Correspondence: Courtney Price, VentureQuest Ltd, 3551 S. Monaco Pkwy, Suite 254, Denver, CO 80237, USA. Tel: +1 720 489 7755; Fax: +1 720 489 7744; E-mail: cprice@venturequestltd.com

¹is the President and CEO of  VentureQuest, a management consultant, education and training company, who work with top tier universities, healthcare organisations, federal laboratories and high-growth companies to leverage innovation and successfully commercialise new business opportunities. She was the first Scholar-in-Residence of the Kauffman Foundation in Kansas City.

²directs and develops strategies for the commercialisation of the University of Kansas Medical Center technologies. He is also the Chair of the Management Committee of the Biotechnology Development Center of Greater Kansas City.

³is Professor of Otolaryngology and Engineering and Academic Director of the Bioscience Entrepreneurship Program at the Bard Center for Entrepreneurship, University of Colorado Denver. He is also Director of the Healthcare and Bioscience Division of VentureQuest.

Received 4 December 2007; Revised 4 December 2007; Published online 15 January 2008.

Abstract

US university-based technology transfer has grown exponentially since the passage of the Bayh–Dole Act in 1980. As a result, invention disclosures and technology commercialisation initiatives have significantly increased, creating the need for a standardised, qualitative method of screening proposals that might have commercial potential. Successful academic bioscience technology commercialisation is difficult at best because of early stage bioscience inventions, faulty concepts, long lead times, high risk technologies, and working with physicians and medical researchers who frequently have little or no interest in the commercialisation process. We describe an easy-to-use, standardised, web-based technology assessment instrument that was used to better evaluate bioscience invention disclosures at the University of Kansas School of Medicine Technology Transfer Office. After implementing the new system and eliminating backlogged invention disclosures, staff reported that they migrated from very qualitative discussions taking many months to more quantitative, fact-based evaluations and discussions focusing on commercial value. Consequently, they reported making quicker and improved Go-No-go decisions investing further resources in only those technologies with the highest potential for commercialisation. In addition, they improved inventor satisfaction and strengthened their relationships with physicians, inventors, and researchers.