Exploitation of your innovation is the exciting part of your development, it means that you have got something that has shown it can add value to the NHS and this is the plan for how you are going to exploit it and get it adopted into the NHS.
This can also include the development of commercialisation strategies and routes to market. This also supports the creation of the proof of value, an important step on your innovation journey.
For any innovation coming from the NHS or academia, there will be a time when a decision is made on the route to market. This assessment can happen at any point on the pathway, however, at the commercialisation stage, it is essential for the innovation to move forward.
There is a continual evaluation of the right time to commercialise and the form that will take. It may include several options:
- Creating a vehicle to drive the innovation forward. This may be in partnership with other organisations or industry partners and may be required to access funding or grants.
- Licencing the IP associated with the innovation to another organisation, in most cases to get a royalty in return for some form of the licence. This is likely to be to an industry partner who will take the innovation forward on your behalf. How much control you have over this and how much you receive on the licence deal is largely dictated by how far along the innovation pathway you have progressed.
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If you would like to find out more about how HI NENC can support your business and the support available via the Innovation Pathway, please email our Pathway Navigators at [email protected]