WD Consult

Commercialisation of Inventions

Commercialisation is the process of introducing a new product or innovation to the marketplace for commerical benefits.

Why Commercialise?

• Provide a benefit to industry / community
• Create economic value
• Career advancement
• Personal financial gain
• Gain funding for further research

Process of Commercialisation

The process of commercialisation can be broken down into 5 stages, which includes the disclosure of the invention, assessment of the invention, strategy on taking the invention forward, marketing the intellectual property and the negotiation of the contract.

WD Consult

WD Consult is established to provide project mangement services and information to assist in the commercialisation of intellectual property.

Understanding Patents

Filing a patent application is the first step in deriving income from your intellectual property. Patents are exclusive rights or monopolies granted by the Commonwealth to the owners of an invention. Patent protection enables owners to profit from their exclusive right to manufacture, use and/or sell the invention.

Assistance with Patent Costs and Commercialisation of Inventions

The Australian Government at both the Federal and State level provides possible avenues of assistance for either the cost of patenting an invention and/or the cost of commercialising inventions.

Particular schemes of which we are presently aware include the following:

1. Research and Development Tax Concession Scheme

You will need to talk to your accountant about this. If your accountant is not aware of this scheme, there are specialists available who keep on top of this specialised area of tax law. Broadly, we understand that presently you can obtain a tax deduction of up to 125% of eligible expenditure on R&D activities (you may receive a cash payment in some circumstances) equating to a percentage of amounts spent on research and development.

2. Federal Government Assistance

The Federal Government has set up an entity called Commercialisation Australia, which seeks to provide a one-stop shop for federal assistance in relation to various forms of assistance for commercialising inventions. Their hotline number is 13 22 56. Their website address is: http://www.commercialisationaustralia.gov.au.

3. Australian Trade Commission (Austrade)

Austrade also provides advice and potential forms of assistance. We understand that they administer the Export Market Development Grant scheme which presently provides at least partial reimbursements above a threshold for costs associated with seeking to develop an export market. We understand that, presently, the costs of overseas patenting qualify for reimbursement under this scheme.

You may also wish to check with local state authorities. In New South Wales, the Department of Trade and Investment (http://www.business.nsw.gov.au) often has specific schemes available.

More generally in Sydney, the Business Enterprise Centres (BEC) seek to assist by providing advice and contacts in relation to business start up. Their website is http://www.becaustralia.org.au.