Commercialization is the key to making the invention successful and to earn revenues. Technological and economic development worldwide leans heavily on new and competitive products. They can be classified on the basis of their significance at different levels of sophistication and in different sectors of the economy, from high-tech to everyday products. Some reach international success, while others are noted within their home region or country.
Technology and inventions promote general welfare and also play an important role in the production of services. In most industries, intellectual property rights, especially patents and their exploitation, hold key significance in the development and commercialization of new products. Businesses should also have an intellectual property strategy as part of their corporate planning and strategy, because it also affects to the commercialization behavior.
The right to exploit an invention belongs to the owner. The most common exploitation alternatives include:
- Production and marketing within a current or new enterprise
- Partnership arrangements
An invention must be considered as a business opportunity from the beginning!