Technology Commercialization is moving the technologies from research findings to the market. This process involves several stages including:
Identifying a novel invention and protecting that invention with intellectual property protection such as a patent. The patent is important to create an asset of interest to an investor. However, the investment requires utilization of precious capital owned by the university.
Once the university has invested in protecting the invention with a patent or related intellectual property protection, an asset is created that may have future value to industry or investors. However, in most cases, industry and investors are still not yet interested because of the early stage of the technology and before the concept has been proven further.
Once the concept has been proven, the next step is to identifying the relevance of the proven concept to society through further development. At this stage, the university will work closely with industry or investor to garner further resources and formally transfer the technology.
Once the relevance has been proven, the university works with industry or the investor to maintain its position, enabling the university to recover the original investment, and enabling investments in future inventions to sustain the enterprise. When the university begins to collect returns, this is called the “Harvest” period.
Entrepreneurial leadership is important through the concept stage to maintaining position.
Working hand in hand with faculty and staff at UT institutions, and with industry and investors, the UT Horizon Fund focuses on the stages involving entrepreneurial leadership. This occurs through the proof of concept stage through to maintaining position to harvest.