Commercialization · Licensing

Looking for partners for a technology startup

Ramesh Rajaduray Entrepreneur, consultant, innovator, investor

August 12th, 2019

We have a technology startup, and have a proof of concept and an issued US patent for our technology. Currently we are looking for partners to help us grow and succeed with commercialization/monetization of our technology, or technology licensees. Do people have suggestions/advice for this?

Anuj B. Gopal Serial Entrepreneur, Growth Leader, Venture Builder, www.anuj.live

August 12th, 2019

Hi Ramesh,

It would be better if you can share the Value Prepositions produced by your patented technology for their User and Ecosystem?

How this solution would motivate a user or entity to invest their resources(time/money) to try and verify these values?


Regards,

Anuj

Paul Garcia marketing exec & business coach

August 13th, 2019

Unfortunately most patents aren't really worth much unless there's demand for your invention and no other way to do what you're doing with it. They're incredibly expensive to maintain.


It sounds like you may have started with product instead of with marketing strategy. Your marketing strategy would have prepared you with commercialization, knowing your target audience, knowing your likely partners, and ensuring a better chance at generating revenue with your invention.


It may be too late to make necessary changes to your product that you will discover from working on your marketing strategy now. And it's significantly less common that others would be interested in licensing your technology or being a partner if you haven't already proven your sales model and marketing strategy. It's asking someone else to do the work with no guarantee that you have product-market fit.


Without knowing what it is you hope to sell and how, it's nearly impossible to assess what the right next step might be.


You can follow some of the standard steps of making a list of all your assumptions and testing each one, defining your target audience and validating the market fit of your product with that audience. These will at least highlight whether you have made mistakes in your belief that the product was something people would pay money to use. Strategy is supposed to lead design so you don't run into as many roadblocks because it tests options with real audiences before you make permanent decisions on your product.


If you've skipped this step, do it now before you get any further in the hole. If you have done this step but neglected to mention it in your question, what did the research tell you?

Ramesh Rajaduray Entrepreneur, consultant, innovator, investor

August 13th, 2019

Paul and Anuj thanks for your advice.

Srinivasan Satagopan CEO @ Ecotech IT Solutions Inc., assisting IT product companies in realizing their product dreams

August 13th, 2019

Hi Ramesh, Can you explain a bit about the "partner profile" you are looking for?

Ramesh Rajaduray Entrepreneur, consultant, innovator, investor

August 13th, 2019

Hi Srinivasan, Cofounders may consider it as soliciting partners, so maybe better if we have a private discussion. My email address is ramesh@simpleway.ie

AKBAR JAFFER Enterprise Software Product Marketing and Marketing Technology Executive

August 13th, 2019

Hi, what roles are you looking for for your startup? Are you able to disclose the name and/or your website?