Intellectual property can be used in a number of ways to generate wealth. This includes licensing or sale of the innovation’s intellectual property, as well as manufacturing of a final product for the market. Knowing the marketplace is key to understanding the best use of any intellectual property.

“Build it, and they will come” almost NEVER works. When it does, it is the result of a huge marketing campaign such as Apple’s launch of the iPhone.

Market research is paramount BEFORE you budget another facet of commercializing your product. Securing the knowledge of exactly where the end product fits into the current landscape of products and who may benefit from the new products allows you to correctly evaluate your IP and its Return on Investment to you. It is impossible to stress enough just how important an independent third-party marketing evaluation is to overall success for any commercialization venture. As with all projects, your financial success lies in the difference between the customer’s price point a customer is willing to pay and the cost required to bring the product to market. Praxis Innovations partners with a wide variety of associates who do excellent work in assessing potential markets and identifying the key players with whom you can approach about their level of interest for your product.

Scaling production and modification

As with any new product, it is best to start with a small/test entry into the marketplace and evaluate reactions from the target consumer. There are many smart manufacturers who will do low-run manufacturing on almost any product that will allow you to sell in a limited number so you can gain the necessary insight required before committing to any larger scale productions. Most of these companies are specifically designed to deal with a lower volume of production and then scale on demand.

Praxis utilizes a wide variety of veteran marketing groups and manufacturers as well as those skilled in design and prototype development to help you understand the commercialization process. We have been through this process hundreds of times and understand the most efficient utilization of your time and resources. Please give us a call if you think that we can help you to put your innovation into the marketplace.