Most of the time, significant product development is required. It will take a company time to incorporate your innovation into a product or service that the public can use. Two or three years is short – usually it takes longer, especially when clinical trials or other regulatory procedures are required.
During this time, you may or may not be involved. Sometimes companies licensing your innovation will engage you as a paid consultant. Sometimes they will sponsor further research in your lab. However, the majority of the product development is usually handled by the licensee’s own employees.
We stay in touch with the licensee and ensure that they are working on your innovation. Just like you, we want your innovation to be developed and used – not just sitting on a shelf somewhere. All of our licenses require annual progress reports and some type of mechanism to ensure that unproductive arrangements can be renegotiated.
Once your innovation is in use, there are many ways that it can have an impact. Although blockbusters are rare, commercializing your innovation can have a number of positive outcomes:
- From saving people’s and animals’ lives, to improving farmers’ yields to cleaning up the environment, your innovation can make our community and the world a better place.
- A profitable product or service can create new jobs and strengthen our economy.
- The attention your innovation receives will increase awareness of the valuable contributions that you, your research, and the University are making.
You will also be rewarded financially; as you are entitled to a share of all revenues we receive.