COMMERCIALIZATION CHAIN ROADMAP TO ENCOURAGE DIFFUSION INTENSIFICATION AND INNOVATION SCALE
Abstract
Innovations play an essential role in the success and the enterprise’s stability in the market. The work aims to develop a road map of the commercialization chain to stimulate the intensification of diffusion and the scaling of innovations. The work highlights the main stages of innovation commercialization and the tasks at each of them: development of an innovation idea (conducting market research and determining consumer needs, forming a team for the development of an innovative product or service, creating a prototype or innovation concept and testing it among a small group of users), assessing potential innovation (conducting a SWOT analysis for the innovation, assessing the technical and economic feasibility of innovation commercializing, determining the competitive advantages of the innovation), a business strategy developing (determining the target market and audience, developing a marketing and sales plan for the innovation, determining target indicators and success metrics for evaluating the business strategy effectiveness), financing and investment (determining the need for financing for the innovation commercialization, determining the financing sources, developing a business plan and presentations to attract investors), implementation and marketing (launching the product production or a service providing, developing a marketing and advertising strategy to innovation promoting, conducting training and support for customers on the innovation’s use), evaluation and optimization (collecting user feedback on innovation, analyzing data and using it to optimize the product or service, continuous improvement and innovation development to meet the market needs). Key stakeholders are identified: consumers, developers, owners, investors, suppliers, partners, creditors, state authorities, mass media, competitors, society, marketing personnel, and company personnel. A commercialization road map aligns commercialization stages, stage goals, decision implementation levels, and stakeholders. Work's results can be useful to researchers, business owners, and marketers in the innovation commercialization.
References
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