how to commercialise your invention in Tasmania and overseas
3 steps to commercialising your invention
If you have an invention you’d like to bring to market, you’re in good company. Tasmanians are inventing at a furious pace and are successfully commercialising and building businesses around their inventions. In fact, a recent government report found Tasmania had the highest growth in patent applications compared with any other Australian state or territory.
In this article, we’ll cover three key steps involved in bringing your invention to market.
step 1: patent protection
First up, apply for patent protection.
You’ve put in too many late nights working on your invention to let someone copy it. By protecting your invention with a patent, no one else can make, sell, import, license or otherwise exploit your invention without your permission.
Before going public with your invention, speak with a patent attorney in Tasmania to learn how to best protect your invention. Patent protection not only gives you control over invention, you will also be better placed to raise capital and attract investors if they have the confidence that others are prevented from competing with you.
After your patent attorney has prepared and filed your patent application, you can begin engaging manufacturers, distributors, investors to help bring your invention to market.
step 2: seek funding
Australian innovation is actively encouraged and supported by the Australian government and there are many funding opportunities, tax incentives and grants you may be eligible for. Here are just a few resources to get you started:
- The Tasmanian Department of State Growth offers funding opportunities and grants across a range of industries.
- Enterprise Centres Tasmania provides free advice and even mentoring to small businesses to help them reach their potential.
- Check out Business Tasmania for a comprehensive list of grants, loans and services aimed at boosting Australian businesses.
- If you’re looking to export overseas, AusTrade’s export market development grants can help you penetrate international markets.
step 3: monetize
There are two common ways to monetize your invention.
The first involves licensing your patent to third parties responsible for the manufacture, distribution and/or sales of your invention in return for license fees and/or royalties.
Alternatively, you can bring your invention to market yourself, which may involve raising capital and building a business aimed at producing and selling your invention. Again, your patent will prove invaluable for stopping others from freeloading off your hard work.
enjoy the ride!
The journey from idea to commercial success can be long and filled with surprises, but it’s a path many Tasmanians have successfully taken.
If you’re in Tasmania and have an idea or invention you’d like to develop and take to market, feel free to get in touch. We offer free consultations to give Tasmanian innovators the best chance of protecting and commercialising their inventions.
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