The practice of technology assessment involves examining short- and long-term effects (for example, societal, economic, ethical, legal) of the application of technology. Technology has been defined as science or knowledge applied for a specific purpose. Providing policy makers with information about policy alternatives is the goal of technology assessment.
As early as the 1960s, the term “technology assessment” was used in the United States to discuss such issues as supersonic transport, pollution, and the ethics of genetic screening.
Historically, technology assessment has been (and continues to be) a very broad field. Assessment of technology is not the only activity advocated or carried out. Topics related to technology assessment include diffusion of technology (and technology transfer), the factors that lead to rapid acceptance of new technologies, and the role of technology in society.
An increase in patent disputes in recent years has been attributed to increased competition in the global market and a shorter technology life-cycle, which has increased the risk of investing in technology development. In spite of the fact that many global companies have begun developing methodologies for identifying promising technologies and assessing them for decisions, the existing methodologies still have some limitations. New technologies are not being assessed post hoc, especially to determine whether the suggested technologies have proven successful. Currently, citation information, which accumulates over time, is used as a metric for assessing a patent’s quality in quantitative patent analysis; however, this information cannot be used to evaluate patents registered recently. By analyzing patents for promising technologies post-hoc, we propose a new technology assessment model that can replace citation information and positively influence technological development. Our process also includes collecting customer reviews on a technology in order to identify keywords that show what customers need, and determining how many keywords the new technology covers. As a final step, we use a portfolio (based on technology assessments derived from patent data) and a customer-based marketability assessment (based on review data) to visualize new technology characteristics.
An assessment of a technology can be used both by the owner and by a prospective buyer, as part of a monetization study or as a stand-alone study. Investing in a new technology can also require technology assessment studies from incubators and/or investors.
It is imperative that technology owners evaluate their technology portfolio thoroughly before selecting and implementing the technology. This includes evaluating the technology’s feasibility, potential and marketability, and ability to impact/disrupt the current market situation. Moreover, it can provide information about the competitive landscape if the technology is commercialized as well as identify potential licensees.
A legal due diligence process is always conducted during the acquisition of a start-up/SME or their technology, or the investment in a new venture, to ensure that the target technology is a good fit. An assessment of the technology potential of an acquisition target also helps determine whether it is the best choice.
For entities facilitating business development of SMEs or funding for start-ups, it becomes necessary to have a portfolio of solid technologies. Thus, technology assessment studies are very helpful in deciding which technologies should be moved to the market and which of those can be shelved. Detailed technology assessment reports can also be used to demonstrate the potential and capabilities to a prospective investor or buyer.
The technology assessment can lead to the following outcomes:
Innovation ventures will proceed to file a provisional application and pay the filing costs. A patent protection strategy is constructed with guidance from outside counsel. A provisional application is the first step towards a patent. The provisional application sets the priority date for your invention; is not evaluated by any patenting agency and does not result in an issued patent.
In the early stages of the invention, additional data may be needed to add market value and pursue strong patent protection. Following the receipt of more data, the technology will be evaluated in a second round. It would then be either accepted for patenting or deemed unpatentable. Faculty may be eligible for commercialization funding to support additional research activities.
There is a closure of the invention docket or a return of the invention to its inventor. If an inventor seeks ownership of the IP after return of the invention, the team can assist inventors to transfer ownership from Rutgers to the inventor(s). Patenting and commercial development are all responsibilities that fall on the inventors if they take ownership of the invention.
Technology assessment/evaluation reports are a systematic attempt to foresee the consequences of introducing a particular technology in all spheres and likely to interact with, and thus it covers the following aspects:
The summary of technology assessment reports chalks down the challenges, risks as well as recommendations:
At IIPRD, our technology assessment studies empower our clients to make informed decisions on introducing a new technology. Our study covers both technical & economical aspects of the product or technology. We provide technology assessment service where we analyse the pros and cons of new technology. We process data in a variety of ways and present in several custom report formats to suit a diversity of purposes. Cost is determined on a reasonable cost basis. We gather information from various sources like industry reports, journals, newsletters, market data etc. After collecting the data, we further analyze it and provide a solution to the problem addressed by the client.
IIPRD prepares Technology Assessment/Evaluation Reports (TER) which are presented in a manner that answers all the key questions that investors and companies might have about a technology. As a result, the report aims to answer those key questions.
You can contact us for a thorough technology assessment and guidance through the process of obtaining a patent if you plan to invest in a new technology.