Commercializtion of Academic Research †Free Samples to Students

Question: Discuss about the Commercializtion of Academic Research. Answer: Introduction: Successfully commercialized product is called innovation. Commercialization of a product encompasses a series of connected steps that helps to bring a product into the market dynamic. Progressive commercialization techniques can be associated with integration, concurrence, and/or overlap with the development process to ensure innovation in an organizational framework. Economic growth and successful commercialization are highly dependent on one another thus resulting in innovation.(Czarnitzki, 2017) Commercialization of product essentially involves a series of and comprehensive strategies and reviews commonly referred to as gates.Commercialization of product is characterized with a careful screening and scrutiny of all the development techniques, product scope, market trends, government policies, competitor strategies and scoping the objectives and deliverables of the project which eventually impact the quality of the product. In commercializing a product, first, the business case is examined, documented and a prototype developed. The prototype is then tested for discrepancies or errors and then validations are done at which point the product is launched. Successful launching and delivery of this product in the open marketplace is generally considered as the final phase of new product commercialization. (instincts, 2017) There is substantial evidence to indicate that innovation is not the only outcome of commercialization. For instance, commercialized new product has resulted in the innovation of Australian businesses in a significant manner, with the widely used type of innovation process being innovation itself. The percent improvement in the innovation achieved through introduction of new commercialized product is depicted through figures and data that are staggering. Commercialization of new products in terms of process is evidently implemented by 23 percent of businesses around the world in all sectors. The implementation of product or services commercialization has seen a global increase of 16.9 per cent. (Nelson, 2017) The total number of firms who are innovating has a significant rise in number as the expansion of these firms continues, both in terms of headcount of workforce and turnover of the business houses. The business innovation driver happens to be is enhanced level of company revenue which is achieved through increase in production or meeting the demands of the market. (Ottawa, 2017) Commercialization of new product has resulted in rising inclination of companies towards national and international activities which have been directed towards developing better conceptual and comprehensive methodologies as well as preset frameworks in order to provide realistic, goal-oriented and comparable assessments of innovation. Commercialization of new products also highlight the importance of monitoring performance continually and regularly monitor the challenges related to implementation of strategic and functional metrics and frameworks in an organizational setting.(mckinsey, 2017) Sucess Stories Commercialization of products includes areas such as the information technology and computing. Commercialization includes success stories of firms like Henry Fords assembly line and Dells manufacturing processes which are customized build-to-order processes. Commercialization concepts also include the theory of astronomy by Copernicus. Citibank introduced ATMs in the early 1970s introducing immense ease of banking and offering a huge flexibility in the banking systems. Commercialization of their product brought a revolutionary change in banking processes and also extended the reach of the bank on a worldwide platform. Companies dealing in consumer electronics such as Canon, Philips have introduced commercialized sophisticated technology-based products to market thereby increasing the competition. Most other companies will therefore be compelled to adopt commercialized products too in order to thrive and compete in such a business environment.(ChannelInstincts, 2017) The following table shows innovations through commercialization of product and process PRODUCT PROCESS DISCONTINUOUS ATTRIBUTE v Different Calculators v Types of Videotapes v Aircraft propelled by jet v Supply chain of Walmart v Build-to-order manufacturing process of Dell INCREMENTAL ATTRIBUTE Software versions Aircraft models Continuous process improvement Table 1: Innovation through commercialization of product and process (HBR, 2017). Benefits offered by commercialization of new products include: Practical application of the organizations research methodologies and functional metrics in re-inventing the products which results in better outreach of the products on a global platform and hence better innovation. Commercialization provides a collaborative index that facilitates in financial sponsorship of businesses.(HBR, 2017) Commercialized new products are likely to offer increased monetary compensation in the form of license fees or royalty payments within an organizational framework. The invention of a new product is only half the battle; this invention can be rendered successful in a market platform only through means of commercialization. Difference in the ability of firms to commercialize their products is dependent on economic or legal factors. Environmental factors are an important element that determines the decision of a firm to commercialize its technology externally. (UNT, 2017) Commercialization also helps in strengthening the operability mechanisms that make such businesses profitable and therefore assist in innovation. When business processes incorporate comprehensive strategies towards commercializing new products and processes, they reduce the market risk by obtaining greater profits. Commercializing a new product also offers increasing flexibility, better financial and operating semantics as well as increases the probability of a successful rendering of product in the market, generation of better revenue and facilitating innovation.(Nikulainen, 2017) Commercialization of new products has been sharply observed countries like the United States, Japan, and Europe as well as in other parts of the world. There is evidence to substantiate that product commercialization has caused the top most companies to commercialize new products at least twice or thrice the number of processes compared to their competitors of similar sizes.(SCORE, 2017) Conclusion In short, studies conducted have shown that commercialization of new product has enabled organizations ability to optimize technology, and a radical improvement in the innovation in the process. While many organizations treat the process of commercialization to be a series of separate structures or a result oriented intensive as well as creative process, several businesses view commercialization of new product as an efficient means to enhance the revenues and a means to achieve innovation. Commercialization of new products increases the awareness about newly launched products and increase the outreach as well as consumer market for the product. Commercialization therefore is used to set strategic targets for new products and follow aggressive strategies towards realistic and innovative results.(Victoria, 2017) References ChannelInstincts. (2017). channelinstincts.com. Retrieved May 10th, 2017, from https://channelinstincts.com/2013/08/14/8-steps-to-building-a-customer-focused-commercialization-strategy/ Czarnitzki, D. (2017). Commercializing Academic Research. The Quality of Faculty Patenting , 1, 43. digitalpublishing2015. (2017). digitalpublishing2015.files.wordpress. Retrieved May 10th, 2017, from https://digitalpublishing2015.files.wordpress.com/2014/12/screen-shot-2014-12-12-at-23-43-27.png HBR. (2017). hbr.org. Retrieved May 10th, 2017, from https://hbr.org/2011/06/how-pg-tripled-its-innovation-success-rate instincts, C. (2017). channelinstincts.com. Retrieved May 10th, 2017, from https://channelinstincts.com/2013/08/14/8-steps-to-building-a-customer-focused-commercialization-strategy/ mckinsey. (2017). mckinsey.com. Retrieved May 10th, 2017, from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-and-commercialization-2010-mckinsey-global-survey-results mcnstorage.blob.core. (2017). mcnstorage.blob.core. Retrieved May 10th, 2017, from https://mcnstorage.blob.core.windows.net/media/images/newsletters/Biotechnology/BiotechnologyGraph_web.png Nelson, R. R. (2017). Obituary, Keith Pavitt. Commercialization , 1, 3. Nikulainen, T. (2017). Commercialization of Academic Research. A comparison between researchers in the U.S abd Finland , 8, 23. nordfors, D. (2017). Commercializtion of Academic Research Results. Innovation Policy in Focus , 1, 130. Ottawa. (2017). research.uottawa.ca/. Retrieved May 10th, 2017, from https://research.uottawa.ca/iss/resources-researchers/tech-cap-dev-comm/comm-impacts SCORE. (2017). score.org. Retrieved May 10th, 2017, from https://www.score.org/resource/first-question-ask-successfully-commercializing-new-product UNT. (2017). research.unt.edu. Retrieved May 10th, 2017, from https://research.unt.edu/faculty-resources/innovation-and-commercialization Victoria. (2017). victoria.ac.nz. Retrieved May 10th, 2017, from https://www.victoria.ac.nz/sms/wip-ii-holding-area/commercialisation-and-innovation-archived/Master-of-innovation-and-commercialisation-brochure.pdf