Commercialisation is the process of bringing innovations to market. Whilst this process can be time-consuming and require a great deal of effort, commercialising your technology can provide you with new opportunities and allow you to generate impact outside of academia.
What you need to know before you start
The process of commercialising your research isn’t going to be easy. It requires a lot of time and effort and has different requirements and pressures that may distract you from your research. Usually you may need to go through multiple rounds of funding and through several stages of product, service and business development.
There’s also no guarantee that the effort you put in will result in success. Regardless of the combined work, funding and planning you and your partners deliver, decisions within or outside of your control might mean that you fail to commercialise.
But despite these disadvantages, taking your technology through the commercialisation process could present a number of opportunities for your research that might make you consider taking on the challenge.
Why you should consider commercialisation
- New opportunities
Commercialisation can open up new opportunities including direct funding companies and new collaborations that could lead to early industry partnerships. You might also generate some interest in consultancy work, where companies pay for your expertise.
- Share in the proceeds
Commercialisation can be financially rewarding, with investors sharing cash from license fees and royalties as well as shares in spin-out companies. More information on investors and sharing in the proceeds of commercialisation can be found in our Queen Mary IP Policy guidance [link to IP page]
- Generate impact
Commercialisation can help you to use your research to create real impact for people beyond academia. By commercialising you’ll be able to share your research with those who will benefit from your findings, including customers, clinicians and patients or the wider public.