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Open Access
Article
Publication date: 10 January 2023

Anil Engez and Leena Aarikka-Stenroos

Successful commercialization is crucial to innovative firms, but further investigation is needed on how diverse stakeholders can contribute to the commercialization of a radical…

1569

Abstract

Purpose

Successful commercialization is crucial to innovative firms, but further investigation is needed on how diverse stakeholders can contribute to the commercialization of a radical innovation that requires particular market creation support. This paper aims to, therefore, analyze the key stakeholders and their contributive activities in commercialization and market creation, particularly in the case of radical innovations.

Design/methodology/approach

This study relies on qualitative research design including interviews with key stakeholders, such as regulators, scientists, experts, licensing partners, core company representatives and extensive secondary data. This single-case study concerns a functional food product, which is a radical innovation requiring the development of a novel product category positioned between the food and medicine categories in global market settings. Since its market launch in 1995, the involvement of multiple stakeholders was needed for its successful commercialization in over 30 countries.

Findings

Results uncover the contributions of diverse stakeholders to commercialization and market creation, particularly of radical innovation. Stakeholders performed market creation activities such as regulating the marketing and labeling of food products, conducting safety assessments, revealing and validating the positive health effects of the novelty and raising awareness of healthy living and cardiovascular health. The commercialization activities included distributing the products overseas, applying the ingredient to different food products and making the products available for users.

Research limitations/implications

This single-case study provides an overview of the positive stakeholder activities with contributions to market creation and commercialization of functional food innovations. Although the user perspective was not included in the empirical part of this study because of our focus on B2B actors, users of the innovation can contribute to R&D activities to a great extent.

Originality/value

The developed framework of stakeholders’ contributive activities in radical innovation commercialization and market creation contributes to literature discussing market creation as well as commercialization within the marketing and innovation management research fields. This work also generates practical advice for managers who commercialize (radical) innovations.

Details

Journal of Business & Industrial Marketing, vol. 38 no. 13
Type: Research Article
ISSN: 0885-8624

Keywords

Article
Publication date: 21 October 2013

Avimanyu Datta, Richard Reed and Len Jessup

The commercialization of innovation, which is key to entrepreneurial success, is a combination of several entrepreneurial activities. Building on research from fields of…

2132

Abstract

Purpose

The commercialization of innovation, which is key to entrepreneurial success, is a combination of several entrepreneurial activities. Building on research from fields of management, strategy, entrepreneurship, economics, and marketing, the paper summarized the extant literature to develop a framework of commercialization and an agenda for future research. The paper aims to discuss these issues.

Design/methodology/approach

Extensive review of literature, which was comprised of 194 articles across 62 journals in the fields of management, strategy, entrepreneurship, economics, and marketing.

Findings

The literature was categorized into six broad themes of entrepreneurial activities: sources of innovations, types of innovation, market entry (capabilities and feasibility), protection, development, and deployment. Most of the research papers that were reviewed were concentrated on single theme.

Practical implications

Given the identification of six key themes of entrepreneurial activity leading to the commercialization of innovations, research questions were posed as a means to move the research forward by integrating the themes.

Originality/value

This is the first paper in its kind to integrate 194 papers from 62 journals to provide a comprehensive framework of commercialization of innovations.

Details

American Journal of Business, vol. 28 no. 2
Type: Research Article
ISSN: 1935-5181

Keywords

Article
Publication date: 4 September 2017

Arbaiah Abdul Razak and Peter A. Murray

The purpose of this study was to explore the strategies performed by innovation actors to ensure commercialisation success, and to determine which of these strategies…

1129

Abstract

Purpose

The purpose of this study was to explore the strategies performed by innovation actors to ensure commercialisation success, and to determine which of these strategies significantly predict a successful commercialisation within a public university context.

Design/methodology/approach

The strategies conceptualised for this study included open innovation, strategic leadership and collaborative advantage. A total of 222 public university academics participated in an anonymous survey and were asked to provide responses on their innovation strategies. These responses were then explored to assess the construct validity of the survey instrument and further analysed using a hierarchical multiple regression technique to test the hypotheses and to compare several regression models.

Findings

The results suggested that strategic leadership and open innovation strategies are significant predictors for successful commercialisation with coefficient of multiple determination (R2) of 21 per cent. This study, however, found that collaborative advantage does not significantly determine commercialisation success.

