When a new opportunity for exploitation of research results comes to light, it's often the researcher that is directly involved to seize the opportunity. This is not always the case. It also happens that a researcher is approached by somebody after presenting a paper or within a Research Alliance. But while the start of the process may be different, there are some common steps to be considered. The first step is about defining the goal of the researcher or research group involved. Do they wish to publish their results as soon as possible? Do they wish to continue working on the specific topic? And do they need a partner to complement their skills? And of course the matter of money is important; is the main motivation financial gain or a better society? Also it is important to assess several practical aspect. The first is a methodological one. It's about the possibilities for new products, properties or services that the research can create. Second, there is the market. Is there an obvious market need? Bear in mind that a new methodology may solve a problem or improve a non optimal situation but that is not yet a guarantee that anybody is willing to pay for it especially if major investments are needed for production, the question is, if the time is right for such investments? Then there is the matter of ownership. Who owns the knowledge and are there any strings attached? What I mean is, are there any conditions defined by the financier of the research? And last but not least the intellectual property aspect. Is there a possibility for a patent and if not can knowledge be protected otherwise to make sure the investor has an advantage over its competitors? Both the assessment of the researchers goals and of the practical aspects help to develop a common strategy on how to move forward. After such a strategy has been established, it's important to engage with the outside world for two reasons. First, to engage with experts that have knowledge of similar technologies and their markets and second, engage with intellectual property experts regarding the potential scope of protection either by patenting or other forms. Feedback from all these sources can help validate several key issues. These key issues being not only interest to the market but also the technical steps that are still required, the critical barriers to entering the market and possible competing technologies. At the same time it can be useful to verify if the inventor group can contribute scientifically to the next stages. Possibly the most important matter of all, is to find out who may be the ideal partner to take a methodology forward. Let's zoom in on this ideal partner. There are some questions that need to be answered to be able to determine what could be the right partner. These questions are: Should we partner with an existing player? Are there hungry investors and keen entrepreneurs who see this opportunity as suitable for a new company? Or is it all too soon to go commercial? So, the ideal partner needs to be a strong R&D ally. Being realistic about managing the expectations is critical. Clear goals and roles need to be agreed upon upfront. Any deal is not a one off contract but the start of a new relationship. This requires clarity of objectives, shared visions, acceptable compromises and fair benefit sharing. It also helps to have structured flexibility to accommodate any changes in the project. In the following video, we will discuss common pitfalls when working with third parties. Thank you for watching and hope to see you in the next tutorial.