The company, having shortlisted the most promising projects, then selects individual projects for detailed evaluation. The evaluation has three components:

• Intellectual Property
• Technical Evaluation
• Commercial Evaluation

Intellectual Property

The company must find out if the product/process is protected in the target market and what is the strength of protection. Protection can be by patents or copyright or as secret know-how. Sometimes other forms of protection such as design rights or trade marks are used. This protection is built into the technology by the licensor and is passed on to the licensee. See Intellectual Property .

Technical Evaluation

The company needs to know how well does the technology, product or process work and how compatible it will be with their existing process.  This may require the purchase and testing of products, visiting the licensor's premises or getting external technical advice.

Commercial Evaluation

The normal commercial and financial evaluation is carried out. What is the market for products using the new technology or process? What are the likely prices and margins. What are the investment requirements?

How Enterprise Ireland can help

When the company has selected projects for detailed evaluation, the due diligence process will enable you to focus on the ones of highest potential.   TechSearch can provide help in the evaluation process, but full due diligence may require additional professional legal and financial advice.