Research limitations/implications

The study was limited by the empirical evidence that was based on cross-sectional survey data of public university academics. A qualitative study with other groups of participants such as from the industries would further confirm the relationship between innovation strategies and commercialisation success. Future research should replicate this study in other settings to improve the generalisation of the findings.

Originality/value

This study discovered strategic leadership as the most dominant predictor for commercialisation success in a public university context followed by open innovation strategy. It confirms the strategic roles of leaders in innovation attempts and provides further understanding about the openness strategy in innovation.

Details

International Journal of Innovation Science, vol. 9 no. 3
Type: Research Article
ISSN: 1757-2223

Keywords

Article
Publication date: 12 September 2023

Md Imtiaz Mostafiz, Farhad Uddin Ahmed, Fahad Ibrahim and Shlomo Yedidia Tarba

This study aims to investigate how international entrepreneurial firms (IEFs) successfully commercialise innovative products/services internationally. In doing so, the authors…

Abstract

Purpose

This study aims to investigate how international entrepreneurial firms (IEFs) successfully commercialise innovative products/services internationally. In doing so, the authors examined the role played by the international dynamic marketing capability (IDMC) in the relationship between explorative and exploitative innovation and commercialisation. In addition, the authors also evaluated how the breadth and depth of international networks facilitate IEFs in upholding the effects of the IDMC to influence commercialisation.

Design/methodology/approach

To test the research model, structural equation modelling is used based on time-lagged survey data drawn from 201 Malaysian IEFs. To validate the results, additional robustness tests and endogeneity analyses have been performed.

Findings

The findings show that the IDMC positively mediates the relationship between explorative and exploitative innovation and commercialisation. Furthermore, the finding exhibits that the effects of the IDMC on commercialisation are positively moderated by the breadth and depth of international networks.

Originality/value

Given the fragmented and general nature of the extant marketing research on the IDMC, the study contributes to the international marketing literature by providing rich and nuanced pertinent knowledge. This study advances dynamic capability theory in relation to IEFs by establishing the IDMC as a functional capability suited to enable them to successfully commercialise the products/services resulting from explorative and exploitative innovation.

Article
Publication date: 8 May 2017

Kaisa Henttonen and Hanna Lehtimäki

This study examines how technology-intensive small- and medium-sized enterprises (SMEs) engage in open innovation. The purpose of this paper is to add to the literature on open…

2564

Abstract

Purpose

This study examines how technology-intensive small- and medium-sized enterprises (SMEs) engage in open innovation. The purpose of this paper is to add to the literature on open innovation in SMEs, which has received considerably less attention than open innovation in large companies. Also, the study adds on the literature on open innovation in the commercialization phase.

Design/methodology/approach

A multiple case study of 13 technology-intensive SMEs in forestry sector was conducted. The forestry sector in Finland was chosen as a target context, there were many innovative pioneering SMEs operating in the industry and because the sector was going through significant changes.

Findings

Three multi-firm collaboration modes in the commercialization phase were identified: networks with a lead partner, equal partnership, and partnership for external technology commercialization. The study shows that in SMEs, open innovation is used for commercialization rather than research and development. The main conclusion of the study is that the mode of collaboration in commercialization is determined by the core competence of the firm and the strategy for open innovation.

Practical implications

The study results imply that SMEs benefit from opening up their innovation process in the commercialization phase. The firms in this study employed a blend of strategies that capitalized on their internal strengths. They collaborated actively with external firms and outsourced from specialists. This way they were able to compensate for their internal weaknesses and gain competitive advantage.

Originality/value

The study extends our understanding of open innovation by providing a detailed analysis of how open innovation takes place in the commercialization phase of innovation process. Also, the study extends understanding of the strategic use of open innovation in SMEs by showing how SMEs balance the risk of losing their competitive advantage built on innovation and the benefit of creating a broader competence base with partnerships.

Details

European Journal of Innovation Management, vol. 20 no. 2
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 18 April 2008

Andrew P. McCoy, Walid Thabet and Ralph Badinelli

The purpose of this paper is to offer a commercialization framework that outlines phases and functional areas for technical and business practices in getting innovative products…

1475

Abstract

Purpose

The purpose of this paper is to offer a commercialization framework that outlines phases and functional areas for technical and business practices in getting innovative products to market. The development of this framework was motivated by a history of failures of entrepreneurial business ventures in the commercialization of construction products.

