Managing Costs and Risks in IP Commercialization

If you are concerned about how much you need to set aside for your idea, to pay for the early-stage commercialization, there is no set rule on how much it will cost you.?

?The variations include the type of product (software to medical device) the approvals process, the cost to produce (does it need an injection mould), and many other variables.?

?Sadly, the average patent attorney is likely to tell you that somehow, he can get you protection on the idea, but what he or she can’t tell you is whether it is worth protecting if it can’t later generate enough income to pay for the patent costs.?

?“How much will this cost me?”?is not the first question you should focus on.?The first question is "Does this have the capacity to make more money than it costs - within a reasonable amount of time?" This, in and of itself, can be hard to calculate.

?Now, a new tool can answer most of these unknowns for you in under 3 minutes - and it's free.?

?Most of us are familiar with the concept of scorecards - from KPIs to project review scorecards. Now the experts have taken all of the pre-commercial variables that can impact a project, and clustered them into a concise bunch of questions to give you a straight answer about your project’s "Commercial Readiness".?

?This?should immediately give you the clarity you need to decide if this project is ready for you to invest in or if it might need some more tinkering before you throw your savings at a patent or a prototype.?

?When you pivot from "How much will this cost me?” to "Can I get this earning income to sustain itself, within the next 6 months?" you have a better chance of containing your risk.?

?I have always advocated that inventors need to plan the project around their first cash-generating transaction, which will then become the measure of how successful and profitable this project can become when scaled.

This event might not make you profitable (it rarely does), but it will make the next transactions affordable, and you will have the experience to pursue more cash-generating transactions after this.?In three minutes from now, you can know - with a reasonable degree of clarity - if the idea you have been working on is ready for you to take to a pre-scale position.

?Pre-scale is the place where everybody wants to invest in your project.

?The venture capital firms you pitched it to, have told you to bring it back when you get there. They do this because they know that more than 90% of innovation won't make it to pre-scale and they want you to own that risk.?

?Would you like to know if your project has what is required to at least achieve your first cash-generating transaction, within the next 6 months?

?Click on the link below and do the test.

https://innovationsuccess.scoreapp.com

?This scorecard will generate a report for you on clarity, and viability and also show you where you should focus for the immediate future.?

?If you scored well on all dimensions, you have an opportunity for a rock-star project.

?If you are under 50% in only some areas, there are steps you can take to remove that risk from your project before you start. You know what needs your focus.?

?If your Project is scoring poorly in 3 or more areas, you have saved yourself a lot of heartaches and possibly a chunk of your savings!??

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?Daniel?