This needs to be clearly evaluated. There will always be competition, if not now, there will be in the near future. Your business strategy needs to understand existing and future challenges your product may face in the market. This will allow you to better select the right commercial partner.
The third point relates to the ease of use and ease in the delivery of your product to the market. While your product may provide great value and competitive advantage, the steps to be taken to develop the final product and its delivery to end consumers are key questions a commercial partner will want answers to.
Understanding these three elements will help you develop the right commercial strategy and right commercial partners for your innovation, whether it be a new chemical product or software package.
TechMAC’s business approach is to work with you to understand your product, its market and commercial partner opportunities. Having a clear vision and plan for any commercialisation plan makes the development and implementation of a commercial strategy that much easier.
Once a commercial strategy has been selected we can help you implement it to achieve commercial success.