How To Develop Academic Research Into A Product
In a recent Forbes article and research article by David Hsu and Matt Marx, there is a large profit in transitioning research into the open market. It is stated:
“about 74% of academic discoveries that translated into products were both awarded patents and featured in academic journals.”
Moving Your Research To The Market
Moving ideas to market and the commercialization of research is not a new concept. It has always been an effective business strategy. Historically government research was focused on military-based products. As a result, we can see products like the radio, radar, and the walkie-talkie developed into the modern-day GPS, cellphone, and various broadcast and mass media.
Presently the research focus has pivoted into technology, medical, pharmaceutical, and energy. These areas of research are prioritized as solutions to save lives and sustain the population.
Convenient access to technology and the ability to create and manufacture products has become easier over time. This makes it easier for independent researchers to take their research from lab to market. Lab to market products is extremely likely to be successful and effective for a wide audience.
The Forbes article looks into the intricacies of having an effective research team to develop your research into a product. Their focus is specifically on the pharmaceutical industry and technology.
The focus makes sense since those two industries are growing at exponential levels. We will look at the benefits of moving research to the market more broadly and how you do not have to start a business from scratch to make a profit from your years of research.
How To Commercialize Your Research
Commercializing your research is done by transferring the research over to a tangible product. How do you do this? Through more research. What you are reading now is a small piece of additional research within the commercial market.
There are a few different ways you can commercialize your research. Depending on your research, and the product it can produce, you should consider patenting your research. Make sure you patent your research, so you have the edge over the future competition.
When diving into the free market, add people to your team that are experienced in the business. The existing team of researchers is experienced within academia. Research and academia pay attention to details. Business and the free market pay attention to the bottom line.
Why Should You Move Your Research To The Market
It is profitable to develop your research into a product that can provide the finances needed to expand your research. By commercializing your research, more people will be aware of the area of your research. The more people that are aware of your product, the more your product is needed. As you sell more, your funds will increase and expand your research.
Apply the cell phone to this example. New technology related to cell phones is continually being developed and expanded upon. This form of communications technology has grown and developed leaps and bounds because of it being commercialized.
Developing your research into a product will also make you the leading business in your area of research. Make sure your business has a strategic plan in place to retain a focus on future research.
Focusing on the research over the product will keep your team and business focused on the big picture goal of educational research. By focusing on research, your business will stay ahead of competitors. Research in product development can be seen in many technology companies that continually innovate and develop their tech and software.
Ways To Take Your Academic Information Into The Open Market
There are a few ways you can take the information you have labored over and utilize it in the free market. Whether it is product-based or software-based, there are multiple ways you can make this transition.
Start A Business
The first and most obvious way to use your research in the open market is to start a business. A start-up can be challenging at first, but you can control your company’s entire creative direction and development. One difficult part in managing a start-up in conjunction with your research is it will take longer to see a return on your investment.
Buy A Business
If you want to expedite the transition of your research into the open market, you should consider buying a business. Buying a business that has already built up the resources and materials needed to develop your research into the market effectively is an extremely fast way to get a return on investment with the research you have done.
Taking your research and combining it with an established business is an extremely effective way to sell your product, expand a business and get more financial capital to invest in future research. Most businesses are seeking to invest in product research. By purchasing a business, you will have the two assets needed to sell a successful product.
Sell The Rights To Your Research
Rather than becoming an entrepreneur and starting a business, you can simply sell your research and information so someone else can create a business out of it. While you will get less money selling your patents and information, you might get the finances needed to continue with research.
While this is appealing to many researchers, you will find that the place you sold your research will have more financial capital and be able to exceed the research you were doing. And they will usually require a non-compete so that you can’t do research in that particular area unless you are working for them. Therefore, consider carefully whether or not you want to sell the rights to research or if you want to start a business with your research.
Managing The Transition From Research To Sales
Many people in academia struggle with the transition from performing research to selling their research. The commercialization process varies based on the product, but there are a few ways you can manage this transition.
First, you can hire someone to manage the business. You can fully remain within your research while having a partner manage the business aspect. This is an effective way to remain in the area you love.
You may find division and difficulties will arise between you and your partner because you have a divided vision for the business. Their vision may be more bottom-line focused, while yours may be research-focused. Making sure you set clear boundaries and expectations can prepare you for these challenges.
Second, you can integrate your research into the goal and purpose of your company. Taking this route will result in much more work and challenges, but it will make sure the vision you have for your future research is directly tied to the company’s vision.
Buy A Business To Expedite Your Research & Profit
We recommend that you buy a business that fits your research and production. This is one of the fastest and most effective ways to commercialize your academic research.
At Synergy Business Brokers, we have a wide variety of businesses for sale in different industries. From pharmaceutical to green energy and manufacturing. View our businesses for sale and see which aligns with the research you are invested in.