Developing Marketing Strategies
Technology by itself does not guarantee financial success or rapid transition from laboratory bench to application. Marketing is required to move an innovation with commercial potential or value to consumers and purchasers.
Marketing strategy is based on the answers to these questions:
- What problem does the technology solve?
- What group will benefit most from this technology?
- What firms would be most appropriate to make, distribute and sell this technology?
- Who are the key influential people in each segment or industry that the technology touches?
As a partner in the technology transfer process, Cedars-Sinai can help identify target firms and key contacts to optimize and enhance the marketing process through:
- Business databases
- Investor contacts
- Publication in scientific journals
- Conference listings
- Internet promotion
- Industry and trade newsletters
Cedars-Sinai adds each accepted invention to its patent portfolio under a science field. Sets or bundles of technologies under a common scientific field are identified and included in business executive summaries to be introduced to potential licensees. Additionally, Cedars-Sinai can optimize marketing opportunities by:
- Creating technology packages - a small business plan that include nondisclosing information on the invention
- Access to regional, national and international scientific and technology transfer conferences
- A technology transfer Website that displays available technologies for licensing
- Access to licensees with whom Cedars-Sinai already has successful interactions
- Publicity and news releases
- Articles in trade publications or specialized journals
- Articles in interdisciplinary journals such as Science or Nature
- Exhibits at conferences and fairs
Once potential licensees are identified, due diligence must be done to investigate each firm's background, experience and track record. Once a potential licensee has been analyzed, the Medical Center provides the firm with a term sheet that describes the basic policies and requirements to be met to proceed. This initiates the negotiation process.