Establish initial focus of value realization efforts based on internal strategy, corporate inventory and assessment of IP; utilize a process to identify assets of high potential value; use a process to identify core versus non-core intellectual property, license only to competitors or non-core applications; timing of potential value realization (time to market, maturity of assets, dependence on third-party IP); having identifiable products, markets and partners; understand fully the potential value of the intellectual property under alternative value realization strategies; consider the ability of the intellectual property owner to get access to dependent technology; the quick value that can be obtained from intellectual property; the sustainable value that can be obtained from intellectual property; consider if value extraction harms current business or is it better to license core technology to expand market; identify strategic goals for the value realization opportunity before contacting potential acquirers; create value realization strategies and business terms to meet the company’s strategic goals; assess commercial viability of assets to be commercialized from a competitive advantage, ability to be first to market, likelihood of success, sales expectations, and potential profitability standpoint; identify and assess potential value realization partner/acquirers from the standpoint of players in product/service or technology markets, already known as interested, industries that use similar technology currently, hold related technologies but want competitive advantage, seeking to enter market, existing relationships with company, innovators are leaders in industry, in acquisition mode, proven ability to bring new products to market; conduct due diligence on possible partners by way of technology reviews, financial reviews, and competitive position in the technology space; assess acquirers reasons for investing from the standpoint of leading-edge of next-generation technology, competitive positioning, penetrate new market, acquire new technology, supplement existing R&D efforts, acquire creative talents or acquisition, expand product line, maintaining freedom to operate, and analyze common problems to overcome in evaluating alternate acquirers; lack of strategic fit; inadequate technical due diligence; clash of cultures; change of direction desired; consider approaching select identified partners individually and/or sequentially and obtain access to critical business management and R&D personnel at acquirer; pricing alternatives including valuation, perceive future value, and competitive positioning; providing informal information to potentially interested parties to enhance business related descriptions and match acquirers needs and strategic positioning; presentation to internal decision-makers with the description of the business opportunity, technical issues, and value proposition; conducting acquirers due diligence including legal opinions on ownership and right to transfer; negotiation considerations including timing, coordination with legal and other advisors, exclusivity, confidentiality, competitive interest drivers, acquirers interested in competitive positioning, maximizing alternative uses of technology, undiscovered patents with dependency issues; closure considerations including memorializing agreement and letter of intent or memorandum of understanding and drafting and executing transition documents.