Elements of Commercialization

Commercialization is the process of transitioning technologies from the lab into products in the marketplace to create financial value.

Here are the key elements of the commercialization process:

Assessing the technology.

This includes identifying the commercial potential by examining multiple markets, applications, and use cases.

Checking feasibility.

This includes a review of the capabilities of the technology and its performance in a set of applications.

Building a prototype.

This includes making a minimum viable product to test capabilities and check interest with customers and investors.

Researching the market.

This includes identifying existing competitors and potential customers.

Setting up intellectual property.

This includes filing patents, trademarks, and copyrights in addition to setting up trade secrets.

This may also include licensing the technology from others.

Raising funding.

This includes sources such as grants, custom build contracts, angel investors, and other sources of capital.

Selling the product.

This includes negotiating the price and closing the sale of the product with customers.

Delivering the product.

This includes building the final product and shipping it to the customer.

Consider these steps in commercializing your technology.

 

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