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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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The study aims to explore supply chain influence (SCI) on the linkages among market orientation, innovation capabilities and firm performance (FP), using the resource-based view as a theoretical backdrop.

Survey data from 182 top managers who are involved in strategy formulation and innovative direction of their companies was collected and analyzed using moderated multiple regression analysis.

Results revealed a moderating role of the SCI in that the proactive market orientation (PMO) and FP relationship is stronger when SCI is high, and innovation commercialization capability (ICC) and FP relationship is stronger when SCI is low.

Firms pursuing high PMO strategy must collaborate with supply chain function to achieve the full effect of PMO. Additionally, as supply chain is critical to meeting customers’ needs, these firms should allow supply chain to exert greater influence to enjoy the positive effects of PMO in addition to ensuring full integration into marketing strategy implementation. Also, firms with high ICC need to limit SCI to maximize the benefit of ICC on FP, just as innovation management needs to be cognizant of other functional areas.

The study investigates the potential moderating role of SCI on the relationships among market orientation, ICC and FP. The study fills a gap in the understanding of the nature and role of supply chain in the marketing–supply chain interaction, and the impact on FP.

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.

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.

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.

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.

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.

Corporate organizations could enhance their economic and commercial values through knowledge acquisitions and exploitations. The purpose of this study is to analyze the economic and commercial performance effect of poultry management absorptive capacity in Nigeria.

Structural equation modeling was used in the analysis of a random sample of 300 poultry managers and owners surveyed within the South-Eastern Nigeria. The scales that quantified the latent variables of the factors were tested for reliability and consistency using confirmatory factor analysis.

The study found evidence that the difference between economically and commercially viable poultry businesses and failing ones depends on the level of absorptive capacity. Absorptive capacity advanced innovations that resulted in higher economic and commercial performance of poultry farm. Poultry firms' profitability, sales growth and market shares were positively increased by absorptive capacity dimensions of acquisition, assimilation, transformation and exploitation.

The study was carried out within a region in Nigeria and thus could be limited by generalization to the developed country.

This study is the first to link four dimensions of absorptive capacity to the economic and commercial performance of poultry businesses in Nigeria. As such, it originally breaks new frontier of poultry farming from dynamic capabilities and absorptive capacity perspectives.

Much of the scholarly works on open innovation have significantly highlighted the application of the model in high-tech industries in the developed world. However, how the phenomenon applies in low-tech small and medium-sized enterprises (SMEs) in developing countries is still marginal and lacks substantive research. This study aims to draw on the network theory of innovation to examine the open innovation orientations of low-tech SMEs in an emerging market context, particularly Ghana.

The research design used was a qualitative–quantitative approach: the qualitative phase of the study, involving 31 low-tech SMEs, used a multiple case approach through semi-structured interviews and analyzed the interview responses using NVivo statistical tool; the quantitative phase, including 706 low-tech SMEs, also used a survey questionnaire approach and descriptively analyzed data collected using SPSS statistical tool.

Results disclose that the low-tech SMEs’ employment of the open innovation model are preponderantly driven by commercialization purposes, knowledge acquisition motives, financial motives and strategic motives, whereas their open innovation approaches include inbound strategies (collaboration with suppliers, co-creation/customer immersion), outbound strategies (IP licensing out) and coupled strategies (strategic alliances, contract manufacturing, and joint ventures). Moreover, the findings show that the SMEs’ preferred open innovation partners include suppliers, customers, private universities and non-industry, in that order. Finally, results show that the low-tech SMEs’ open innovation advantages include market gains, strategic gains, knowledge gains, operational gains, financial gains and network gains, whereas their open innovation challenges colossally were collaboration barriers and organizational barriers.

These findings purvey valuable perceptiveness for managers, academicians and policymakers alike; they highlight the importance of open innovation to low-tech SMEs, proven strategies, challenges involved and the mechanisms for effective and efficient adoption of the open innovation model.

The value of this study reclines in the extension of open innovation research from high-tech industries in the advanced world to low-tech SMEs in emerging economies. Results of the study enrich the knowledge and understanding of how the theoretical model of open innovation is adopted and implemented by the low-tech SME sector in emerging economies.

The purpose of the current research is to investigate the relationship between marketing capabilities and marketing innovation toward the sustainable competitive advantage of small and medium enterprises in the Philippines. The research study aims to improve the prior conducted literature by concentrating on the precursors of innovation in marketing and its impact on building a sustainable competitive market. The paper intends to address this by examining the following variables using a mixed-method approach.

The researcher employed the mixed methods particularly the sequential explanatory design to explain and interpret the quantitative data collected from 89 business owners/managers using Jamovi Software while the qualitative data were collected through an in-depth interview conducted with 10 SME owner-managers of new and established businesses in Angeles City, Pampanga using Taxonomic Coding Scheme. The sequential explanatory design was used to explain and interpret quantitative results by collecting and analyzing follow-up qualitative data.

