The world and marketplace are anxious for new solutions to a myriad of problems we face today hunger, greenhouse gasses, and deterioration of our infrastructure to name a few. The untapped market is vast, opportune and changing daily as technologies and consumer needs evolve.
Some estimates claim that 95% of all products and technologies for which patents are awarded are never commercialized and brought to market. There are thousands of research laboratories throughout the U.S. and around the world that are working every day to develop new products and technologies. Most laboratories do not have the wherewithall, financial resources and business management abilities to bring new technologies to the market.
When new products are developed, the processes of performing multiple tests, standardizing manufacturing, applying for patents and obtaining governmental approval is time intensive and costly. The story of research completed projects being orphaned by universities, research facilities and companies is all too common. Significant opportunities exist in the patent procurement arena, as currently only 1% to 5% of all patented technology gets commercialized.
Corporate sponsorship of university research is more than a century old. Today new inventions are moving from university labs to consumers faster and more efficiently than ever before. The present trend of universities
engaging in capital intensive studies and the federal government cutting back on grants and funding gives rise to the increased importance of corporations bankrolling expensive university research. This trend is expected to continue to grow. Joint ventures between academia and industry can significantly increase technological productivity and efficiency far beyond what the partners could achieve individually.