Technology Transfer / Just in Time Knowledge

What is intellectual property?

The only way to profit from the idea is to put it into use. The only way to prove the idea is yours and can be monetized is to file the required documents with the government and claim your intellectual property rights.

Intellectual property (IP) is a term referring to the creation of intellectual property for which a monopoly is assigned, by law, to designated owners. Some common types of intellectual property rights (IPR) are copyright, and the rights that protect trademarks, patents, and industrial design rights.

How to leverage your knowledge

If you want to sell or rent knowledge to one another, you must put it in the form of a Patent, Trademark or Copyright. In the United States, the Patent and Trademark Office is where you apply for a patent. Only this gives you exclusive right to manufacture, sell or license your innovation. With this kind of documentation, you will then have the ability to monetize your innovation and transfer the technology in exchange for either a one-time or regular compensation.

Development of IP or Renting it

The decision to sell, license or even purchase intellectual property depends greatly on your long-term strategic plan and your more immediate circumstances. Intellectual property should be an essential consideration in your business model as either a revenue stream, a partial liquidation, or a key part of your manufacturing plan. Intellectual property can be used to give but does not guarantee the Freedom to Operate or serve to block others from using your innovation for their profit.

ROI from IP

All of the Research and Development in the world will not turn into positive cash flow without utilizing that innovation to accomplish one of three outcomes:

Manufacturing the product,
Licensing the innovation or tradecraft, or
Selling the protected intellectual property outright.

Choosing which to do depends on your strategic goals and will require planning to make it a reality.

To be able to sell your IP, what do you need to do?

While we have been known for years as a manufacturing efficiency consulting firm, Praxis Innovations has also developed a system to make the most out of an offer to license or sell intellectual property. Our system provides potential buyers with the appropriate knowledge and entices them with the full technology of transfer information ready to go as soon as the deal is complete.

Developing a Technology Transfer Plan can be a daunting challenge. Praxis can help you gauge the reaction to your offer as well as help you fortify any areas you feel are lacking to maximize your return on your research and development investment. If this is uncharted water for you, contact us to schedule a no-fee evaluation meeting.