Commercialization is the process of introducing a new product or production method into the market. The final stage of commercialization is a product launch.
Pushing the Technology Forward – Life Beyond R&D
Following product development (also known as R&D), the final stage of commercialization is moving the technology into the marketplace. Several different paths can lead to creating a revenue stream from completed research projects. Some of these paths include:
- Venturing: Building a business around production, assembly, sale, and distribution of your technology.
- Partnering: Sharing parts of the venturing strategy with one or more additional partners who are already established in the same industry.
- Licensing: Selling only selected rights in your technology to others, usually in exchange for negotiated, agreed-to and ongoing payments.
- Outright Sale: Selling all the rights of your technology to others, without expectation of future revenues.
- Technology Transfer: generally refers to the movement of technology from government, universities, or other institutions to the public sector.
Do Your Commercialization Background Research First
Developing your innovation will demand your business resources and your emotions. Before committing to that investment, you need to perform comprehensive searches of the commercial market, the peer literature in your field and the United States Patent Database. The information you develop will provide indicators about the social, commercial and technical viability of your innovation and create a foundation for making informed business decisions.