3 Keys to Success Intellectual property strategy A unique, superior product: a differentiated product that delivers unique benefits and superior value to the customer. A strong market orientationthe number one reason why new products fail is due to a lack of market information and intelligence. Getting a customer involved at an early stage and during the development cycle is critical. Developing a business plan is essential
4 Office of Technology Transfer The OTT is responsible for management and protection of the intellectual property assets of the university. Their mission is to help turn scientific discovery into tangible products by evaluating disclosures for its patentability and potential commercial possibilities. Contact: Susan Avena: (915) 747-7007 email@example.com
5 What is Intellectual Property? A Physical Embodiment of an Idea – Research data – Compounds – Materials (biological, chemical) – Publications – Presentations
6 Invention Disclosure Before the Invention: Make sure you keep proper documentation Notebooks should be bound, pages numbered, entries dated, detailed descriptions of tasks per researcher, and contain data, figures, photos Important entries signed and countersigned by a witness Once the Invention is Made: All inventions should be reported to the Office of Technology Transfer prior to public disclosure If the invention was federally funded, the Office of Technology Transfer will report the invention to the agency and all subsequent actions relating to the invention
7 What is Patentable? New and useful processes Machines Manufactures (objects made by humans or machines) Compositions of matter Any New or Useful Improvement to any of the above Patentability Test Novelty - Clear and complete explanation of the manner and process of making and using the invention Utility – Advantages and Purpose Non-obviousness – Patent Search
8 Public Disclosure Public Disclosure is: Presenting at a Professional Meeting Presenting to a Class Publication Telling a friend The Law: The U.S. and Canada allow one year from the date of public disclosure to file a patent You lose the right to file in most foreign countries with public disclosure Disclosure can compromise your invention and lose marketability without foreign patent rights
9 Protection of Patentable Ideas When discussing ideas with anyone outside the university make sure that a non-disclosure agreement is executed PRIOR to disclosure Mark all related documents and material CONFIDENTIAL and/or patent pending Safeguard and limit access to all confidential material When transferring material make sure that a material transfer agreement is executed
10 A. Technology-Push B. Market-Pull C. Product/Markets (Hybrid of A & B) R&D defines the technical solution ManufacturingSales Market defines the needs R&D Fit?Manufacturing Marketing and R&D define the needs, fit, and solutions R&DManufacturing Sales Market need? Approaches to Innovation
12 Characteristics of a Market-Driven Company Customerswhat are their unmet and emerging needs Know who is the competition Understand capabilitiesfocus on core competencies; outsource the rest Develop cost-effective solutions Establish a culture of continual improvement of customer valueproducts and services.
13 Fast Cycle Time Principles Identify Customer Problems Create a New Products Strategydetermine market segments Communicate Effectively Practice Good Planning and Project Management Process Simultaneously Utilize Cross-Functional Teaming Involve Customers on an Ongoing Basis Prioritize and Make Decisions as Fast as Practical Measure progresskeep track of customer interactions
14 Fast Cycle Time Principles New product strategy should include: 1.List of products to be developed 2.Market sectors each will serve 3.Unmet need that will be addressed 4.Priority listing of development 5.Channel of distribution that will be utilized 14
15 New Product Strategy Table: New Product Strategy Market Sector Unmet Need Technical Program Status Channel of Distribution Sales Product 1 Product 2 Product 3 Short Term Long Term Consumer US Brighter color(P)Online 1: $50k 3: $10k 1:$1M 3:$200k Industrial US Light stable colorDistributor 2: $50k 3: $20k 2: $500k 3: $100k Consumer Mexico Brighter color(P)Online 1:$30k 1: $500k 15 Key Development Targets: In progress: (P)
16 Business Plan Development A business concept should address: What am I going to make and sell? Who am I going to provide a service to and sell? What are the unmet needs? What will be my competitive advantage? How will I protect my ideas? What will it be worth?
17 Business Plan Development The Business Plan is a key document that articulates what key features will drive your business opportunity. These can include: Mission Statement Key members of the Team Technology and intellectual positions Opportunities and market summary Business concept: entry and growth strategy Competition Five-year goals and objectives Five-year financial plan Risks and rewards
18 Summary: New Product Development Make certain that you handle IP at an early stage. The number one key success factor is a unique, superior product. The number one reason why new products fail is due to a lack of market information and intelligence. Getting a customer involved at an early stage and during the development cycle is critical. Developing a business plan is essential. HAVE FUN! AND CELEBRATE YOUR SUCCESSES!!
19 Gary Williams – Director Jeni Clark – Associate Director Shaping a Product Concept November 28,2012