Marketing New Technology
The Technology Transfer Office (TTO) understands that innovation by itself does not guarantee financial success. Marketing is required to move a technology with commercial potential to consumers.
Marketing strategy is based on the answers to these questions:
- What problem does the technology solve?
- What group will benefit most from this technology?
- Who are the end users?
- Who are the decisions makers when acquiring the 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?
The experts at TTO can help identify target firms and key contacts to optimize and enhance the marketing process through:
- Investor contacts
- Conference listings
- Internet promotion
- Industry and trade newsletters
Cedars-Sinai enhances its patent portfolio with each new invention that is submitted. The Technology Transfer Office organizes the technologies under common features and shares information on these applications to its contacts and potential licensees. In addition, the TTO markets its technologies by:
- Accessing regional, national and international conferences
- Developing a Website that displays available technologies for licensing
- Maintaining and nourishing interactions with its licensees
- Participating in trade publications or specialized journals
- Participating at trade conferences and fairs
Once a potential licensee is identified, due diligence must be performed to investigate the firm's background, experience and track record. The Medical Center then provides the firm with a term sheet that describes the basic policies and requirements to be met to proceed, initiating the negotiation process.
The Technology Transfer Office currently has licenses on 18 different technologies generating more than $14 million dollars. These technologies are as diverse as our portfolio and cover therapeutics, devices, diagnostics and software.