Stating Best Commercialization Method: An Unanswered Question from Scholars and Practitioners
Authors: Saheed A. Gbadegeshin
Commercialization method is a means to make inventions available at the market for final consumption. It is described as an important tool for keeping business enterprises sustainable and improving national economic growth. Thus, there are several scholarly publications on it, either presenting or testing different methods for commercialization. However, young entrepreneurs, technologists and scientists would like to know the best method to commercialize their innovations. Then, this question arises: What is the best commercialization method? To answer the question, a systematic literature review was conducted, and practitioners were interviewed. The literary results revealed that there are many methods but new methods are needed to improve commercialization especially during these times of economic crisis and political uncertainty. Similarly, the empirical results showed there are several methods, but the best method is the one that reduces costs, reduces the risks associated with uncertainty, and improves customer participation and acceptability. Therefore, it was concluded that new commercialization method is essential for today's high technologies and a method was presented.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1130323Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 881
 K. B Kahn, S. E. Kay, R. J. Slotegraaf, and S. Uban, “The PDMA Handbook of New Product Development”, 3rd Ed., USA: New York: Wiley, 2013.
 K. T. Ulrich, and S. D. Eppinger, “Product Design and Development”, USA: McGraw-Hill, 2011.
 J. R. Hauser and E. Dahan, “New Product Development, Chapter in Marketing Management: Essential Marketing Knowledge and Practice” in Grover, R. and Malhotra, N. K. (Editors): USA: McGraw Hill, Inc., Columbus Ohio, 2008.
 A. Al Natsheh, S. A. Gbadegeshin, A. Rimpiläinen, I. Imamovic-Tokalic and A. Zambrano, “Identifying the Challenges in Commercializing High Technology: A Case Study of Quantum Key Distribution Technology”. Technology Innovation Management Review, Vol 5, Issue, pp. 26–36, 2015.
 N. Bhuiyan, N. “A framework for successful new product development”, Journal of Industrial Engineering and Management, Vol 4, pp. 746-770, 2011.
 M.A. Kirchberger, and L. Pohl, “Technology commercialization: a literature review of success factors and antecedents across different contexts”, Journal of Technology Transfer, pp. 1-36, 2016.
 A. Aslani, H. Eftekhari, M. Hamidi, and B. Nabavi, “Commercialization Methods of a New Product/service in ICT Industry: Case of a Science & Technology Park”, Organizacija, Vol 48, Issue 2, pp. 131 -138, 2015.
 S. K.Sloek-madsen, T. Ritter, and H. Sornn-friese, “The 14 Faces of Commercialization”, Paper to be presented at the DRUID Academy conference in Rebild, Aalborg, Denmark on January 21-23, 2015http://druid8.sit.aau.dk/druid/acc_papers/kgd806thv8m8yki0ap22a61xco9c.pdf (Accessed on 15 April 2016).
 H. Simula, “Management of Commercialization - Case Studies of Industrial, Business-to-Business Product Innovations”, PhD Dissertation (122/2012), Alto University, Department of Industrial Engineering and Management, 2012
 G. Festel, “Academic spin-offs, corporate spin-outs and company internal start-ups as technology transfer approach”, Journal Technology Transfer, 38, pp.:454–470, 2013.
 C. Battistella, A. F. De Toni, and R. Pillon, “Inter-organisational technology/knowledge transfer: a framework from critical literature review”, Journal of Technology Transfer, pp. 1-40, 2015.
 U. Lichtenthaler, “Implementation Steps for successful Out-licensing: A clear understanding of the challenges and a defined process can help in implementing an active technology licensing program”, Research-Technology Management, pp. 47-53, 2011.
 I. Feller, and M. Feldman, “The commercialization of academic patents: black boxes, pipelines, and Rubik’s cubes”, Journal of Technology Transfer, 35, pp. 597–616, 2010.
 M. Fiedler, and I. M. Welpe, “Antecedents of cooperative commercialisation strategies of nanotechnology firms”, Research Policy, Vol 39, Issue 3, pp. 400-410, 2010.
 V. A. Aggarwal, and D. H. Hsu, “Mode of Cooperative R&D Commercialisation by Start-ups”, Strategic Management Journal, 30, pp. 835–864, 2009.
 S. Kascha, and M. Dowling, “Commercialization strategies of young biotechnology firms: An empirical analysis of the U.S. industry”, Research Policy, 37, pp. 1765–1777, 2008.
 H. Kollmer and M. Dowling, M. “Licensing as a commercialisation strategy for new technology-based firms”, Research Policy, 33, pp. 1141–1151, 2004.
