Commercialisation is the process by which great ideas get taken to market, where they can achieve wider adoption and have the greatest possible impact. The benefits of commercialisation are manifold, and include more marked improvements in health outcomes, plus revenue generation for the originating Trust, the inventor and the wider economy.
MidTECH is dedicated to helping our member Trusts commercialise their ideas and innovations. To do so we can assist with the following –
Market Assessment
As discussed elsewhere, we can conduct a market assessment to ascertain whether similar products or services currently exist within the marketplace. If they do, this might either help meet the requirements of the Trust or provide the intelligence necessary to refine the internal solution further.
Development
If no third-party solutions are available, at this stage we will work with the originating Trust, potentially also bringing on board a development partner, to understand what next steps must be taken and how much these may cost. Our network of specialist service providers can be called upon to undertake this work should the Trust require external expertise. This may include prototyping, design visualisations, storyboarding, etc. All of this is done with the aim of getting the idea to as best position as possible to attract commercial interest, or funding, whilst balancing that with the money the Trust will need to spend to do so.
Commercialisation Method
We are able to scope the potential commercialisation routes, including licensing of intellectual property, outright sale, spin-out creation, joint ventures, franchises, etc. We have a wide range of industry contacts who are always willing to hear about new ideas coming from within the NHS.
Negotiations and Legal
Once the route to market has been decided, commercial partners located and on-board, we can lead on negotiations to achieve the best possible result for the Trust. We can then also assist with the drafting and completion of all of the legal documentation, be that utilising our own expertise or using one of the many solicitors we have relationships with.
Raising Awareness
Following successful commercialisation, MidTECH can work with the Trust and its commercial partners to aid with the marketing and dissemination of the innovation. This can be achieved via our MidTECH website or e-newsletter, using the project as a case study in presentations, or any other means that are deemed suitable by the Trust and commercial partner. Our support doesn’t end once the idea has made it to market!