Marketing concept: reviewing your options

You are an entrepreneur and you have a concept based on research? So, market your technology is the next step. It can be hard to turn your ideas into products, but there are various options that are worth exploring.

Undertake the implementation of your technology concept has different angles that you should consider include:
• access to resources – government funding for the development of technologies with a competitive advantage might apply to your business;

Marketing concept

• research facilities – public laboratories or science parks may offer larger facilities and better equipped;
• of business incubators – sharing office space and a business acumen could advance your project while minimizing costs;
• collaboration with universities or community colleges – the exchange of technology and expertise is often beneficial to all parties;
• of industry partners – if your technology is useful, a larger company could provide you support.

However, before convincing the market that your technology is useful, you must ensure its feasibility. Conducting a search of patents and other research to determine if your idea is original could indicate whether you have a good chance of succeeding.

A study group composed of various experts can determine if your technology is sound in many respects. What works in terms of engineering may not be suitable for marketing people. It would be helpful to include end users, as they often discover design flaws. This exercise may even help you discover other applications for your technology or you need more research and development. Not quite yet ready to proceed to production? In this case, the licensing for your concept may have some advantages:

• an immediate cash flow;
• increased opportunities to develop other technologies because you do not have to invest time or effort to market;
• if this new technology than your main business sector, the licensing will return you to your core area.
Another option is to forge a strategic alliance with a larger company that has the ability to help you market your technology. In this case, both companies remain independent, but benefit from the pooling of resources. If your technology fills a gap in the product range of the other enterprise or offers a solution to a production problem, you may have increased access to capital, with established distribution channels and marketing experience.

Whichever route you will take to market your technology, make sure your strategy includes a business plan well thought out and some expert advice.