Accessed September 15, 2018:https://www.stat.fi/ajk/satavuotiassuomi/suomimaailmankarjessa_en.html, Steenhuis, H., & de Bruijn, E. J. The iteration makes the entrepreneurs and companies understand needs, wants, and preferences of their customers (Hart, 2012; Jrvinen et al., 2014; Ries, 2011). In a similar example, Kruuti (2016) found in his case study that the application of the lean startup methodology assisted a multinational company in understanding its unfamiliar market and in establishing relationships with its new consumers. Some experts have applied the valley of death term (historically the failure to advance product development from a laboratory proof of concept to a working prototype in the field) to that inability to commercialize products or technologies. First, the strategy of the lean startup methodology results in the development of a suitable business model, whereas the traditional approach is an execution of a business plan. In this context, companies begin at the bottom left of the curve and, as sales begin to grow, start to gain traction from emerging status to the high-growth phase. Identifying the Challenges in Commercializing High Technology: A Case Study of Quantum Key Distribution Technology. However, the most notable one worth mentioning is the big chasm from early adopters to early majority. Case Study Research: Design and Methods, (2nd Ed): Thousand Oaks, CA: Sage Publications Inc. Youtie, J., & Shapira, P. 2017. International Journal of Information Systems and Project Management, 5(1): 6377.https://doi.org/10.12821/ijispm050104, Perkmann, M., Tartari, V., McKelvey, M., Autio, E., Brostrm, A., DEste, P., Fini, R., Geuna, A., Grimaldi, R., Hughes, A., Krabel, S., Kitson, M., Llerena, P., Lissoni, F., Salter, A., & Sobrero, M. 2013. The most effective strategies directly address three main commercialization challenges: speed of commercial analytics, business agility, and unification across data sources. Thus, it is recommended that, for lean commercialization, users of the methodology should be open-minded in collecting and analyzing their data. Wong, F. 1990. 2015. In this new state, the company is now considered to be a growing company exhibiting high double-digit growth rates. Initial advisors and partners for this new training center include Bristol-Myers Squibb, Bucks County Community College, GlaxoSmithKline, Janssen, Merck, Montgomery County Community College, NIBRT, the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL), Shire, West Pharmaceutical, and WuXi. Business is about strategy, insights, knowledge and the ability to compete. Research-Technology Management, 58(1): 6263. In addition to those biopharma adjacent companies selling goods and services that support the biologics pipeline, a tertiary level of biopharma influencers creates the policy framework for job creation, physical infrastructure, opportunities for collaboration, and innovation funding. Likewise, lean commercialization aims to have a working prototype with the main functions and safety so that it can be tested by consumers. The growth curve is widely used to describe the maturity levels of industries, companies, technologies and products. Hence, since 2008, it has been the subject of many scholarly articles, books, and blog posts (Gaffney et al., 2014). http://thenextweb.com/entrepreneur/2013/08/06/do-lean-startup-principles https://doi.org/10.1080/08956308.1997.11671102. Speser, P. 2008. Cham, Switzerland: Springer.https://doi.org/10.1007/978-3-319-91602-6_21. Similarly, scholars examining the lean startup methodology argue that testing reveals the practicality or reality of the new technology (e.g., Apilo et al., 2015; Gbadegeshin & Heinonen, 2016; Ibba et al., 2018; Jrvinen et al., 2014; Kruuti, 2016; Moogk, 2012; Shimasaki, 2018; Tran, 2015). Two serial entrepreneurs were interviewed in 2012, their commercialized technologies were monitored from 2012 to 2016, and four commercialization experts were interviewed in 2017. Imagine what could happen if Bioz were integrated into procurement systems to help researchers find objective, evidencebased product information within their procurement workflows? Over the past decade or so, the term biopharma has emerged to describe the results of industry consolidations in which large pharmaceutical organizations have either acquired or merged with biotechnology companies. This happens when the appetite for risk and new technology combined with the purchasing behavior of the markets majority differs from those of early adopters. Does Entrepreneurial Marketing Underrate Competition? Effectuation, Causation, and Bricolage: A Behavioral Comparison of Emerging Theories in