The terms innovation, and commercialization are commonly used in a number of overlapping ways to refer to the process of developing new technology and incorporating it into new products, processes, and services. Innovation encompasses both the development and application of a new product, process, or service.
It assumes novelty in the device, the application, or both. Thus, innovation can include the use of an existing type of product in a new application or the development of a new device for an existing application. Innovation encompasses many activities, including scientific, technical, and market research; product, process, or service development; and manufacturing and marketing to the extent they support dissemination and application of the invention. Commercialization refers to the attempt to profit from innovation through the sale or use of new products, processes, and services. The term is usually used with regard to a specific technology (e g “commercializing high-temperature superconductivity”) to denote the process of incorporating the technology into a particular product, process, or service to be offered in the marketplace The term commercialization therefore emphasizes such activities as product/process development, manufacturing, and marketing, as well as the research that supports them, More than innovation, commercialization is driven by firms’ expectations that they can gain a competitive advantage in the marketplace for a particular product, process, or service.
1.What technological and market factors affect the commercialization process? Why does the development and commercialization process differ for the different types of innovation?