Commercializing your research can seem like a daunting task, particularly if you are new to the process and unsure of what it takes to translate an innovation from the lab to the market. However, the rewards can be great – for you, your department, the region and for society. With the time and effort you have invested in your research, you deserve an opportunity to reap the rewards of seeing your work make a difference in people’s lives. Consider these eight reasons why you should commercialize in 2017:
- There is no better time than the present. The main goal of scientific research is to improve the human condition. The longer it takes to advance your idea towards commercialization, the longer society will have to wait to benefit from your discovery.
- Meet new people, make new friends. The programs of the Innovation Institute provide a host of people ready to help, within the University and regional experts in the business community who can assist you in your translational journey.
- Consider your options. The commercialization process can force you to look beyond your lab and “get out of the building.” Talking with potential customers and collaborators will lead to new ideas on the solutions your customers want and help you consider new ways your innovation may provide value that you previously had not considered.
- Your family and friends will finally know why you have been spending all that time on campus! Preparing for commercialization of your innovation affords (or forces) you the opportunity to succinctly explain to them what it is and what it does, especially if you didn’t do such a good job of that over the holiday break during all your quality family time.
- Perfect is the enemy of the good. You don’t have to have answered every hypothesis or added every feature to start the path toward commercialization. What you have today may be good enough to get the ball rolling on commercialization. You don’t have to stop innovating just because you begin to commercialize. In fact, the product or service that finds its way to market is probably somewhat different than what you initially had in mind.
- Enhancing Pitt’s reputation. The successful transfer of innovations to commercial partners helps promote the University and increases its reputation for developing world-changing technology. This helps attract and retain top faculty and student talent.
- Make connections to further your research. Commercialization provides an opportunity to engage with industry partners, investors and other businesses. These partnerships can result in additional funding sources to further your research.
- Last but not least, potential economic benefit. Commercialization can be profitable, for both the researcher and the University, as well as the community at large. Whether it be through the licensing of technology to other companies or through the creation of startups, commercialization provides new income potential and can spur job creation locally, regionally and potential across the globe.
Don’t put it off any longer. Make 2017 the year you commit to launching your innovation. Learn more about how you can further advance your research toward commercialization.