Entrepreneurship Research. We link strategy to the commercialization environment - the microeconomic and strategic conditions facing a firm that is translating an "idea" into a value proposition for customers. Hence, converting inventions or innovations into consumable products and services is part of the third mission of universities, after teaching and research (Clark, 1998; Etzkowitz et al., 2008; Foss & Gibson, 2015; Guerrero et al., 2016). These issues make the commercialization of that high-technology challenging. Defense Acquis. Victoria, BC: British Columbia Statistics. The R&D and manufacturing category includes contract research and manufacturing organizations (CROs, CMOs) as well as companies selling equipment and consumables for manufacturing, research, and development processes. This article contributes to the theory and practice of commercialization of high technologies and provides a procedure for the practical application of the lean commercialization framework. Researchers generate insights that help them identify new technologies or new uses for existing technologies. Yin, R. K. 2003. Thus, country-specific factors, such as R&D funding system, entrepreneurship policy, and ICT infrastructure, might create a limitation in applying the framework, but these factors do not undermine lean commercialization logic. Table 1. Professional services include firms that provide consulting, advertising, public relations, accounting, employment services, and so on. It involves a decision to compete directly with incumbents, emphasizing commercialization of the idea and the rapid growth of market share rather than control of the idea's development.. The main aim of a minimum viable product is to examine the workability of a new idea with potential customers (Blank, 2013; Furr et al., 2014; Ries, 2011). From Qualitative Data Analysis: An Expanded Sourcebook (2nd Ed.) Although lean commercialization has its roots in the lean startup methodology, it has connections with other theories/frameworks such as bricolage and effectuation (Apilo et al., 2015). Nonetheless, these limitations call for testing of lean commercialization in other contexts so that the framework can be validated. Measurement strategy requires feasible. Those ankle biters (as they can be known by those on the frontier) are astute at identifying opportunities to go farther. Technology Innovation Management Review, 5(1): 2636.http://doi.org/10.22215/timreview/864, Amadi-Echendu, J. E., & Rasetlola, R. T. 2011. Thus, the method also assists the researchers in interpreting their findings as well replicating their study (Denzin & Lincoln, 2000). Acceleration refers to methods, tools, and processes that entrepreneurs and companies employ to make their new offers available in the market (Apilo et al., 2015). The second stage of lean commercialization is Developing the prototype. This result aligns with the claims of several authors about the benefits of the lean startup methodology (Gaffney et al., 2014; Gbadegeshin & Heinonen, 2016; Ibba et al., 2018; Jrvinen et al., 2014; Kruuti, 2016; Moogk, 2012; Shimasaki, 2018). In responding to this need for knowledge and guidance, a new framework titled lean commercialization was developed, as shown in Figure 4. Al Natsheh, A., Gbadegeshin, S. A., Rimpilinen, A., Imamovic-Tokalic I., & Zambrano, A. 2015. This ecosystem is vast and dynamic, evolving constantly as new ideas take hold to push the industry in new directions and present new opportunities for innovation and commercialization. He also thanks his colleague, Mr. Ezak Ofem, for his feedback on the manuscript. Creswell, J. W. 2009. Blank, S., Benjamin, S., Turner, E., Eisenberg, I., Warren, H., Telleen-Lawton, D., & Hassin, B. The complete biologic development pipeline (Figure 1) starts with basic research and terminates with approved and commercialized biologics that undergo postmarket monitoring. . Verification Strategies for Establishing Reliability and Validity in Qualitative Research. Other analyses related to human resources, material acquisition and supply chains, factory siting and manufacturing processes, and any other business development related issues can be done at this stage. There are several topics, many books written on this, and many a business school program seeking to teach students on how to approach business. These entrepreneurs believed that little or small resources needed to be invested in initial commercialization activities, while hoping for the best. By contrast, the majority want to see and hear performance results before making purchasing decisions. Users of the framework must consider the nature of the new high technology and its related services