Research commercialization demonstrates the value and impact a research project has delivered to the industry and community. The benefits of commercialization extend even further to drive new innovations, create jobs within the research community, and more. Yet despite these benefits, many institutions have not fully embraced the value of commercialization or may even still be struggling to gain buy-in from key stakeholders. Let’s explore why commercialization has such vast implications for greater scientific and economic impact — and how you can reach your commercialization goals.
What is research commercialization?
Research commercialization is the process of bringing a newly developed product or service to the local, national, or global marketplace. Historically, this may have involved filing a patent and then simply waiting to see if something came of it. Today, research teams are shifting from the passive inventions management of yesterday toward a more affirmative intentionality about marketing inventions. By promoting new inventions and key findings, research organizations can garner greater attention to their programs, which in turn can drive additional funding for further research. It’s a win-win for all parties involved.
What are the benefits of research commercialization?
Research commercialization can take groundbreaking innovations and inventions in medicine, science, and research and bring them to a global stage. Why is that important? Here are five reasons you should consider:
- Economic Growth. Commercialization brings a new innovative product or service into the market, where it can impact companies, jobs, and more. Commercialization takes the generative power of sponsored research and creates room for it in the market. Financial benefits can include licensing technology to companies for their own benefit, developing new startups, creating jobs, and more.
- Societal Impact. Sponsored research generates impact across some of the most important industries to solve many of our world’s most urgent problems. Commercialization brings new inventions and discoveries to bear across healthcare, wellness, education, the environment, and more — and gets them to the people and companies that need them most.
- Partnerships. Commercialization can strengthen partnerships among research organizations, companies, and the greater community. It can increase your chances of future funding and support and boost interest from investors.
- Retention. The added publicity and positive messaging springing from commercialization also helps generate the right kind of attention and excitement needed to recruit and retain talent.
- Innovation and Entrepreneurship. Commercialization helps expose the research organization to local business leaders and entrepreneurs, potentially creating new opportunities for innovation and entrepreneurship.
Each of these benefits brings generative opportunities and critical, even life-changing benefits to local and global communities.
How can Cayuse help you reach your commercialization goals?
Cayuse provides a comprehensive solution for inventions and commercialization, supporting new inventions from lab to market. We partner with research organizations to simplify processes and help bring their inventions to market, providing resources and automation at each step of the process.
Cayuse Inventions is a cloud-based enterprise platform built to facilitate an organized and effective commercialization process, enabling research teams to:
- Save money. With a comprehensive solution covering every aspect of the inventions and commercialization process, your team can optimize your speed to market, improve funding potential, and reduce the amount of overhead and cost needed to get there.
- Save time. Minimize noncompliance and improve the efficiency of your workflow by using a system purpose-built for the market.
- Innovate. By boosting collaboration and making tracking easier, your team can more quickly evaluate, manage, and innovate. With technology supporting the busywork, your team can operate at a higher level.
- Improve collaboration. A centralized, cloud-based system ensures all teams are working from a “single source of truth” and can communicate and collaborate more effectively.
According to Robin Rasor, Associate VP for Translation & Commercialization at Duke University, “We’ve made a conscious effort to increase interest and participation by our faculty in innovation and entrepreneurship. As activity has expanded, so have the challenges of maintaining budgets, holding down patent expenses, collecting and distributing revenue, and simply getting the technologies marketed and licensed.”
Those challenges were alleviated with Cayuse Inventions.
“Cayuse Inventions was hands down the best option we found,” says Rasor. “There was no question. The great thing about Inventions is that the user interface is so easy and requires very little training.”
Cayuse Inventions showed a 90% satisfaction rating from all of Duke’s faculty across Medicine, Nursing, Engineering, and Arts and Sciences. As Rasor puts it, “Creating reports that once took a week now takes just minutes with Inventions.”
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