Two ways to commercialize your invention
(See full “New Invention Process”)
You with the assigned Technology Transfer Specialist will develop a marketing plan in where different prospective partners will be identified. These partners may include an existing company or forming a new venture as a stat-up company.
Either type of partnership will need a mutual confidentiality agreement and a technology license agreement, which is a contract between the University and a third party in which the technology rights are licensed (not relinquished) for financial and other benefits such as allowing the inventor funding for further development of the technology. The objective of commercializing your invention is to establish mutual beneficial partnerships so the invention can get to the market and benefit the general public.
The technology transfer specialist will be in charge of negotiating licensing agreements and conducting a post license follow-up, including administration of revenues/royalties.
1) Existing company relationship
It may involve one or more existing businesses (aka licensees) depending on the technology characteristics and needs. The technology transfer specialist will contact different potential licensees to commercialize the technology, looking for mutual interests and goals fulfillment.
2) Creating a new company
Please refer to the entrepreneur section.