Developing a Commercial Idea

Every year thousands of scientists discover novel technologies and invent unique products. However, not all discoveries and inventions are ‘commercial’. This section helps inventors to determine whether they have a commercial idea or product and identifies sources of assistance, including the roles that Bio Innovation SA can play in facilitating the commercial development of new technologies.

Self-assessment Checklist

When deciding whether to pursue the commercial potential of a project, it may be useful to consider the following questions:

• Is the idea based on sound scientific principles?
• Has a working prototype been produced or has solid evidence of efficacy been obtained?
• Where the invention was developed within a university, hospital or research institute, has the in-house commercialisation office been contacted? (click here for a list of South Australian technology transfer companies/organisations)
• Does the invention address an unmet market need?
• Can the specification for an end-product be identified?
• Will it be the first product or best of its kind in the market?
• Are there potential partner or competitor companies?
• Does the invention target a high-growth or rapidly developing industry?
• Does the potential market extend outside Australia?
• Are there multiple applications for the technology?
• Is it likely that the product will be on the market for a long period of time?
• Is the end-product likely to be safe to use?
• Does the technology rely on other technology to function?

 

Bio Innovation SA Activities

Bio Innovation SA works alongside researchers and technology transfer groups within South Australia to evaluate the commercial potential of technologies, and provide advice on how to realise that potential. Bio Innovation SA staff have expertise in both science and business (many to PhD and/or MBA level) and experience in commercialisation. This advice is offered to researchers and companies free of charge.

For further information on the services Bio Innovation SA can provide, email Bio Innovation SA.

 

Grants

Bio Innovation SA provides funding for such activities as business planning and the preparation of market research reports for promising technologies. To find out if your project qualifies for funding, contact Bio Innovation SA.

Bio Innovation SA can also provide financial support to companies to enable them to participate in ARC Linkage Grants, which support collaborative projects between companies and universities. Further information can be obtained from the Business Development Initiative Guidelines and by contacting Bio Innovation SA.

Further information can be obtained from Financial Support.

 

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Links

South Australian technology transfer companies / organisations

Flinders University	Flinders Technologies	http://flinderstech.flinders.edu.au/
IMVS, Hanson Institute, Royal Adelaide Hospital	Medvet Science	www.medvet.com.au/
The Queen Elizabeth Hospital	The Queen Elizabeth Hospital Research Foundation	www.tqehrf.com.au/
The University of Adelaide	Adelaide Research and Innovation	www.adelaide.edu.au/aripl
University of South Australia	ITEK	www.itek.com.au/
Women’s and Children’s Hospital	Hunt and Hunt Lawyers	www.wch.sa.gov.au/research/intellectual/

 

Other useful links for more information on commercialisation of novel technologies

The Technology and Commercialisation Toolbox	dsp-psd.pwgsc.gc.ca/
Australian Institute of Commercialisation	www.ausicom.com.au/
Entrepreneur.com	www.entrepreneur.com/
Ideas2market	www.ideas2market.qld.gov.au

 

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