Technology commercialization enables university discoveries and inventions to be transformed into valuable products and tangible services that benefit society, by:
Technology commercialization can also increase the visibility of researchers, faculty, and the university through patenting, product development, and commercialization activities, potentially leading to increased funding and additional academic opportunities for both faculty and students.
How is technology commercialized?
Technology is typically commercialized through a license agreement in which the university grants rights in a specified technology to a third party for a period of years. License agreements require the licensee to meet certain performance milestones and compensate the university. The university shares this compensation with the inventors.
What are the typical steps in the process?
The typical process of technology commercialization is summarized in “The 8 steps of technology commercialization”:
Note that these steps can vary in sequence and often occur simultaneously.