Commercializing intellectual property: a university-industry alliance for new product development Cyril M. Logar
Professor of Marketing, West Virginia University, Morgantown, West Virginia, USA
Thomas G. Ponzurick John R. Spears
Professor of Marketing, Department of Marketing, West Virginia University, Morgantown, West Virginia, USA Research Associate, West Virginia University, Morgantown, West Virginia, USA
Karen Russo France
Associate Professor of Marketing, West Virginia University, Morgantown, West Virginia, USA Keywords New product development, Research, Universities, Marketing, Customer requirements Abstract This article outlines a process, whereby public research efforts can be joined with private sector product needs creating a commercialization culture that can help provide opportunities and address the barriers of new product concepts for the marketplace. The issues discussed here were identified through research efforts that explored the opportunity to align academic research with private sector commercialization efforts. The purpose is to identify academic and private sector linkages that may benefit and enhance new product research efforts with the goal of moving faculty-driven product research from inception to marketplace commercialization. The end result is a process by which public sector (institutions of higher education) and private sector organizations can interact to develop new products for the commercial marketplace that will meet the burgeoning product needs of current and future customers.
Development of new products
Introduction The development of new products and the improvement of existing ones may be the lifeblood of many organizations. This is extremely crucial since new product failures are very prevalent as borne out by the fact that over 25,000 products were launched in 1997 and less than 20 percent were still on the market one year later (Rasmussen, 1998). Couple this with the high cost to advance and launch a new product and one can see why a firm may shy away from investing in the development of new products. Still, given today's competitive environment, organizations that fail to develop new products are exposing themselves to extreme risk and an uncertain future (Kotler, 2000). With this in mind, many of those involved with the organization, especially marketers, are constantly in search of new or improved product alternatives to satisfy their customers better. Where this search will lead and the end The authors would like to acknowledge the support of the West Virginia University Research Corporation without whom this study could not have been completed. The research register for this journal is available at http://www.mcbup.com/research_registers The current issue and full text archive of this journal is available at http://www.emerald-library.com/ft
JOURNAL OF PRODUCT & BRAND MANAGEMENT, VOL. 10 NO. 4 2001, pp. 206-217, # MCB UNIVERSITY PRESS, 1061-0421
result often varies. Nonetheless, the search is ongoing with many avenues under investigation. Opportunities through academic research One avenue that can be overlooked is the new product opportunities available through academic research. This article explores the opportunities and provides a methodology for commercializing academic research and bringing the results forward to the marketplace in the form of new product ideas or improvements to existing products. Specifically, this paper outlines a public and private alliance process that was tested and shown to be successful in commercializing academic-driven new product ideas (intellectual property). In outlining this process, the research offers insight from both public and private sector perspectives. The former examines how academic institutions might assess their institutional research efforts that can result in developing alliances with the private...