Commercialization and How It Happens

Abstract

This chapter offers a tour of the what and how of commercialization—the process of transferring potential and actual intellectual property and related technology/intellectual assets to third parties for use in improving existing products/services or as the basis for new ones. Technology transfer encompasses a variety of legally binding agreements that move inventions out of the institution and into the hands of third parties focused on commercial success. Described here are the fundamental elements of those agreements and the private- or public-sector entities that seek licenses to institutional assets in order to develop products/services for a market. Knowing the basics will provide an understanding of the process as well as insights into how a particular path emerges.