Design/methodology/approach

This paper presents Phase 1 of commercialization research efforts, which includes a definition of innovation and commercialization for the residential construction industry; a review of literature related to generic commercialization models; and construction of a new commercialization framework for innovative construction products. This paper also introduces Phase 2 of this research, which includes qualitative and quantitative knowledge capture from construction industry experts; and the development of a domain‐specific commercialization model for the residential industry based on these inputs to reflect the unique challenges of construction products.

Findings

This paper presents a generic commercialization framework as a basis for interpreting various data from product interviews and case study literature. These data were used to further specify the framework. This paper presents an example of the many construction products reviewed in this research and its possible impact on the framework.

Practical implications

The generic commercialization model presented here could benefit innovators of construction products. The research indicates the importance of key steps in the commercialization of these kinds of products.

Originality/value

Since, no model captured the specific issues of commercializing residential construction products, this paper introduces a basis for one. In creating a generic commercialization framework, this paper facilitates entrepreneurial product commercialization for the construction industry.

Details

Construction Innovation, vol. 8 no. 2
Type: Research Article
ISSN: 1471-4175

Keywords

Article
Publication date: 6 May 2014

Thuy Hang Do, Tim Mazzarol, Thierry Volery and Sophie Reboud

The purpose of this paper is to examine the relationship between the expectations that small business entrepreneurs hold in relation to the future returns from the…

Abstract

Purpose

The purpose of this paper is to examine the relationship between the expectations that small business entrepreneurs hold in relation to the future returns from the commercialisation of innovations, and key organisational elements including inputs, knowledge, culture, strategy, portfolio, project management and commercialisation. More specifically, this research aims to deepen the knowledge of how small- and medium-sized enterprises (SMEs) manage their innovation and identify critical factors determining the potential innovation outcomes.

Design/methodology/approach

This study draws on a large sample of innovative SMEs from multiple Organisation for Economic Co-Operation and Development countries. Data were collected using a questionnaire administered face-to-face with owners-managers or executives of SMEs who made critical decisions for the innovation management of the firm. First, a factor analysis is conducted to identify the most appropriate measures for each variable. Second, the authors test for multicollinearity among independent variables. The final step integrates results from the general linear model analysis that measures the relationship between organisational factors and the anticipated returns.

Findings

Findings suggest that positive expectations over future investment in innovation – as measured by the anticipated rent – are influenced by organisational factors, including innovation strategy, portfolio management, project management, and organisational culture and commercialisation process. Conversely, the resource endowment is not perceived as a barrier to innovation and to the development of a competitive advantage. In addition, industrial knowledge management has an indirect effect on the anticipated returns.

Originality/value

Despite extensive research in innovation management, the role of organisational factors on anticipated returns in SMEs has not been investigated to date. The study provides researchers with new insights into the resource-based view and the theory of entrepreneurial rent from the perspective of innovation management. The findings offer guidance to managers as to potential success factors in enhancing the rent, but also reflect entrepreneurial optimism in the management of innovation.

Details

European Journal of Innovation Management, vol. 17 no. 2
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 14 December 2022

Wesley L. Harris and Jarunee Wonglimpiyarat

This paper aims to explore the financing mechanisms towards Mars commercialisation and SpaceX’s Mars mission programme to achieve the interplanetary settlement. This study also…

Abstract

Purpose

This paper aims to explore the financing mechanisms towards Mars commercialisation and SpaceX’s Mars mission programme to achieve the interplanetary settlement. This study also suggests the path to avoid the failure of space commercialisation.

Design/methodology/approach

This research uses a case study methodology (Eisenhardt, 1989; Yin, 2013). The analysis is based on the construct of technology S-curves and attempts to answer the research question: What are the financing mechanisms to achieve successful aerospace financing for Mars mission? This research used semi-structured questionnaire and conducted 51 in-depth interviews. The interview data were supported by an examination of secondary data to provide a cross check on the validity of research (Yin, 2013). The research findings provide lessons and insights into the challenges of aerospace financing to Mars.

Findings

This study has shown that financing via cryptocurrency and initial coin offering as well as crowdfunding (particularly donation- and equity-based crowdfunding) provide promising financial solutions to achieve Mars commercialisation. The implementation of Mars programme demonstrates the fifth generation of innovation development model – systems integration and extensive networking model.

