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The Cartoon and Clip of the Week for June 17, 2015
Daily we read, see, and hear more and more about the promise and peril of emerging technologies. Emerging technologies often represent new and innovative approaches to solving difficult problems. They also may have a significantly positive impact on the time, money, and resources required to complete previously daunting tasks. Yet until emerging technologies are effectively commercialized, they may offer users as much peril as promise.
This week our cartoon and clip provides a look at a unique, not yet commercialized product (cartoon), and offers a short listing of definitions for commercialization.
Defining Technology Commercialization
The technology commercialization process is important as it many times marks the transition from peril to promise for new products and services. But just what is technology commercialization? Provided below is a short listing of several of the many definitions for commercialization.
Five Selected Definitions of Commercialization*
1. Commercialization is the process of acquiring ideas, augmenting them with complementary knowledge, developing and manufacturing saleable goods and selling the goods in a market. This process begins with product conception, including product definition, design, prototyping and pre-testing stages, and is consummated by effective product manufacturing and marketing.
2. Commercialization can be defined as the movement of ideas from the research laboratory to the marketplace, commencing at the very moment of ideation and ending at the point when a venture actually creates wealth.
3. Commercialization may be identified as the process of transferring and transforming theoretical knowledge into practice.
4. Commercialization is the process through which firms create economic value by converting knowledge, discoveries, and inventions into new or significantly improved products and services that satisfy customers’ needs.
5. Commercialization acts as a phase of new product development where it includes both production and market activities.
Why are these definitions important?
Definitions for commercialization are important as they may help individuals and organizations begin to critically consider the impact of new technologies on their business. Technologies that have been successfully commercialized may be less risky than those still going through the process. Correspondingly, technologies that have not been fully commercialized may offer great promise, but should always be considered through the lens of potential risk.
Click here for direct access to Google Books extract highlighting these and additional definitions of commercialization.
* Thérin, F. (2014). The commercialization process of innovation in small high-technology firms. In Handbook of Research on Techno-Entrepreneurship: How Technology and Entrepreneurship are Shaping the Development of Industries and Companies(2nd ed., pp. 93-94). Cheltenham: Edward Elgar Publishing.
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