The business of patents

A post from our student blogger Brittany

So if you all remember from last semester I stated that I am a member of the business team sponsored by the Office of Technology Transfer. Although the team met several times last semester to hash out the outline for the business plan and pitch deck, things have gotten real this semester or as our mentor likes to say “forealzies”.

Initially I didn’t know if I should join the team because I was unsure of the time committed and how it would affect my MSPL responsibilities but I sure am glad I decided in favor of the team. I’ve been exposed to numerous opportunities that although may not seem directly related to my studies in the MSPL program have significantly enhanced my understanding of the technology. Learning how an idea develops from conception to becoming the foundational technology for a startup company is absolutely amazing.

Despite the long hours….very long hours….required to draft a thorough business plan that is not only accurate but comprehensible for the judges, it has been a rewarding process. Working with my peers that are experts in the areas of business development, finance and accounting, has given me the privilege to learn about things well beyond my scientific bubble. We were all so excited when our team was accepted to the finals for the Cardinal Challenge in Louisville and it definitely gave us that boost of confidence we needed to start this competition season off strong.

If you’re interested in joining the MSPL program definitely ask if any of your research faculty is interested in using their technology to start a company and if so I would highly suggest jumping into the business plan competition circuit. It is an invaluable learning process that would definitely be helpful if you decide to start your patent career at a startup company.

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