Originality/value

Given a dearth of study focusing on the links between S-curves and technology financing of aerospace commercialisation, this research study attempts to fill a gap in this neglected area with a focus on exploring the financing mechanisms towards Mars commercialisation.

Details

foresight, vol. 25 no. 4
Type: Research Article
ISSN: 1463-6689

Keywords

Open Access
Article
Publication date: 4 October 2019

Kehinde Medase and Laura Barasa

The purpose of this paper is to investigate how specialised capabilities including absorptive capacity and marketing capabilities influence innovation commercialisation in…

7038

Abstract

Purpose

The purpose of this paper is to investigate how specialised capabilities including absorptive capacity and marketing capabilities influence innovation commercialisation in manufacturing and service firms in Nigeria. The authors hypothesise that absorptive capacity measures including openness and formal training for innovation, and marketing capabilities encompassing new product marketing and marketing innovation are positively associated with innovation performance.

Design/methodology/approach

The authors examine commercialisation of innovation within the profiting from innovation (PFI) and dynamic capabilities (DC) framework and use data from the 2012 Nigeria Innovation Survey to test the hypothesis by means of a Heckman sample selection model.

Findings

The authors find that absorptive capacity measures comprising openness and formal training are positively associated with innovation performance. The authors also find that marketing capabilities as indicated by new product marketing and marketing innovation are positively associated with innovation performance.

Research limitations/implications

The authors acknowledge that firms undergo continuous changes and that there may be the presence of unobserved or unmeasured heterogeneity. Taking into cognisance that Nigeria is a federal state, cultural diversity and economic factors are likely to differ widely between geographical regions. Also, while the proposed conceptual framework offers a deeper understanding of innovation performance, examining how integrating activities of the R&D department, human resource department and marketing department affect innovation commercialisation is likely to provide more meaningful insights.

Practical implications

The role that inter-organisational learning and intra-organisational learning play in driving innovation performance provide managers with a basis for incorporating absorptive capacity building programs that boost employees’ ability to recognise and apply valuable external knowledge to commercial ends. Similarly, firms may benefit from offering marketing capabilities development programs. Furthermore, innovation policies in Nigeria are generally designed to focus on fostering innovation activities aimed at developing innovative output. Accordingly, government support explicitly targeting new product marketing and marketing innovation is likely to play a vital role in the successful commercialisation of innovation in Nigeria.

Originality/value

This study fuses the PFI and DC framework to examine why innovating firms may not necessarily succeed. This area of study has received scant attention in sub-Saharan Africa given that extant literature focusses on value creation as opposed to value capture.

Details

European Journal of Innovation Management, vol. 22 no. 5
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 18 January 2011

Andrew McCoy, Walid Thabet and Ralph Badinelli

This work provides validation of a model for successful commercialisation of innovative products for residential construction. The development of the model is motivated by the…

1642

Abstract

Purpose

This work provides validation of a model for successful commercialisation of innovative products for residential construction. The development of the model is motivated by the persistence of failed commercialisations due to inadequate business plans. This paper aims to discuss these issues.

Design/methodology/approach

The current paper validates the model with data from case studies of 15 manufacturers of recently commercialised innovative residential‐construction products. The research team interpreted the interview data and correlated this data with the model. The correlations illuminate critical steps within the commercialisation process; perceptions of the less important steps; decisions and resulting actions that support commercialisation, accelerators and barriers of commercialisation; and prototypical commercialisation processes.

Findings

A total of 15 case studies of successfully commercialised products provide empirical support for the commercialisation model that was developed from literature review and previous surveys.

Research limitations/implications

The research is based on content analysis of in‐depth interviews from 15 case studies, a methodology that yields a small number of general conclusions from a large data set. More case studies are needed to expand the implications presented in this work. Conclusions drawn from the data have important implications for establishing a normative description of the process of transforming an invention into a commercialised innovation in residential construction.

Practical implications

The commercialisation findings presented here could benefit innovators and adopters of construction products. The research indicates best practices, key accelerators and key barriers to the commercialisation of products in the residential‐construction industry.

Originality/value

This work presents the second phase of development of a domain‐specific commercialisation model for innovative residential‐construction products. This commercialisation model serves as a roadmap to entrepreneurs, which avoids the most common pitfalls along the path of commercialisation.

Details

Construction Innovation, vol. 11 no. 1
Type: Research Article
ISSN: 1471-4175

Keywords

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