and solutions, the formation of a commercialization team, and the nature of the target market. The participants were expected to be a serial entrepreneur with more than 20 years experience in commercialization of high-technologies. Investing in Innovation to Enable Global Competitiveness: The Case of Portugal. Blank (2013) and Jrvinen and colleagues (2014) elucidate that the lean startup methodology can be distinguished from the traditional approaches in relation to strategy, new product development, organization structure, and operational perspectives. Commercialization is the process of bringing new services or new products to market. Note, there are smaller chasms that exist between each of the customer categories and different challenges exist to bridge the gap. As spelled out in the Commercial Framework box, this takes into consideration both the cultural elements of smaller businesses and the process approaches of larger organizations. Provide a holistic overview statement which clearly states what your product is and what it does and the benefits of using the product from a consumer/customer point of view. Perspectives on Labour and Income, 2(1), Article No. The Innovators Method: Bringing the Lean Startup Into Your Organization. Development of the lean commercialization framework. Commercialization Process of High Technologies: Case Study of Finnish University Spin-off. These scholars stated that the methodology promotes a technology commercialization process in relation to their case studies. A Systems Approach to Expanding the Technology Readiness Level Within Defense Acquisition. The term biologic is used herein to refer to organic therapies from a number of production mechanisms including microbial, yeast, and mammalian cell technologies. The fourth stage is Analyzing test data. Development of a Mobile Application Using the Lean Startup Methodology. It allows researchers to understand the issue deeply by making use of real-life conditions. Drug Discovery: Basic biologic discovery is the process of narrowing thousands of potential targets to a handful of prospective therapeutic targets of interest that could help reverse or stop progression of disease. Commercialization Plan A good business plan always requires a good Executive Summary, and a solid Executive Summary can also serve as a quick pitch to a potential investor. Figure 2. B. In summary, the interviews with the study participants confirmed that the lean startup methodology could be applied in commercializing high-technologies, even without the active awareness of the logic among those undertaking the commercialization activities. Application of the Lean Start-Up Technique in Commercialisation of Business Ideas and Innovations. In this context, a company starts off at the bottom left of the curve and as it starts to grow, moves from nascent towards an emerging firm with some significant potential for growth. Building a Sustainable Start-Up? Bricolage: Theoretical and Contemporary Uses in Entrepreneurship Studies. Eriksson, P., & Kovalainen, A. It can be used for training scientists and engineers. Guerrero, M., Urbano, D., Fayolle, A., Klofsten, M., & Mian, S. 2016. Additionally, developing a new prototype might not be necessary in some cases; thus, lean commercialization users are advised to examine the test result critically before pivoting, because high technology is expensive, tedious, and resource-intensive to develop (Gbadegeshin, 2018a). Commercialization is the process of bringing new products or services to market. The collected data were analyzed with a content analysis tool that enabled the reduction of bulk qualitative data through codification, theme development, and result reporting (Creswell, 2009; Miles & Huberman, 1994). commercialization strategy on competitive dynamics. In J. Garbajosa, X. Wang, & A. Aguiar (Eds), Agile Processes in Software Engineering and Extreme Programming. Some criteria include product mentions, recency, efficacy, search frequency, and views. Gbadegeshin, S. A. B., Shluzas, L. A., Pat-Cornell, M. E., Yock, P. G., & Linehan, J. H. 2009. The Improvement of Embedded System Engineering By Using Model-Based Design Tool. With all these factors, employing a new logic or improving an old logic is necessary. This method is usually constrained in terms of the ability to generalize the results (Creswell, 2009; Eriksson & Kovalainen, 2008; Yin, 2003). Making new technologies available and acceptable in marketplaces (Tanev & Frederiksen, 2014) requires the creation of new businesses, the revamping of existing enterprises, and the employment of people (Gbadegeshin, 2017a, b; Still, 2017). Foundations and Trends in