Commercializing intellectual property: a university‐industry alliance for new product development

This article outlines a process, whereby public research efforts can be joined with private sector product needs creating a commercialization culture that can help provide opportunities and address the barriers of new product concepts for the marketplace. The issues discussed here were identified through research efforts that explored the opportunity to align academic research with private sector commercialization efforts. The purpose is to identify academic and private sector linkages that may benefit and enhance new product research efforts with the goal of moving faculty‐driven product research from inception to marketplace commercialization. The end result is a process by which public sector (institutions of higher education) and private sector organizations can interact to develop new products for the commercial marketplace that will meet the burgeoning product needs of current and future customers.