This study investigates the relationship between marketing capabilities and marketing innovation towards sustainable competitive advantage of micro-small and medium enterprises in the Philippines through mixed method approach. For quantitative result, the study found that marketing competency significantly influenced marketing innovation. The result shows that all SMEs have enough people in place who are capable of implementing marketing innovation activities and use new technology like the use of information technology. The paper also found that marketing innovation, significantly predicted sustainable competitive advantage. MSMEs exhibit this innovation such as product, price, place, and promotion can create a distinctive position in the market towards sustainable competitive advantage. The paper also tested the mediation effect of marketing innovation that influences the relationship between marketing competence and sustainable competitive advantage. Most of the hypotheses posited were supported. For qualitative data, it was revealed that these SMEs through their key informants and key leaders are open to innovations thus, willing to learn by establishing networks with customers and other managers/business owners to expand and improve their business. The food business in Pampanga is highly competitive, and most of the SMEs are engaged with it. In order to survive the saturated market, continuous improvement is important in the identified areas for growth and innovation. Mixed method analysis supported quantitative and qualitative findings. Hence, it indicated that marketing competency significantly influences sustainable competitive advantage, which can be achieved through marketing innovation. In this study, the researcher analyzed the influence between marketing competence and marketing innovation to achieve a sustainable and competitive market.

There were certain limitations of this research study. First, the lack of panel data limits the investigation of causality that is instrumental in substantiating the findings. Second, 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 commercialization will likely provide more meaningful insights. Moreover, finally, future studies may go beyond the scope of our study to examine (1) food and meat processing, (2) agriculture, hunting, and forestry, (3) hotels and restaurants, (4) mining and quarrying, (5) wholesale and retail trade, (6) transport, storage communication.

To remain relevant in this extraordinary time, this paper suggests a support instrument to offer vital data on different categories of innovation to the foodservice sector SMEs in Angeles City to embrace and implement new innovative methods in their practices. The key practical implication of this research, therefore, is the requirement for small and medium business owner-managers to improve their technical capability to realize the full benefits, particularly in terms of more responsive and user-centered, data-driven marketing personnel.

These findings may influence positive social change by contributing to more effective and efficient marketing practices in small and medium firms that can lead to better financial performance, higher survival rates, and a healthier economic system. This study demonstrates that SME owner-managers require new skillsets to overcome the barriers to adopting technology for marketing. This primary capability is a prerequisite to the competitive advantage of the business, yielding to brand equity, business growth, and marketing dominance.

This study used a sequential explanatory mixed-methods strategy to determine the significant variables. This paper addresses an interesting and practical issue related to the impact of marketing capabilities and marketing innovation towards sustainable competitive advantage of micro-small and medium enterprises in the Philippines using mixed method approach.

An essential corporate decision-making tool, the Boston Consulting Group's growth-share matrix, is due for an upgrade. The purpose of this paper is to upgrade this growth matrix for use by corporate managers in the current platform age. Designed in the conglomerate age of the 1960s and 1970s to help corporate managers make disciplined and systematic portfolio investment decisions, the matrix is ill-adapted to the platform age in which we now live. The most valuable companies in the world are now platform companies, and many companies are transitioning to a more platform-based corporate portfolio. In this paper, the author explains how corporate managers can build and execute a sustainable platform portfolio.

The author started with a thorough study of the contextual assumptions and theoretical background of the original Boston Consulting Group growth-share matrix (which the author has been teaching for the past decade). He contrasted these with the assumptions and theoretical background developed in the platform strategy literature. To test and refine the framework, the author presented and discussed its applicability at companies such as GSK and with local consultants. He then used five consecutive cohorts of master students [280 students (70 groups)] to test this framework on a total of 20 companies (both “born platform” and “product to platform” companies).

The platform ecosystem age requires a corporate decision-making matrix that discriminates between businesses on the basis of platform market growth and platform commercialization capability, rather than product market growth and market share. As in the original matrix, these businesses correspond to three different investment horizons (Figure 1): the continuous renewal of blockbuster business, the integration of emerging killer businesses and the experimentation with joint innovation businesses. This paper helps corporate managers build and execute a sustainable platform portfolio by means of a sequence of six decision-making steps and a clear organizational template for successful execution.

The portfolio matrix, decision-making sequence and organizational execution advice presented in this paper are fit for both “born platform” companies such as Google (Alphabet) and “product to platform” hybrids such as Lego. The paper illustrates this with practical examples for both types of companies.

Building upon the firm market orientation theories, this study aims to examine the individual and synergistic effects of the firm inside-out and outside-in marketing capability on its incremental and radical product innovation outcomes.

By collecting cross-sectional data from 203 manufacturing firms in Pakistan, confirmatory factor analysis in AMOS and hierarchical multiple regression analysis in SPSS are performed to validate the study measurement models and test the hypothesized relationships, respectively.

The findings of this study suggest both inside-out and outside-in marketing capability critical for incremental and radical product innovation. Specifically, inside-out marketing capability is found positively associated with incremental product innovation and non-linearly (inverted U-shaped) associated with radical product innovation. Conversely, outside-in marketing capability is found positively associated with radical product innovation but non-linearly (inverted U-shaped) associated with incremental product innovation. However, the results indorse that developing synergy between the inside-out and outside-in marketing capability positively impacts both incremental and radical product innovation.

Drawing from the firm inside-out and outside-in market orientation theories, the study extends the existing research on product innovation outcomes from the marketing capabilities perspective. Previous literature highly recognized the value of the firm market orientation and being market-driven in market-based product innovations. However, there was a lack of understanding of how the firm marketing capabilities facilitate incremental and radical product innovation. This study provides a novel understanding of the firm inside-out and outside-in marketing capability role in inducing incremental and radical product innovation which enrich and extend the current literature on firm capabilities and product innovations from a marketing perspective.