There are a range of myths associated with taking an invention from the idea stage to commercialisation. We will explore the top 3 myths over the next few days, with some commentary on the reality from Andrew Fern at the Australian Institute for Commercialisation.
Andrew says: “This is almost always a myth. Usually it will take a long time to get to market. Five to ten years in most cases. You will need a lot of patience.
As an example, we have a company that we are currently dealing with where the idea was first thought of in 1992, a proof of concept was finally built in 2004 and it looks like going to market in 2011. Being constantly capital constrained means time frames will out of your control a lot of the time.”
Better to be aware of this and plan accordingly than to rely on unrealistic hopes!
Myth #2 will be about cost… stay tuned.