It is one thing to obtain protection for your intellectual property but another to make money from it.
It is one thing to obtain protection for your intellectual property but another to make money from it. Our commercial team at GLG Legal are dedicated to assisting and advising clients on the process of commercialisation so that their ideas can become a profitable reality.
What is idea commercialisation?
Idea commercialisation is the process of transforming an idea into a business opportunity. The commercialisation process involves many steps and as a result, it can often take from months to years to properly commercialise an idea.
As an example, your idea may be a product that assists disabled people with a certain aspect of their lives. To transform this idea into a reality, you will need to undertake the following steps:
Conceptualising the idea
First and most importantly is to conceptualise your idea. This involves a thorough understanding of your idea and being able to explain it to other people. It is essential that you are able to simplify the idea and explain it to people who may be unfamiliar with the industry or market it is targeted towards as this will provide you with an indication as to whether the idea is ready to be commercialised.
One of the most important aspects of commercialisation is being able to sell your idea to the greater population. Therefore, if your idea is so complex that you cannot explain it to another person, then you will need to work on conceptualising the idea in a way that can be understood.
Creating the prototype(s)
The next logical step in the commercialisation process is to create prototypes that you will be able to show to the market and/or potential investors. Oftentimes, many entrepreneurs will have a prototype already made but it is important to create several kinds of prototypes to offer slight variations to the idea.
From a legal perspective, we understand that many industries will require the product to meet certain standards of industry code and/or legislation. Our lawyers can assist in advising you upon such standards to enable you to ensure that your prototypes are meeting such standards.
One of the most important steps in the commercialisation process is to check whether there is a demand in the market for your product and/or idea. Failing to identify and engage with the market prior to exporting your product to the shelves may prove to be detrimental to your business. Market research will enable you to see where the demand is at, how much consumers are willing to pay for the product, and whether any changes need to be made to the product.
Market research provides you with the unique opportunity to seek constructive feedback and use such feedback to improve your idea.
Intellectual Property Rights
Prior to going to market, you will need to obtain the appropriate registrations necessary to protect your intellectual property rights. Depending on your product, your product may not qualify for certain intellectual property rights. We recommend seeking advice from our expert lawyers who will be able to assess your product and advise on the available options in terms of protecting your intellectual property rights.
For more information on intellectual property, please see: https://www.glglegal.com.au/services/intellectual-property/
Another aspect that you will need to consider during the commercialisation process of your idea is how much it costs to make and market the idea, and how much you will need to sell it for. During the market research step, you will be able to obtain a clearer understanding of how much people in the market are willing to pay for the product. It may be that you will need to reduce the costs in the creation of the product to ensure that you are making profits when selling the product.
There are many considerations in the commercialisation step of this process as in this step, you will take everything else that you have done and analyse the best method in how to export your product to the market. This may involve financial projections for a number of years, marketing strategies, starting and structuring a business, and many more.
Exporting a product to the market can be risky and it is important that you obtain advice from both lawyers and accountants to ensure that you are meeting all regulatory standards and ensuring that your own assets are protected from any outfalls involved in selling a new product.
GLG Legal has extensive experience and planning services to assist you. We can assist you to:
- develop a new brand to fit with your existing ones;
- take a new product to some “key” industry players;
- create a strategy to benefit from an invention you have created; or
- acquire a business and form alliances.
GLG Legal will provide you with guidance and assistance throughout the commercialisation process.