The mobilization of an innovation from the University environment to a product/service that is economically viable and improves lives can be a complicated process. It requires skillful management of the issues to realize the full potential of the research results.
Working in conjunction with University researchers and partners, the UILO is focused on enhancing the opportunity to commercialize the innovation and mobilize the research findings for public gain. By taking on this role, the UILO smooths out the commercialization process, allowing researchers to focus on their research while the UILO team oversees the business aspects of commercialization, such as engaging with appropriate collaborators, managing the IP process, prospecting for non-traditional sources of funding, and/or facilitating new company formations.
The UILO team of professionals manages the entire process for UofL's researchers, including the following activities:
- Confirm technology pedigree - sort out legal issues relevant to licensees and investors, e.g., who has rights? who are inventors? as well as disclosure and prior art status
- Assess opportunity - define and position the opportunity in commercial terms, e.g., identifying "market pain," market size, barriers to entry, commercial pathway
- Protect IP - create an "asset" and preserve commercial opportunity, i.e., investment in patent costs and IP management
- Develop prototype - validate performance and advance commercial readiness, i.e., secure funding for proof of concept projects
- Tap into the UILO's network of business and investor contacts
- Facilitate the creation of startup companies or negotiate license agreements with existing companies