LSE Innovation will provide you with the support to help turn ideas generated from your research into new businesses, products or services that benefit society. The support required to take research to the market must be tailored to each individual opportunity, but a typical innovation project at LSE will involve the following four stages:
Step 1: Idea disclosure
There may be an aspect of your research that you think could have social or economic impact, for example a new product, software, method or process. If you think this opportunity could have commercial potential, you should contact the LSE Innovation team and fill out a disclosure form. LSE Innovation will review the form and meet with you to better understand your research and its potential for social or economic impact.
Step 2: Evaluation and IP protection
Once you have disclosed your idea, the next stage is to work with LSE Innovation to evaluate the market potential for your innovation. The team will also explore the nature of the intellectual property (IP) associated with your research, how best to develop and protect it, and potential issues regarding the rights you have to any data that you are using. The team may use due diligence and assessment forms as well as non-disclosure agreements (if required) during this stage.
Step 3: Strategy development
LSE Innovation will work with you to identify translational funding opportunities to develop your innovation into a ‘proof of concept’ that demonstrates its commercial potential. For example, the team may recommend opportunities such as the ICURE programme or the Aspect accelerator programme.
LSE Innovation will also work with you to prepare a commercialisation or go-to-market strategy for your innovation, which you will help present to an LSE panel for review. There are several ways to take your innovation to market, including setting up a start-up or spin-out, or licensing your innovation to an existing company. LSE Innovation will help you to understand more about these different routes and identify the most suitable one that will help you achieve maximal impact and realise your vision.
Finally, during this stage you will agree with LSE on allocations of IP rights and future income from any commercialisation activities relating to your innovation.
Step 4: Accessing the market
Once the best route to market has been identified, LSE Innovation and Enterprise will help implement your commercialisation strategy to take your innovation to market and achieve social or economic impact. This may include preparing a business case, engaging with the market, finding funding and investors, and/or finding licensees.
What should I do to get started?
To get started on an innovation opportunity, contact the LSE Innovation team who will be pleased to talk through your idea with you.