|
the Proof-of-concept
route
Description
Commercial
products based on
innovative ideas
have immense marketability around the globe, and in addition, they
ensure high return on investment.
The reduction of innovative idea into practice
through either completing
written, formal description of an invention in a patent application
or
through the
physical embodiment of
the
invention and using it successfully for its intended purpose
is a major step that precedes the proof of commerce for an innovative
idea. The conception that describes the intellectual act and includes
methods for making and using the invention may require one or more (or
all) of the following activities:
·
Establishing
scientific/technical merit
of the idea
·
Verifying
early results
·
Full scale
lab demonstration of the technology
·
Pre-production development/prototyping;
·
Performing
alpha testing and pre market trials
·
Assessment
of manufacturability and
potential for
technology transfer and commercial benefits
·
Assessment
of appropriateness of the technology management and transfer plan
The Innovation Center
Proof-of-Concept Fund is intended for assessing innovative ideas. The
purpose of this fund is to identify projects with potential for
commercialization and support their "case establishing" effort. Projects
should be at a developmental stage at which carefully planned studies
are likely to provide sensible proof of concept.
The outcome of the efforts
financed by this fund should lead to a product prototype, not
published or presented papers. At the closing stage of the project, it
is hoped that one or more of the following emanate:
·
A business
plan
·
A joint
venture
·
A license
deal
·
A spin-out
company
·
A patent
filing
·
Attracting
venture capital typed of funding
Approval Criteria
The application for a
Proof-of-Concept Fund will be approved according to the following
criteria:
1. Expected commercial impact
of the prototyped product, service, system, or design. How competitive
in comparison with recent developments and chances for
success and for how
long would it be marketable?
2. Novelty of the idea as
evident from the coverage of the most relevant and recent prior arts,
including patents.
The degree
of originality and uniqueness of the idea must be clear to
those experienced in the field.
3. Proposal should be realistic
in terms of both the opportunity targeted in the application and the
position of the market.
4. Relevance to the Saudi
Arabian national research and development strategy, and general benefits
to the region and humanity.
5. Experience of the
applicant(s) in terms of Patents, projects, publications, etc. in the
concerned field.
Eligible Spending
The Proof-of-Concept allocated
money should cover the following costs:
▪
Materials
▪
Equipment, if not available on campus
▪
Consumables
▪
Manpower / Personnel salaries / Subcontracting
▪
Market assessment and research
▪
Travel expenses (if reasonable justification is provided)
Funds must be spent within the
period of the project. Unexpended funds must be returned to the
university.
It should be understood that
equipment purchased must be acquired by the relevant university
laboratory, after the end of the project. |
