Market Research is a fundamental component of the decision of whether or not to commercialize. Market research will help to answer these questions:

• What real-world problems would be solved by this technology?
• What solutions to these problems already exist?
• What unique advantages does your solution offer?
• How would your solution save or make money for your customers?
• What would people be willing to pay for your solution?
• What is the size of the market for your solution?

This research should contribute to refinement of the product definition, which may in turn uncover additional potential market areas. Therefore, the research/product definition process may require several iterations. If the market research data is encouraging, it will become part of the business plan. If not, the decision to commercialize must be reevaluated.

Protection of Intellectual Property is among the top considerations of any responsible potential investor. At the earliest stage of commercialization, IP is your most valuable asset, and should be guarded with great care. Two strategies for such protection are Patents and Trade Secrets, which offer tradeoffs in cost and effectiveness, as well as time to implement.

The Business Plan is your roadmap to viability. If prepared with proper diligence, it will become a key component in obtaining the funding necessary to proceed.