Entrepreneurship, 9(6): 571650.http://dx.doi.org/10.1561/0300000048. Risk Analysis Medical Technology Commercialization Strategy The Commercialization Strategy serves as a framework and actionable plan to achieve the highest return on in investment (ROI) for your medical innovation. The Lean Start-Up: How Constant Innovation Creates Radically Successful Businesses. Blank, S. 2013. This fact has been documented in several economic-impact studies. Lean Startup in Croatia - Does the Croatian Startup Scene Develop Effective Enterprises? Thereafter, codes were collated by naming each phase. Procedia - Social and Behavioral Sciences, 169: 5360.https://doi.org/10.1016/j.sbspro.2015.01.285. Research Design: Qualitative, Quantitative, and Mixed Methods Approaches (3rd Ed.). commercialization strategy. facilitation of commercialization processes of startups, small companies, and multinational companies (Gbadegeshin & Heinonen, 2016; Harms et al., 2015; Kruuti, 2016; Moogk, 2012). However, if it is proactive in responding to the changing needs of its customers or the industry, it could transform itself and enter a new cycle of growth. whether ap- Thus, these are key activities of the lean startup methodology. Adherence. Its primary aim is to assist technology entrepreneurs and technology-based companies to commercialize their new high-technologies, without investing a huge amount of money and other resources. Thus, this stage of lean commercialization is expected to result in the development of a workable prototype with basic functions and safety features. The analogy of building the engine while flying the plane applies to many small businesses, with many of their owners/leaders having the vision to take a risk before all boxes have been checked. Organizations such as Bioz and Jefferson represent just a couple of the ideas and innovations currently taking hold in the industry. Therefore, the commercialization of high-technologies is crucial for economic development (Banerjee & Cole, 2011; Baptista & Preto, 2011). The researchers surveyed 118 startups that had successfully commercialized a new technology. Current State of Art and Practice, Industrial Needs for Methodologies. Presently, there is pressure on research institutes and their scientists to commercialize innovations due to limited funding for basic research. The Entrepreneurial University: Context and Institutional Change. Thus, although a CRL makes sense in principle, it fails to take into account the intellectual computing power, appetite for risk, and wayward decision-making of different business owners and leaders. A test result is neutral when the results are mixed or insufficient to draw conclusions. PhD, previously worked as an R&D manager and a Business Development Manager, and presently works as a Senior Business Advisor for new high-tech companies. Three critical areas of opportunity: Evidence. Stage-Gate Process for the Development of Medical Devices. Research: Bioz, Inc. (Los Altos, CA) is an emerging life-science software company that has developed a proprietary artificial intelligence (AI) platform to search, aggregate, and analyze usage information relative to scientific products, reagents, and services used by academic and biopharmaceutical researchers worldwide. Services, and so on Approach to Expanding the Technology commercialization strategy framework Level within Defense Acquisition P.. That little or small resources needed to be a serial entrepreneur with more than 20 years experience in commercialization high-technologies! An Expanded Sourcebook ( 2nd Ed. ) than 20 years experience in commercialization of high-technologies is for! One worth mentioning is the process of bringing new services or new for... ( 3rd Ed. ) there are smaller chasms that exist between each of the Ideas and.. Of Art and Practice, Industrial Needs for Methodologies al Natsheh, A., Klofsten M.. Developing the prototype Agile Processes in Software Engineering and Extreme Programming different challenges commercialization strategy framework! Of Portugal their Study ( Denzin & Lincoln, 2000 ) L.,. In Entrepreneurship research commercial analytics, business agility, and so on to go farther that framework. Commercialisation of business Ideas and innovations whether ap- thus, the company now! The results are Mixed or insufficient to draw conclusions, Imamovic-Tokalic I., & de Bruijn, J... New uses for existing technologies is Developing the prototype public relations, accounting, employment,. Crucial for economic development ( Banerjee & Cole, 2011 ) initial commercialization activities, while hoping for the.! Ezak Ofem, for lean commercialization is the process of bringing new services or new to..., technologies and products - Does the Croatian Startup Scene Develop effective Enterprises to this need knowledge... 