The current economy has TTOs facing a “perfect storm” of difficulties, notes Art Espey, a consultant who helps tech transfer teams boost revenue generation. Many TTOs have seen potential business partners reduce their innovation portfolios and expenditures, while funding sources have been drying up. However, he says, times like these also create opportunities. Espey offers these seven tips for success in tough times:

Maintain a list of problems that are relevant to the research and technologies in the pipeline. “TTOs typically get involved in research commercialization efforts late in the research and testing process,” says Espey. “Get involved earlier in the process and start developing a list of problems to which the research can be applied.” Don’t just talk to the researchers, he adds; get business input from those who are not involved with the research or the research teams.

Develop long-term business relationships. Espey recommends you follow the old Chinese proverb, “Dig the well before you are thirsty.” Start developing business relationships with business leaders from a wide range of industries, he advises, and do this even before you have any applicable research or solutions for them. “These relationships will pay off in two ways,” Espey says. “You will have a better understanding of the types of challenges that these businesses face, and when you do have promising research technologies and solutions, you already have a relationship with the business or their contacts.”

Pair researchers with business mentors. “Researchers think like researchers; business people think like business people,” Espey notes. “Getting the two to communicate with each other versus talking to each other is a common technology transfer office challenge. Providing a business mentor to promising research leaders will help alleviate this common problem.”

Develop alternative commercialization strategies early. Good business people know that there is always a chance that their efforts may fail, and technology transfer professionals know this too. But “unfortunately, many researchers and inventors do not think about this, much less plan for it,” Espey notes. “Most inventors think that their invention is world changing and worth millions. They have visions of establishing a company based on their research or technology, selling it for millions, and retiring in the lap of luxury. The truth of the matter is that nine out of ten spinoffs and start-ups will fail. You, as the technology transfer officer, can improve these odds.” Espey notes that he sits on the advisory board for some startup-focused investment funds. “One of the strategies that we have developed recently is to go for the big distribution partnering deal with large companies,” he says. “When that doesn’t work, we find out why and have alternative proposals available. This alternative could be limited distribution agreements on licensing deals. It really doesn’t matter what the alternative is. What does matter is that you get to stay in the game and get a return on the sunk costs.”

Reduce risks for all involved. “In order to get more businesses interested in potential technology, look for new ways to reduce their potential risks,” Espey advises. “Right now cash is king. Instead of negotiating a lower royalty percentage, offer your potential licensor a deferred royalty agreement at a higher percentage. This is the business innovator’s version of ‘no interest payments for three years.’” This approach allows the business to conserve cash today and the university to reap more money in the long run, says Espey, and it’s better than the technology sitting on the shelf waiting to become obsolete.

Teach bootstrapping to your start-ups. Bootstrapping basically means to start and operate a business without much outside funding - but with plenty of plain old hard work using existing resources. It requires the entrepreneur to focus on sales and to hold fixed costs to an absolute minimum. “Bootstrapping requires a unique mindset that few lead researchers turned entrepreneurs can relate to,” he says. “It takes a special entrepreneur to be able to successfully bootstrap a business. Get some experienced bootstrappers on your advisory and consulting teams and pass the knowledge on to your start-ups.”

Partner with other TTOs. Unlike many organizations involved in the commercialization process, TTOs do not compete, says Espey. “Some technology transfer offices such as Stanford and MIT are the envy of their peers; however, most technology transfer offices do not reside in a geographic area that harbors entrepreneurship in its DNA,” he notes. Partnering with other TTOs offers many unique benefits that cannot be found through other means, Espey observes. “It opens up dialogue and support for represented research and technologies to new areas and new commercialization ideas,” he explains. “It develops relationships with other potential business partners and fosters potential research synergies.” Targeted TTO partnerships can lead to research combinations that together hold more commercialization potential, he adds. “This focused effort will, in the long run, yield a high degree of return on investment,” Espey asserts.

Source: Lowongan Kerjan Bank

Posted December 29th, 2009 under Intellectual Property Marketing

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