Startup and New Business Guide for Albuquerque Inventors With Patentable Inventions
Innovate ABQ is a downtown innovation center that will sit on seven acres and include a core research facility on Central and Broadway. It is a partnership between UNM, STC UNM, and the business community. The center is dedicated to fostering innovation and startup businesses. It provides the resources, guidance, and support that entrepreneurs need to move from ideation to commercialization.
TBDO is a startup and new business guide for inventors with patentable inventions
If you’re an inventor with a patentable invention, you should seek help in launching your new business. TBDO can provide advice on everything from drafting a business plan to securing funding. It also offers resources to help you build a team, evaluate your technology, and attract investors. In addition to startup advice, TBDO can help you meet with potential investors and recruit board members. Finally, it can help you decide if your idea is feasible, and what steps should you take next.
While an inventor has an idea for a new product or service, it’s important to build markers into the product or process. For example, a new process would extract flavonoids from waste products, a substance that protects humans and animals against heart attacks. The final product would have a unique chemical thumbprint, so the test would reveal whether the new process originated from a different product.
It’s essential to protect the IP of your invention from unauthorized use. Without a proper patent, your competitors may use your ideas and innovate around them. Unauthorized use of your intellectual property can severely damage your business. In addition to legal risks, the startup environment is extremely competitive, and new technologies and innovations are emerging faster than ever before. Without a strong intellectual property management strategy, your company may never reach its full potential.
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If you have a patentable invention and are seeking to market it, you should use a startup and new business guide to help you navigate the process. This guide includes information about the different business opportunities in Albuquerque. For example, you can find an incubator near the city’s Innovate ABQ site, which will help you launch a business in a short period of time. Another option is to seek out the support of the city’s Technology Business Development Office (TBDO), which is dedicated to supporting the local innovation ecosystem.
The Innovation District, which is centered on Central and Broadway, is a great place to launch a startup. The center is home to the ABQ Innovate program, which helps people and businesses create opportunities for success in Albuquerque. It also houses the FatPipe incubator and co-working space, which offer essential resources for start-up businesses.
Technology Transfer process
A successful technology transfer process starts early, during the evaluation of the inventor’s invention. The Technology Transfer Office will identify potential licensees and conduct market research. At this stage, the inventor’s participation is vital to the success of the process. In some cases, he or she will be required to meet with a potential licensee. The process typically takes about six months, and the licensee may be a local company or a regional university.
The Technology Transfer Office will review and negotiate a license for the invention and any additional information required. The inventor will be required to submit a business overview document and conflict of interest documents. Once the licensing agreement has been finalized, the University inventor will not participate in the licensing process. It is recommended that inventors hire legal counsel during the licensing process. The process will require the support of a patent attorney and other legal counsel.
A license agreement is an important step in the process. The license agreement establishes the conditions under which the University will license its invention to a third party. The inventor is compensated for his or her efforts through royalty payments and consulting fees. The licensing agreement may include an equity or management role for the inventor. All proceeds from a license are distributed to the inventor according to the author’s wishes. The technology transfer process is a long and complex process. It is vital for the success of an inventor to know that there is no one answer to the questions.
The process is designed to transfer ideas or technologies that are not yet commercialized. A successful technology transfer can generate revenue for the creator and provide an intellectual monopoly over ideas. The process can also help strengthen partnerships between organizations and develop new income streams outside of traditional products. Many universities are beginning to realize the benefits of technology transfer and are developing new models to better serve their students. There are many ways to successfully execute a technology transfer.
Sample business plan
A business plan for a startup is essential for a variety of reasons. A business plan allows the inventor to present the full scope of the proposed business. Investors, for example, want to know more about the inventors behind an invention than just its features. An effective business plan shows that the inventor has considered the business’ requirements and has a reasonable basis for requesting funding.
A good business plan also outlines the revenue potential of a new product. While this may seem like a daunting task, it is essential for the entrepreneur to project revenues that are realistic and conservative. Typically, this document will also include a cost estimate for production, marketing, and administrative expenses. Lastly, it will detail how much it would cost to patent the invention, since a patent increases the value of an invention.
During the early stages of a startup, the business plan should be revised as the inventor learns more about the invention and the market. New information may change assumptions about the market and the schedule, and revisions need to be made to account for these new circumstances. By using a business plan, an inventor can keep the business on track while it is going through the commercialization process.
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