INNOVATION PROGRAMS: UNLOCK FUNDING TO FUEL YOUR COMPETITIVE EDGE AND ENHANCED PRODUCTIVITY
In today’s rapidly evolving business landscape, staying ahead requires not just innovation, but strategic investment. NBIF provides funding opportunities that empower businesses to improve their competitiveness and productivity.
Discover how our innovation programs can fuel your company’s growth and propel you towards sustainable success in an ever-changing market.
If your innovation is patented, it can be licensed for a fee to another person or company for them to exploit the innovation. This is a good option for those researchers who would like to generate revenue from their idea, but don’t want to lead the commercialization effort themselves.
Similarly, the innovation can be sold outright, either via the sale of the patent or sale of the research product (prototype/algorithm, etc.) generated by the researcher. Generally, the technology must already be mature to interest a potential buyer.
For promising innovations that are still early stage but have strong future potential, the formation of your own company to exploit and commercialize the innovation may be the best option and is generally the one with the highest potential revenue. However, the investment in time is usually very significant, and the projected revenue outcomes are far from guaranteed.
We define this as research carried out specifically for one or more industrial partners, where the partner generally pays a fee to the researcher upfront and then keeps some or all the research results generated.
Some innovations suit themselves better to a service provision, e.g. fee for service for an innovative analysis from a researcher’s lab.
Particularly in the social sciences, innovations may be directed at improvements in public policy or processes, which are anticipated to have a positive economic impact (e.g. through cost avoidance or direct savings).