Benefits of Commercialization
The commercialization of research, also known as technology transfer, can be defined as the movement of knowledge and discoveries to the general public. For Cincinnati Children’s, this primarily occurs by licensing an innovation (therapeutic, diagnostic, software/HIT, medical device, etc.) through one of two commercialization paths: creating a start-up company or partnering with an existing company.
Commercialization ensures our scientific and technical innovations result in value and impact by reaching the marketplace where they can improve the lives of patients and the healthcare system.
In addition to the missional benefits of commercialization, the reasons why an innovator would want to participate in commercialization may include:
- making a positive impact on society
- feeling a sense of personal fulfillment
- achieving recognition and financial reward
- generating additional division/center funding
- meeting the obligations of a research contract
- attracting research sponsors
- supporting economic development locally and nationally