Stages of Product Commercialization
Product commercialization stages are the most important factor in the production of products and technology in this era. These days, humans have passed the age of food gathering, hunting, agriculture and industry and entered the age of communication and information. Today, companies compete to obtain information and technology. Researchers have named this period “knowledge-based economy”.
Due to the rapid progress of science and technology, we need the experience of technology research and development institutions to obtain profit and return capital in business. The most important factor in the economic development of a technology is the commercialization of technology and products.
Basic knowledge is produced and developed in research and development centers in academic, laboratory, private and government sectors. Therefore, to create added value in the commercialization process, a production structure is created.
During the process, a job is created and finally it leads to wealth through the entry of the product into the market.
The complex stages of commercialization, which consists of three parts of discovery of invention and innovation, are reached through continuous trial and error, learning and correction, and have 5 stages:
1. Opportunity
This stage is a good opportunity to identify and recognize the scientific and commercial value of a plan and idea. It determines the commercial value and the market and the customer who are willing to pay and buy the idea product. Therefore, due to the importance of this issue, we need a professional network in the specialized field to conduct research and documentation.
2. Protection
To protect the design and idea, we can protect it by patenting trademarks or copyrights. Sometimes these processes take so long that it is better to sell our idea to an active company.
3. Business and Commercialization Plan
In order to be sure of the feasibility of an innovation or discovery, the business that is based on the idea must be described, that is, the market and the industrial society must be examined first, and customers and customer needs must be carefully identified. At this stage, we have to deal with development and marketing, financial matters, and most importantly, the executive team.
4. Forming a Group and Providing Capital
Having expert and experienced people in the work team increases the certainty factor of success and investor attraction. In this regard, Kip McCoy has an interesting opinion:
“Usually, due to the difficulties of the path, family, friends and other people around you are not willing to support you financially, and to move forward, you need to provide more funds from new sources, so you must be able to convince investors and commercialize your plan within a certain period of time.”
In order to attract investors, which has many complexities, be sure to pay attention to the ownership of the idea, future partnership opportunities, and the number of interventions in management issues.
5. Project Implementation and Product Development
At this stage, we are ready to implement the business plan of starting our own business and we only need to enter into business negotiations for sales, for the new business to a suitable physical location, recruiting personnel, providing primary resources, developing a prototype product, organizing work and creating a structure. We need a suitable organization to execute the business. Always keep in mind that we can be more successful by continuously reviewing and improving the process.
In relation to the topic, some good movies are suggested, I hope you enjoy watching them:
1. Joy
2. Coco before Channel
3. The Intern
Up To Sum
In general, the commercialization process of an idea or product, from the formation of the idea to the sale in the market, is a specialized work. We have mentioned some of them in the article “Ways of product commercialization”. Uprodemy will be with you during the collection process.
