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The Lambert Review Of Business-University Collaboration, published in December 2003 looked at the relationship between industry and academia in scientific research and commercialisation of that research. It broadly supports the Government’s approach to ‘third stream funding’ which promotes knowledge transfer. The amount of money spent by UK companies on research and  development (R & D) is low compared with other industrialised nations: about $410 per person compared with $700 per person in France and $1300 in the USA.

There are barriers to commercialising university IP, including lack of clarity on ownership in research collaboration and in the variable quality of university technology transfer offices. Universities perform well by international standards in science and technology. There has been a marked change of culture, with many universities casting off their ivory tower image and playing a much more active role in their regional and national economy. But, there had been too much emphasis on spinouts over the last decade compared with licensing fend other forms of commercialisation).

When we received the Notice of Allowance for our first patent, meaning that we would be awarded the patent, and were able to obtain a license agreement, that all changed. Our licensee was immediately able to place Ghostline® in all of the stores we had coveted, and more. Our new product had immediate nationwide distribution. If we had continued to manufacture and distribute the product ourselves, we would never have obtained that level of success.

The more of the above-listed criteria your invention meets, the greater are your chances of success. This does not mean that if it does not meet all of these criteria your product cannot be successful; it just means it is not as likely. For example, an expensive item that is a one-time purchase can be a successful invention if the potential market is large enough.

Inventors who are operating on a shoestring budget would be well advised to seriously consider each one of the listed criteria. Among your many great ideas, maximize your chances of success and minimize the likelihood that you will spend money unnecessarily by carefully choosing the idea that will require the least amount of cash outlay with the greatest potential for commercialization.