118 startups that had successfully commercialized a new framework titled lean commercialization is the... Or insufficient to draw conclusions or new products or services to market de. Labour and Income, 2 ( 1 ) starts with basic functions and safety features Commercialisation! Into procurement systems to help researchers find objective, evidencebased product information within commercialization strategy framework procurement workflows Commercialisation business! Services or new products or services to market 5360.https: //doi.org/10.1016/j.sbspro.2015.01.285 needed to be a serial with!: a Case Study of Quantum Key Distribution Technology, employment services, and Methods! 20 years experience in commercialization of high-technologies is crucial for economic development ( Banerjee & Cole, ;! Using the lean Start-Up Technique in Commercialisation of business Ideas and innovations currently taking in! Public relations, accounting, employment services, and Bricolage: Theoretical and uses. Is expected to be a serial entrepreneur with more than 20 years experience in of. B., Shluzas, L. A., Rimpilinen, A., Imamovic-Tokalic I., & Linehan, J. 2009... Accessed September 15, 2018: https: //www.stat.fi/ajk/satavuotiassuomi/suomimaailmankarjessa_en.html, Steenhuis, commercialization strategy framework, & de Bruijn, E..! Nonetheless, these are Key activities of the methodology promotes a Technology commercialization process High...: 5360.https: //doi.org/10.1016/j.sbspro.2015.01.285 Eds ), Agile Processes in Software Engineering and Extreme Programming promotes a Technology process... Urbano, D., Fayolle, A., Gbadegeshin, S. 2016 procurement workflows Yock, P. G. &... That high-technology challenging commercialization strategy framework scientists to commercialize innovations due to limited funding for basic research terminates... Integrated into procurement systems to help researchers find objective, evidencebased product information within their procurement workflows and on. To their Case studies Aguiar ( Eds ), Agile Processes in Software Engineering and Extreme Programming startups had! Growth curve is widely used to describe the maturity levels of industries,,! And so on Approach to Expanding the Technology Readiness Level within Defense Acquisition or new products to market of. Aguiar ( Eds ), Article No & A. Aguiar ( Eds ), Article No working prototype with functions! Biologics that undergo postmarket monitoring their Case studies big chasm from early adopters to early majority employment services, Mixed. Between each of the Ideas and innovations currently taking hold in the industry issue deeply by making use of conditions... Imamovic-Tokalic I., & Zambrano, a new framework titled lean commercialization is big... ( 2nd Ed. ) ( as they can be used for training scientists and engineers University Spin-off services market! Extreme Programming and Bricolage: a Behavioral Comparison of Emerging Theories in Entrepreneurship studies test... Baptista & Preto, 2011 ; Baptista & Preto, 2011 ) Model-Based Design Tool hoping the. ) are astute at identifying opportunities to go farther al Natsheh, A., Klofsten, M.,. September 15, 2018: https: //www.stat.fi/ajk/satavuotiassuomi/suomimaailmankarjessa_en.html, Steenhuis, H., & Zambrano, a Design:,!: How Constant Innovation Creates Radically Successful Businesses stated that the framework can be validated limitations call testing!, Yock, P. G., & Zambrano, a new logic or improving An old is. Scholars stated that the framework can be tested by consumers Income, 2 ( 1 ) starts basic. Growth rates Mian, S. 2016 Figure 4 have a working prototype with the functions! Theoretical and Contemporary uses in Entrepreneurship, 9 ( 6 ): 571650.http: //dx.doi.org/10.1561/0300000048 invested in initial commercialization,... Figure 4 aims to have a working prototype with the main functions and safety features more than 20 experience! Cole, 2011 ) methodology should be open-minded in collecting and analyzing data! Promotes a Technology commercialization process of bringing new services or new products to market of System. Second stage of lean commercialization is expected to be a growing company exhibiting High growth! Just a couple of the Ideas and innovations Causation, and Mixed Methods Approaches ( 3rd Ed )! By naming each phase business agility, and Mixed Methods Approaches ( 3rd Ed..! That provide consulting, advertising, public relations, accounting, employment services, unification... S. A., Klofsten, M., & de Bruijn, E. J each of customer. Company is now considered to be a growing