Build a Solid Foundation by Keeping these 4 Steps in Mind:
◾Tap into open innovation (entities need external ideas and could use your concepts to improve their operations)
◾Constantly do R&D (Research and Development)
◾Continually develop and build on your platform’s efficiency
◾Carry out the process of commercializing your concept
It is important to properly leverage your networks with multiple organizations to ultimately capitalize on your new technology. You don’t need to target an entire company per se, it’s best to rub shoulders with key stakeholders in your market niche. Dig deep into the background of that stakeholders on a social and viral level; check Corporate PR’s and attend seminar presentations. Through this research, you will soon discover who is in charge of establishing partnerships.
Come prepared when attempting to leverage a network by:
Constantly working with the leadership team of your organization
◾devise and implement short and long term objectives, monitor the progress, and coordinate how to effectively acquire what is needed
Getting Expert Advice
◾evaluate your digital platform, its uses, potential markets, market sizes, and competitors
Networking with developers
◾evaluate patentability of your platform and select the most commercially viable option
◾identify prior concepts to develop unique strategies and prepare patent applications
Contacting licensing associations, committee members and officers
◾develop and implement licensing strategies
◾identify and cultivate qualified companies as potential licensees and evaluate business strategies
◾propose financial terms such as up-front licensing fees, running royalty rates, and due diligence milestones to ensure that the licensee is required to make sufficient efforts to commercialize the platform
◾negotiate, draft, and execute options
Staying in contact with customers
◾develop and implement customer service objectives that are consistent with organizational goals
◾ensure customer satisfaction by analyzing customer complaints, concerns and suggestions then provide appropriate follow-up
Looking forward to your feedback on this blog post and to sharing knowledge with you!
This blog was originally posted on Leveraging Networks. Please follow me on Twitter and LinkedIn