Best Practices on IP and Technology Commercialization

1. Market research : One of the important practices for commercializing intellectual property (IP) includes a market analysis of the intended market for the product or service. Here, the word “market” encompasses both the geographical and the product markets. While the product market considers elements such as the demand for the product or service, rivals, similar items, etc., the geographical market focuses on the nation or countries in which the IP is to be commercialized. The estimated value of IP, the size of the market, the demand for the good or service, the competitors, potential commercial partners, and the state’s legislative structure are the elements that must be considered. 
2.  IP audit: The intellectual property assets of a corporation are regularly audited, together with the related risks and opportunities. IP audits may help in evaluating, protecting, and enhancing IP, fixing weaknesses in IP rights, utilizing underutilized IP, identifying risks that a company’s products or services can violate someone else’s IP, and implementing best practices for IP asset management.

A complete IP audit looks at a company’s IP assets as well as its IP-related agreements, policies, and procedures, as well as the IP of its rivals. IPs have an ethereal character yet are crucial to a business. A firm consists of more than simply its tangible assets. It is critical to evaluate all intangible assets the business has built or produced since its beginning. The following should be covered during this process:  

• Name of the organization (whether it has been registered as a trademark). 
• Name, trend, or any other identifier used by the business to market its goods or services 
• Any original products that the business has created or produced.  
• Anything that falls under the category of trade secrets or know-how, such as novel procedures or creative techniques. 
• The way a product is packaged, or its form set it apart from competing goods. (Can be protected by filing for industrial design registration, or even without filing, it is covered by copyright.) 
• All the court papers (protected under copyright laws) which consist of documents such as contracts, software, memos, etc. 

    3. IP valuation: The paradox of valuation is that although most corporations are aware of the potential value of their intellectual property, they consistently fail to accurately estimate its worth. More accurate values enable investors to optimize their IP holdings and boost returns. The replacement cost approach, market value approach, fair value approach, and tax valuation approach are some of the methods used to value intellectual property. Making decisions on IP development or acquisitions will be easier under these strategies with the help of IP value.