There are several stages to the process of licensing technology. First, of course, is finding something of interest. How this happens will vary from comapny to company. A business strategy and a well-spelled-out list of needs will, ideally, guide the person or persons charged with finding new-to-the-company technologies. Many items will likely fit into the top of this search funnel. A systematic evaluation should filter out most of them, and only a few will make it to the end of the funnel. Once a suitable technology is identified, an in-depth study of the details must be undertaken before making a final technical decision on its fit with the company strategy.
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