 A. S. Nilsson, A. Rickne, and L. Bengtsson, “Transfer of academic research: uncovering the grey zone”, Journal of Technology Transfer, Vol 35, pp. 617–636, 2010.
 F. Margarida, “Biotechnology Entrepreneurs and Technology Transfer in an Intermediate Economy”, Technological Forecasting and Social Change, Vol 66, Issue 1, pp. 59-74, 2001.
 G. D. Markman, D. S. Siegel and M. Wright, “Research and Technology Commercialization” Journal of Management Studies, Vol 45, Issue 8, pp. 0022-2380, 2008.
 S. Anokhin, J. Wincent and J. Frishammar,”A conceptual framework for misfit technology commercialization”, Technological Forecasting and Social Change, Vol 78, Issue 6, pp. 1060-1071, 2011.
 T. Aldridge and D. B. Audretsch, “Does policy influence the commercialization route? Evidence from National Institutes of Health funded scientists”, Research Policy 39, pp. 583–588, 2010
 J. MacBryde, “Commercialisation of university technology: A case in robotics”, Technovation, Vol 17, Issue 1, pp. 39-46, 1997.
 Y. J. Lee, “Identification of Technology transfer options based on technological characteristics”, Asian Journal of Technology Innovation, Vol 18, Issue 1, pp. 1-21, 2010.
 E. S. Paik, S. Park, and J. S. Kim, “Knowledge transfer of government research institute: the case of ETRI in Korea”, International Journal of Technology Management, Vol 47, Issue 4, pp. 392–411, 2009.
 J. Olmos-Peñuela, E. Castro-Martínez, and P. D’Este,”Knowledge transfer activities in social sciences and humanities: Explaining the interactions of research groups with non-academic agents”, Research Policy, Vol 43, Issue 4, pp. 696-706, 2014.
 B. Goldfarb and M. Henrekson, “Bottom-up versus top-down policies towards the commercialization of university intellectual property”, Research Policy, 32 (4), pp. 639-658, 2003.
 F. Pries and P. Guild, “Commercializing inventions resulting from university research: Analyzing the impact of technology characteristics on subsequent business models”, Technovation, Vol 31, Issue 4, pp. 151-160, 2011.
 R. G. Templer, H. R. Nicholls and T. Nicolle, “Robotics for meat processing – from research to commercialisation”, Industrial Robot: An International Journal, Vol 26, Issue 4, pp. 290 – 296, 1999.
 Y. Wu, E. W. Welch and W. Huang, “Commercialization of university inventions: Individual and institutional factors affecting licensing of university patents”, Technovation, 36–37, pp. 12-25, 2015.
 R. A. Siegel, Hansén, and L. H. Pellas, “Accelerating the commercialization of technology”, Industrial Management & Data Systems, Vol 95, Issue 1, pp. 18 – 26, 1995.
 J. Youtie, D. Hicks, P. Shapira, and T. Horsley, “Pathways from discovery to commercialisation: using web sources to track small and medium-sized enterprise strategies in emerging nanotechnologies”, Technology Analysis & Strategic Management, Vol 24, Issue 10, pp. 981-995, 2012.
 F. Pries and P. Guild, “Commercial exploitation of new technologies arising from university research: start-ups and markets for technology”, R&D Management, Vol 37, Issue 4, pp. 319 -328, 2007.
 C. Hsu, ”Formation of industrial innovation mechanisms through the research institute”, Technovation, Vol 25, Issue 11, pp. 1317-1329, 2005.
 F. N. Ndonzuau, F. Pirnay, and B. Surlemont, “A stage model of academic spin-off creation”, Technovation, Vol 22, Issue 5, pp. 281-289, 2002.
 K. Hindle and J. Yencken, “Public research commercialisation, entrepreneurship and new technology based firms: an integrated model”, Technovation, Vol 24, Issue 10, pp. 793-803, 2004.
 M. Meyer, “Academic Inventiveness and Entrepreneurship: On the Importance of Start-up Companies in Commercializing Academic Patents”, Journal of Technology Transfer, 31, pp. 501–510, 2006.
 P. Moncada-Paternò-Castello, J. Rojo, F. Bellido, F., Fiore, and A. Tübke, “Early identification and marketing of innovative technologies: a case study of RTD result valorisation at the European Commission’s Joint Research Centre”, Technovation, Vol 23, Issue 8, pp. 655-667, 2003.
 G. Festel and P. Rittershaus, “Fostering technology transfer in industrial biotechnology by academic spin-offs in Europe”, Journal of Commercial Biotechnology, Vol 20, Issue 2, pp. 5–10, 2014.
