Next step may be to seek confidential advice from a specialist in
innovation to provide a commercialisation overview meeting. The purpose
of this first step is to give you an overview and understanding of what
is involved in taking a concept, product or technology to market,
alternative pathways, costs, timeframes and likely outcomes. The advisor
would assess your specific product patent information and guide you on
how best to proceed and it’s also a good opportunity to get as many
questions as possible answered before you invest too much in the
project. Make sure that as part of an overview meeting you sign a
confidentiality agreement.

Alternatively, the NSW Department of Trade and Investment have developed a tool – Ideas Online.

You will be asked to complete 40 questions about your idea.

It is easy to get excited by the prospects of a new idea, so you need
to be aware that your judgment might become distorted by your
enthusiasm.

Your objective is to select the most accurate and honest response to
each of the questions. The success of the process is you being honest
with your answers. Self assessment is tough. Get the input of a trusted
friend or colleague who will be honest and candid with their feedback.

1. For each section your answers will be plotted on a spider graphto enable you to review and interpret your responses.

2. The answers will also be used to determine a number of diagnostic
assessmentsthat are presented as a series of graphs and text
interpretations. These will help you to better understand the commercial
feasibility of your idea, identify viable markets, anticipate risks,
and find the right business model.

3. An ‘Overall Assessment Summary’ is produced after you complete all
40 questions. It includes a Commercial Feasibility Rating, an
interpretation of this and a ‘Next Steps’ area which contains a number
of suggestions, contacts and ideas for you to consider or help you
pursue your business idea. Whatever the likelihood of your idea
succeeding in the marketplace, you should seek advice from a
professional adviser or contact the NSW Innovation Advisory Service – to
discuss your idea with an innovation consultant which is free if you
are from New South Wales. Check out the http://www.ausinvent.com website for some excellent resources and videos about innovation.

Enter Ideas Online:

The NSW Innovation Advisory Service is subsidised by the NSW government
to support small business and innovators develop their ideas. Go to http://www.ausinvent.com for more information or to meet with an innovation consultant.

The New South Wales Government information website for people starting,
running or growing a small business. See smallbiz.nsw.gov.au