Technology commercialization is the process of turning inspiration into a business. Economic development professionals across the globe are working feverishly to convert the ideas of the more inspired members of society into jobs and economic growth. Inventors are encouraged to spend their time and resources to bring forward new technologies for the good of all, with little attention paid to the nature of the inventor. Merging the spirit and raw intelligence of research with the business world is no easy task.
Science and engineering are complicated by nature. One must discover things that were never know in ways that have never been tried and put them together in a manner that functions within accepted perimeters. Most inventions are the product of years of research, dedication and work that are beyond the scope of the average person. Because of this, Inventors can and do develop an emotional connection to their new technology. This is often a point of friction between funding agencies and inventors. Although venture capitalists and bankers that have worked in their industry for any length of time understand that an emotional connection exists, they really do not appreciate the strength or nature of the ties between inventor and creation. Nor does the inventor appreciate the risk taken by the funding agencies by investing any given company.
The truth is that one must be able to divorce themselves from the technology in order to make a realistic judgment of the value of any given technology.
Thomas Edison’s adage that “genius is one percent inspiration and ninety-nine percent perspiration,” is an almost absolute truth, especially when it comes to commercializing technology. Edison has a much less famous line that is, however, more appropriate, “Anything that won’t sell, I don’t want to invent. Its sale is proof of utility, and utility is success.” Unfortunately, just because a novel technology is useful does not mean it will sell, or rather sell in enough quantity at an adequate price to make it worth the inventors time to pursue commercialization.
Invention is passion, imagination and sweat. Technology commercialization is focused development of an invention into a product. For that the scientist must rely on others to translate business jargon and build the necessary framework to move a product into the market. While many inventors can develop the essential business skills, they cannot replace their own technical knowledge and are well advised to associate their company with people who are more adapt at working within a business culture that rarely follows the logical paths of the scientific method.
Business is complicated because businesspersons too often make it complicated in vain attempts to mitigate the risk innate within the profession. That being said, there are some entrepreneurs that seem to plunge forward with reckless abandon, but make no mistake, the successful ones do so with discipline and focus.
Business is not paperwork and procedure. Business is risk. Smart business is controlled risk.
Todd Davies
Business Development Manager, Rocket Ventures
davies@rgp.org