Stage 3: The 2-Stroke
Risk Assessment: The 2-Stroke
For a technology to enter the 2-Stroke stage of the Commercialization Engine, a completed Invention Disclosure Form (IDF) must be submitted to the IDEA Center. Once received, the technology undergoes two primary processes in the 2-Stroke:
1) Diagnostics. The IDEA Center must first understand and articulate what the invention is, its possible products, and its commercial opportunity. To accomplish this, an intellectual property landscape assessment and a high-level market assessment are completed and documented in a 2-Stroke report. For a technology to pass to the second and final step of the 2-Stroke, the Risk Assessment, the IDEA Center must: understand the invention, develop an initial IP strategy, see a possible commercial opportunity, and believe that it is technically feasible. If these conditions are not met, the IDEA Center will suggest changes to the invention to make it marketable, or return it to the inventor.
2) Risk Assessment. Every early-stage technology will have many risks associated with it. In order to effectively commercialize a technology, the number and severity of these risks must be significantly reduced. To address these liabilities, the Commercialization Engine has been designed around a term we call ‘derisking.’ Simply put, derisking is a systemized process whereby the many liabilities associated with early-stage technologies are increasingly mitigated and/or neutralized. This, in turn, gradually transforms the technologies into nascent products ready to be licensed to an outside entity.
The derisking process begins with a comprehensive risk assessment strategy. This strategy is carried out by a team of IDEA Center employees called the Risk Assessment group at the end of the 2-Stroke stage. Their goal is to identify the liabilities associated with each technology and create a plan of action to mitigate these risks, starting with the most critical. Once the risk assessment strategy has been completed, the technology is ready to pass into the 4-Cylinder stage of the Commercialization Engine.