Market First evaluate the size and growth of the market, considering all possible applications of the invention.
Development stages The development stages are the following: conceptual stage, experimental stage, simulation of the operative model, and working prototype. It is a parameter that measures the actual gap in the market against the effective commercial exploitation of the product. It is a very important parameter, because it is a strong indicator of the risk related to the decision to patent or not. It is also a parameter to be considered for future licensing.
Time to market This is the time required, starting from the actual development stage of the invention to the launch of the product on the market. This parameter requires an estimate of the time for the engineering and industrialization of the invention, and the time to market the product. It is a parameter related to the product life cycle.
Product lifecycle This refers to the lifetime of the product on the market or, in other words, the time in which it remains competitive, i.e., not replaced by a new product. There are technical fields in which technologies show slow changes over time and that lead to products with long lifecycles. In other highly dynamic sectors, there is a continuous and rapid innovation that requires a short time to market, before a product becomes obsolete.
Technology risk Some inventions are based on a well-established technology, that makes the products well accepted by the market. The risk of failure is very low. Conversely, a good idea at a conceptual or an early experimental stage, can be very risky if it requires an expensive technology and therefore may not be consistent with the current market.