This should be easily understood by a person unfamiliar with the concept and demonstrates the features and benefits of your product or service. Assess your skills Attend an innovation and commercialisation course to assess your skills to see if you have the know-how to bring your product or idea to market.
It should cover questions such as: Commercialization is a stage-wise process, and each stage has its own key goals and milestones. Unless this product is for a total new and untapped market, customers have choices.
Who is are the Targeted Customer s?
Try to be realistic, meaning not overly optimistic nor overly conservative. What is the overall Communication Strategy for getting the message out to potential customers?
Typical marketing questions include what to create, whom to target, price point of the product, and product placement and marketing. Therefore, the stakeholder stage is an overarching scaffold that spans the entire commercialization process.
Are your financial, accounting and reporting systems ready for the commercialisation stage? In case of successful design solution, upgraded services and goods to the customer will be perceived as innovative. What is important to keep in mind is that market opportunity is not strictly for your product — but for a class of products and solutions that could be provided by you and all competitors.
Finally in the last paragraph the individual that will be responsible for spearheading the commercialization activity is identified and the role that they will play clarified. For example, a person has a new business idea for a new tool to help tradies. How do you distribute your product?
Market opportunity is expressed in dollars or units. In order to generate new ideas you need to remember some of the features of innovation. Has the product been through external testing, certification, approval or registration? Jot down information regarding the following items in a Word document After you have prepared your notes, draft the intellectual property section.
Is the product ready to start commercial production in volumes that can meet demand? Write out what the risks are and rate them High, Medium or Low.Let’s begin by discussing why a Commercialization Plan is important and then explore how to develop a good commercialization plan. When the Department of Energy makes an SBIR or STTR award, it is doing so with taxpayer money.
Is your business structure registered, and ready for trading activity and tax purposes? Have management and staff resource planning been completely developed? Have you completed your commercialisation plan with a focus on market entry strategy?
8 Steps to Building a Customer-Focused Commercialization Strategy Before a commercialization plan can be developed and implemented, it must be driven by an overall commercialization strategy.
By taking a strategic approach to your commercialization strategy, you will be better positioned to be successful with your new product launch. Commercialization or commercialisation is the process of introducing a new product or production method into commerce—making it available on the market.
The term often connotes especially entry into the mass market (as opposed to entry into earlier niche markets), but it also includes a move from the laboratory into (even limited) commerce. Write a business plan with a commercialisation strategy Write a structured business plan providing details on key areas such as market research, a pricing and distribution strategy, financial projections, and a market entry strategy.
Business Plans What is a Business Plan? A business plan is a living document that outlines every part of your company’s operation.
A business plan can be used as a method to secure outside financing or as an internal document to keep the management team focused on a common goal.Download