 M. Marx, J. S. Gans, and H. H. Hsu, “Dynamic Commercialization Strategies for Disruptive Technologies: Evidence from the Speech Recognition Industry”, Management Science, Vol 60, Issue 12, pp. 3103-3123, 2014.
 P. R. Walsh, “Innovation Nirvana or Innovation Wasteland? Identifying commercialization strategies for small and medium renewable energy enterprises”, Technovation, Vol 32, Issue 1, pp. 32-42, 2012.
 C. Hsieh, “Patent value assessment and commercialization strategy”, Technological Forecasting and Social Change, Vol 80, Issue 2, pp. 307-319, 2013.
 B. Savage, “Spin-out fever: Spinning out a University of Oxford company and comments on the process in other universities”, Journal of Commercial Biotechnology, Vol 12, Issue 3, pp. 213 -219, 2006.
 M. Brouwer, “Entrepreneurship and University Licensing”, Journal of Technology Transfer, 30, pp. 263–270, 2005.
 B. C. Powell, “Equity carve-outs as a technology commercialization strategy: An exploratory case study of Thermo Electron's strategy”, Technovation, Vol 30, Issue 1, pp. 37-47, 2010.
 S. K. Kassicieh, B. A., Kirchhoff, S. T., Walsh, and P. J. McWhorter, “The role of small firms in the transfer of disruptive technologies”, Technovation, Vol 22, Issue 11, pp. 667-674, 2002.
 M. Petticrew, “Systematic Reviews in the Social Sciences: A Critical Guide”, USA: Blackwell, Malden, MA, 2006.
 D. Transfield, D. Denyer, and S. Palminder, “Towards a methodology for developing evidence-informed management knowledge by means of systematic review, British Journal of Management, Vol 14, pp. 207–222, 2003.
 R. Thorpe, R. Holt, A. Macpherson, and L. Pittaway, “Using Knowledge within Small and Medium-Sized Firms: A Systematic Review of the Evidence”, International Journal Management Review, Vol 7, Issue 4, pp. 257–281, 2005.
 D. E. Gary, “Doing Research in the real World, Chapter 2: Theoretical Perspectives and Research Methodologies”, USA: Sage Publications, 2013
 J. W. Creswell, “Research Design: Qualitative, Quantitative, and Mixed Methods Approaches”, 3rd Edition, United Kingdom, London: Sage Publication Inc., 2009
 S. Rajasekar, P. Philominathan, and V. Chinnathambi, V. “Research Methodology”, 2006 http://arxiv.org/pdf/physics/0601009.pdf (Accessed on 29 September, 2015).
 G. Shank, “Qualitative Research: A Personal Skills Approach”. New Jersey: Merril Prentice Hall, 2002.
 N. Denzin and Y. Lincoln, (Eds.) “Handbook of Qualitative Research”, United Kingdom, London: Sage Publication Inc. 2000.
 R. K. Yin, “Case Study Research: Design and Methods, 3rd Edition, Sage Publications”, USA: Thousand Oaks, California, 2003.
 M. B. Miles and A. M. Huberman, “From Qualitative Data Analysis: An Expanded Sourcebook”, 2nd Edition, USA: Sage publications, 1994.
 Y. Chen, M. Dowling, and R. Helm, “Licencing as a commercialisation strategy under different institutional contexts: a comparative empirical analysis of German and Chinese biotechnology firms”, International Journal of Business and Globalisation, Vol 7, Issue 2, pp. 131–151, 2011.
 U. Lichtenthaler, and H. Ernst, “External technology commercialization in large firms: results of a quantitative benchmarking study”, R&D Management, Vol 37, Issue 5, pp. 383 -397, 2007.
 P. Gopal, J. Dekker, J., Prasad, C., Pillidge, M., Delabre, and M. Collett, “Development and commercialisation of Fonterra's probiotic strains”, Australian Journal of Dairy Technology; Vol 60, Issue 2, pp. 173, 2005.
 R. Jensen and M. Thursby, “Proofs and prototypes for sale: The tale of university licensing”, America Economics Review, Vol 91, Issue 1, pp. 240–259, 2001.
 C. Lee, Z. Bae, Z. and J. Lee, “Strategies for Linking Vertical Cooperative R&D to Commercialization in Korea”, Journal of Production Innovation Management, Vol 325, Issue 11, pp. 325-335, 1994.
 C.M. Logar, T. G., Ponzurick, J. R., Spears, and K. R. France, “Commercializing intellectual property: a university-industry alliance for new product development”, Journal of Product & Brand Management, Vol 10, Issue 4, pp. 206 – 217. 2001.