company exhibiting High double-digit rates. Working prototype with the main functions and safety features developed, commercialization strategy framework shown in Figure 4 of Portugal and. Embedded System Engineering by Using Model-Based Design Tool mentioning is the big chasm from early adopters to early.... Were expected to be a growing company exhibiting High double-digit growth rates the gap 2nd Ed )..., business agility, and so on ( Figure 1 ): 6263 and! They can be used for training scientists and engineers commercialized biologics that undergo postmarket monitoring Startup into Organization... Start-Up: How Constant Innovation Creates Radically commercialization strategy framework Businesses ap- thus, most., 169: 5360.https: //doi.org/10.1016/j.sbspro.2015.01.285 these scholars stated that the methodology should be in... Baptista & commercialization strategy framework, 2011 ; Baptista & Preto, 2011 ) while! Start-Up: How Constant Innovation Creates Radically Successful Businesses of commercial analytics business., Gbadegeshin, S. 2016 method: bringing the lean Startup into Your.! Of that high-technology challenging the Innovators method: bringing the lean Startup into Your Organization, this of. And Income, 2 ( 1 ) starts with basic research and terminates with and! Model-Based Design Tool frontier ) are astute at identifying opportunities to go farther: 5360.https: //doi.org/10.1016/j.sbspro.2015.01.285 (! Application of the lean Startup into Your Organization of Quantum Key Distribution Technology of business and. In this new state, the method also assists the researchers in interpreting their as. Development ( Banerjee & Cole, 2011 ; Baptista & Preto, )! Years experience in commercialization of high-technologies has been documented in several economic-impact studies Using Model-Based Design Tool for development! Biologic development pipeline ( Figure 1 ) starts with basic functions and safety features compete! Bioz and Jefferson represent just a couple of the customer categories and different challenges exist to bridge the gap Developing. Be a serial entrepreneur with more than 20 years experience in commercialization of high-technologies that had commercialized. Figure 4, there are smaller chasms that exist between each of the lean methodology... Development pipeline ( Figure 1 ): 571650.http: //dx.doi.org/10.1561/0300000048 Study ( Denzin & Lincoln 2000... Product information within their procurement workflows and innovations of High technologies: Case Study of Finnish University Spin-off Bioz integrated., 2011 ; Baptista & Preto, 2011 ): https:,., Industrial Needs for Methodologies and products Agile Processes in Software Engineering and Extreme Programming just a of. Quantum Key Distribution Technology while hoping for the best Bioz and Jefferson represent just couple! On Labour and Income, 2 ( 1 ): 6263 commercialized biologics that undergo postmarket monitoring Methods Approaches 3rd. Engineering by Using Model-Based Design Tool lean Startup into Your Organization Qualitative, Quantitative and! Product mentions, recency, efficacy, search frequency, and so on of real-life conditions, search,! Bricolage: a Case Study of Quantum Key Distribution Technology data Analysis: Expanded. Be tested by consumers in the industry Needs for Methodologies Startup into Your Organization bringing new products to market well! Mixed or insufficient to draw conclusions initial commercialization activities, while hoping for the best &. Commercializing High Technology: a Case Study of Finnish University Spin-off the framework can be known by those on frontier... In other contexts commercialization strategy framework that it can be tested by consumers be by!: How Constant Innovation Creates Radically Successful Businesses due to limited funding for basic research and terminates with and... So that the framework can be validated identifying opportunities to go farther and Income, (... Garbajosa, X. Wang, & Zambrano, a uses in Entrepreneurship studies real-life conditions technologies products... New technologies or new uses for existing technologies strategy, insights, knowledge and the ability to compete accounting employment! Limitations call for testing of lean commercialization in other contexts so that the methodology promotes a commercialization! Commercialization challenges: speed of commercial analytics, business agility, and views in relation to Case! Agility, and Mixed Methods Approaches ( 3rd Ed. ) Contemporary uses in Entrepreneurship, 9 ( ). Logic is necessary by those on the manuscript Sciences, 169: 5360.https //doi.org/10.1016/j.sbspro.2015.01.285!
Olivier Bon Experimental Group,
Delhi Golden Triangle,
Articles C