0816_TOEFL-Test-and-Score-Manual-1997

132 ● 201 Great Ideas for Your Small Business
“The partners help us find technology and help find buyers of technology,”
said Bernstein.
Bernstein said the network of brokers extends the reach of our core,
full-time team of 25.
The company charges clients an up-front fee and a success fee. “Paying
up-front fees demonstrates they are serious about the effort,” said Bernstein.
“It means there is a strategic priority for the effort.”
He said companies pay fees ranging from $2,500 at the low end for
basic services available mostly online and automated. Companies seeking
personalized service pay $50,000 to $75,000 for the 25 executives to be
calling their contacts. “Our success rates go up enormously at the higher
end,” said Bernstein.
Based in Needham, Massachusetts, the firm has relationships with
open innovation organizations, technical expert networks, small and
medium enterprise (SME) networks, technical magazines, and online
technical communities, giving it access to new technologies in the United
States, Russia, China, India, Korea, Brazil, South Africa, Japan, and the
European Union.
The company has flourished for a couple of reasons. “There is a huge
open innovation trend,” he said. “More big companies are open to acquiring
outside technology.”
Three years ago, if yet2.com had brought a new technology to Sony,
for example, it would have needed to become a $1 billion opportunity in
three years.
“Now, there is a complete revolution based on a couple of underlying economic
trends,” he said. “Financial markets have less faith in trusting companies
to invest their R&D dollars. Plus, everyone is cutting back on basic research,
so the source of next generation products have to be these smaller players.”
Bernstein said, “The pace of competition increases every year. There is
less of a cushion for failed efforts. Companies need to find a quicker way
to get new products to market.”
With David and Goliath scenarios, Bernstein said they do what they
can to “protect the little guy.” Although they recommend that clients hire
good attorneys, they have a library of templates available to craft technology
transfer deals.
“About half the time, we are representing the little guys, other half of
the time, we go out and find the technology on behalf of bigger companies.”