What Is Commercialization

Commercialization is transitioning technologies from the lab into products in the marketplace.

It is important because it brings new technologies to solve problems.

Technologies and products bring new capabilities and can also reduce the costs of existing solutions.

Commercialization requires refactoring the technology into a product that can be reproduced in a cost-efficient manner.

Here are some key steps in commercialization:

Define the product to take to the market.

Identify the ideal customer. 

Test the product idea with the ideal customer to check for interest.

Sell the product to test the pricing and positioning.

Reformulate the product with the pricing and positioning for the customer.

Build a sales and marketing program to take the product to market.

It takes several iterations to find the right product with the right market. 

The first concept of a product and its customer will most often change as you talk with customers.

Be open to pivoting to a different product format and target customers. 

Consider these steps in commercializing your technology.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.