Commercialization means translating your ideas, abilities, and technology into products and services that the marketplace will buy – at a price that includes a profit. Whether you are a for-profit (return on activities to benefit the shareholders/owners) or non-profit (generating funding to support your mission), every organization needs to make money to fund its operations and invest in its purpose.
Successful commercialization requires matching your “solution” to meet a market need. Find what they (customers) need. Moving from idea to marketable “product” requires – research – product and market; product development to build in benefits to customers; marketing; sales; and financial and strategic planning to make it happen.
The ability of a business to provide an answer to a problem, address a need, or provide an improved way of living is one part of the equation of success. Providing that “answer” at a profit is how that success is measured. It isn’t enough to create or know the answer. You have to get someone to buy it! Why do they buy? Because you have convinced them that you do have the answer AND because they know you are capable of delivering. Technology isn’t enough. A solid business model, knowledge of how to do business, and solid financial basis means the risk of doing business with you and using your answer is acceptable. Your “customer” is not only the people buying what you are selling. Your customers include those who can potentially invest in your business – vendors, equity shareholders, and debt holders. You have to ensure that they know that you maximize the return on investment.
They are concerned about:
- capability – can you execute
- credibility – do you have a proven track record and/or skills to make things happen
- viability – is the market you’ve selected a good entry point, large enough to support growth and profits
- visibility – can your customer find you
Commercialization is the process of getting customers and generating funding. It is about the customer buying your product, service, or technology. It is all about meeting a need in the market place.
If you need a commercialization strategy or plan; if you need more results from your efforts; if you are unclear what direction to go or where your market is, call F.O.C.U.S.℠ Resources 919.234.3960 or e-mail us at Info@focusresourcesinc.com.
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