Turning Ideas into Profit – CheckEye at the IP LET FORUM 2024 Session

At the IP LET FORUM 2024 session, key issues regarding the commercialization of intellectual property and turning innovative ideas into profit were discussed. The participants delved into various aspects of this topic, particularly focusing on why some approaches work while others do not, and what is necessary for effective commercialization in Ukraine.

“Task No. 1 is to ensure that ideas bring profit,” emphasised Olha Kronda, Head of the Innovation Development Department at the IP office, and moderator of the discussion. She pointed out that while at first glance, turning an idea into profit may seem simple, it is, in fact, a complex process requiring the right approach and a clear strategy. According to her, intellectual property is “the oil of the 21st century,” and the commercialization of IP must be focused on supporting authors, inventors, and creators.

The session participants, Andriy Chapkov (Government Relationship Officer at CheckEye, an ITU Member), discussed the following topics in detail:

• From legal protection to commercial success: How leading companies turn intellectual property into profit.
• IP strategy as the key to successful commercialization of intellectual property.
• Why IP-based startups are becoming the driving force of innovation.
• From the laboratory to the market: Real stories of innovative companies that changed the game thanks to IP.
• Opportunities for attracting investment for innovation implementation: What trends are currently attracting investor attention?
• Commercializing intellectual property through partnerships and collaborations.

Representatives from various companies and organizations shared their insights into the importance of a well-developed IP strategy, effective protection of intellectual property, and ways to commercialize it. In particular, Volodymyr Vorobei, Director of the PPV Economic Development Agency, shared his knowledge about the stages of IP commercialization and opportunities for attracting investments for innovation. He also emphasized the importance of partnerships and collaborations for successful IP commercialization.

The session participants shared real examples of successful innovative companies such as CheckEye and SMARTINHOUSE, which were able to bring their developments to the market and change the game through effective management of intellectual property. These stories served as tangible examples of how intellectual property can be turned into commercial success when managed properly.

Particular attention was also given to the topic of investment, as attracting funding for innovative projects is one of the key factors for turning ideas into reality. The participants discussed current trends that are attracting investor attention and what is needed for innovative startups to receive the necessary support to scale their developments.

This session became an important step in the development of Ukraine’s innovation ecosystem, highlighting the need for strengthening cooperation between government agencies, businesses, and startups for the effective commercialization of intellectual property.