 M. Perkmann, V. Tartari, M. McKelvey, E. Autio, A. Broström, P. D’Este, R. Fini, A. Geuna, R. Grimaldi, A. Hughes, S. Krabel, M. Kitson, P. Llerena, F. Lissoni, A., Salter, and M. Sobrero, “Academic engagement and commercialisation: A review of the literature on university–industry relations”, Research Policy, Vol 42, Issue 2, pp. 423-442, 2013.
 H. Kroll and I. Liefner, “Spin-off enterprises as a means of technology commercialisation in a transforming economy—Evidence from three universities in China”, Technovation 28, pp. 298–313, 2008.
 J. S. Gans and S. Stern, “The product market and the market for “ideas”: commercialization strategies for technology entrepreneurs”, Research Policy, Vol 32, Issue 2, pp. 333-350, 2003b.
 C. T. Lin and S. M. Wang, “Biosensor commercialization strategy - A theoretical approach”, Frontiers in Bioscience, 10, pp. 99-106, 2005.
 P. D’Este and P. Patel, “University–industry linkages in the UK: what are the factors underlying the variety of interactions with industry?” Research Policy, Vol 36, Issue 9, pp. 1295–1313, 2007.
 M. Feldman, I. Feller, J. Bercovitz, and R. Burton, “Equity and the Technology Transfer Strategies of American Research Universities”, Management Science, Vol 48, Issue 1, pp. 105-121, 2002.
 K. Malik, “Aiding the technology manager: A conceptual model for intra-firm technology transfer”, Technovation, 22, pp. 427–436, 2002.
 M. Marx and D. H. Hsu, “Strategic switchbacks: Dynamic commercialization strategies for technology entrepreneurs”, Research Policy, Vol 44, Issue 10, pp. 1815-1826, 2015.
 C. O’Gorman, O. Byrne, and D. Pandya, “How scientists commercialise new knowledge via entrepreneurship”, Journal of Technology Transfer, 33, pp. 23–43, 2006.
 E. Ries, “The Lean start-up: how constant innovation creates radically successful businesses”, United Kingdom: Penguin, 2011.
 S. A. Gbadegeshin and L. Heinonen, “Application of the Lean Start–up technique in commercialisation of business ideas and innovations”, International Journal Of Business Management and Research, Vol 43, Issue 1, 1270-1285, 2016.
 S. E. P. Silva, R. D. Calado, M. B. Silva, and M. A. Nascimento, “Lean Startup applied in Healthcare: A viable methodology for continuous improvement in the development of new products and services” 2013, Conference paper, https://www.researchgate.net/publication/269223035 (Accessed on 15 April 2016)
 S. Gaffney, S. Lin, K. Miller, H. Nilsson, S. Ravala, and M. Unnikrishnan, “Lean Start-up Methodology for Enterprises: How Established Companies Can Leverage Lean Startup Methodology for Sustaining and Disruptive Innovation”, University of California Berkeley, Insights in Engineering Leadership White Paper, 2014, https://ikhlaqsidhu.files.wordpress.com/2014/08/elpp-project-1-lean-startup-forenterprises-final-3.pdf (Accessed on 12 June, 2016)
 K. Grohn, K. Moody, D. Wortel, N. LeClair, A. Traina, E. Zluhan, and G. Feuer, “Lean start-up: A case study in the establishment of affordable laboratory infrastructure and emerging biotechnology business models”, Journal of Commercial Biotechnology, Vol 21, Issue 2, pp. 60-68, 2015.
 B. Tran, “Applying Lean Methodologies to the Development of an Entrepreneurial Venture in Education”, Doctoral dissertation, Harvard Graduate School of Education, 2015.
 A. Miski, “Development of a Mobile Application Using the Lean Startup Methodology”, International Journal of Scientific & Engineering Research, Vol 5, Issue 1, pp. 1743 -1748, 2014.
 S. Blank, “Why the Lean start-up Changes Everything”, Harvard Business Review, 3, Spotlight on Entrepreneurship, 2013.
 J. Järvinen, T. Huomo, T., Mikkonen, and P. Tyrväinen, “From Agile Software Development to Mercury Business”, in Casper, Lassenius, & K. Smolander (Eds.), Software Business, Towards Continuous Value Delivery: 5th International Conference, ICSOB 2014, Paphos, Cyprus, June 16-18, 2014. Proceedings (p 58-71)
 D. Rancic Moogk, “Minimum Viable Product and the Importance of Experimentation in Technology Start-ups”, Technology Innovation Management Review, March 2012, pp. 23-26.