The UK Intellectual Property Office have launched an online tool to assist the inventor or entrepreneur with assessing the commercial prospects for their new idea. Inventors often come unstuck having secured the IP for their new idea, and do not know where to go next. The tool has been designed by commercial experts to advise on how to get your commercial thoughts in order, and hopefully earn a return. Its all about turning your IP into a viable business plan. By following a series of 25 questions, the tool generates a report to help you to do just that.
The tool starts by checking the status of your IP, and how best to protect your idea if you have not done so already. It then offers you three options on how to exploit your IP – use your resources to build a business, finding a partner to invest in your idea, or the licensing route to earn a stream of royalties. Take the IP Health Check today to strategically map the road ahead.