The client partnered with SPA team to identify new markets for an innovative vapor trap developed for metal fusion area. Client was interested in looking at licensing opportunities and wanted to understand the application areas of current IP holders.
Problem & Context :
SciTech Patent Art Approach & Deliverables :
- A 2-member SPA team of a mechanical engineer and a material scientist was formed to help the client identify potential new markets outside the metal fusion area.
- SPA developed a unique methodology for identifying new application areas in which this technology can be utilized.
- In order to understand the features of vapor trap device, several patents were critically analysed.
- Based on the understanding, searches for patent and scientific publication were conducted.
- Potential markets were identified based on applications outside of the client’s business area such as food, agriculture, construction, medical and others
- Provided a summary report on barriers to entry, competition, regulations, market size and CAGR of identified new markets.
- Key research institutes, universities and independent inventors working in this area were also captured.
- Research entities collaborating in the technology space were identified.
Turnaround Time :
- 1 month
- $ 12,000