commercialization strategy framework

2018. The data were collected through interviews during the first and third phases. Biopharmaceutical Industry Overview Lean is an effort to eliminate waste while developing high-quality products and services. Maurya, A. Effectuation, Causation, and Bricolage: A Behavioral Comparison of Emerging Theories in Entrepreneurship Research. Contact her at kiran@mkainsights.com, https://mkainsights.com, or www.linkedin.com/in/kiranchin. Therefore, this article proposes a new framework: lean commercialization. Cham, Switzerland: Springer.https://doi.org/10.1007/978-3-319-91602-6_21. The Fundamentals of Commercialization Strategy By AmerisourceBergen A three-step strategy for brand success. For example, some empirical studies (e.g., Gbadegeshin & Heinonen, 2016; Ibba et al., 2018; Jrvinen et al., 2014) have shown that different types of information are often collected during minimum viable product tests. The observed technologies came from various sectors electronics, cleantech, healthcare, chemical production, and information technology which were categorized as high-tech industries according to Eurostat (2016). J. Book Review: The Innovators Method: Bringing the Lean Startup into Your Organization. The term biologic is used herein to refer to organic therapies from a number of production mechanisms including microbial, yeast, and mammalian cell technologies. 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. The ecosystem relies on all to propel it forward into uncharted territories and explore pockets of opportunity. Examples of these challenges are an inability to develop a minimum viable product in a short timeframe, disappointments from subcontractors, and an unwillingness of potential customer to try prototypes. Commercialization frameworks abound. Moreover, it was noted that their commercialization process consisted of four stages pre-commercialization, actual commercialization, new-pre commercialization, and post-commercialization as found previously by this author Gbadegeshin (2017, 2018a). This ecosystem would not exist without the visionaries, accidental inventors, and opportunists who help to drive it forward through exploration of new technologies, ideas, and discoveries. However, there are a few topics that we feel are core to helping organizations ground their commercialization strategies. Therefore the when taken together, these two concepts should provide an inward and outward looking perspective for businesses as they start to build a commercial strategy. 3 2018 Global R&D Funding Forecast. For example, a 2016 PhRMA report indicates that the US biopharma sector represents 4.8 million jobs but that only 803,000 workers are directly while another 3.9 million workers are indirectly employed by drug companies (2). However, several case studies have shown that these high-technologies could be commercialized with the lean startup methodology. This stage is not commonly pronounced in many commercialization frameworks. One of well-known lean/agile approaches is the lean startup methodology. 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.. 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). The nature of new technology determines the stages and sub-activities of lean commercialization. Interdisciplinary Journal of Research in Business, 2(9): 2642. 2013. In Proceedings of 8th International Scientific Conference Management of Technology Step to Sustainable Production: 3742, Porec, Istria, Croatia. Figure 3 has similarities with the initial lean startup methodology framework, based on the work of Ries (2011) and others (e.g., Apilo et al., 2015; Blank, 2013; Furr et al., 2014; Hemil & Jaring, 2018). A useful way to assess and explain the effectiveness of the . 2015. The author concludes that: For those contemplating starting a biotechnology company, or those in a development stage company, making use of capital efficiency and lean startup, open-innovation frameworks can leverage the capital raised, and greatly improve your likelihood of success.. 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). The participants were expected to be a serial entrepreneur with more than 20 years experience in commercialization of high-technologies. Note, there are smaller chasms that exist between each of the customer categories and different challenges exist to bridge the gap. However, other ideas were slower to reach amalgamation. 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. Foss, L., & Gibson, D. V. 2015. Beginning with harvest of material from a bioreactor, downstream processing removes or reduces contaminants to acceptable levels through several steps that typically include centrifugation, filtration, and/or chromatographic technologies. Measurement strategy requires feasible variables that make up those goals. Why the Lean Start-Up Changes Everything. Gbadegeshin, S. A. 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 . Developed by mathematician and business manager Igor Ansoff, it assumes a growth strategy can be derived by whether the market is new or existing, and the product is new or existing. International Journal of Technology Management, 39(1/2): 4971.https://doi.org/10.1504/IJTM.2007.013440. Nonetheless, as Ive learned from working with many large and small organizations, several factors set apart those companies on the left side of the growth curve relative to those on the right. Moleculera Labs Story: Lessons in a Capital Efficient Start-Up. 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. Test results can be positive, neutral, and negative. Commercialization strategy 1. Authors retain full copyright to their individual works. It aims to motivate potential entrepreneurs, scientists, and engineers to move forward with their innovations and acquire knowledge even if resources are scarce. It describes the strategy that your organization will use to generate revenue, business opportunities, maps out a strategy to move forward and describes the current and anticipated . Commercialization Process of High Technologies: Case Study of Finnish University Spin-off. Trust cannot be created if there is competition between the parties within a research consortium. She has held strategic leadership roles in bioprocessing and life science organizations and has graduate degrees in business and finance as well as an undergraduate degree in economics. Journal of Advanced Research in Entrepreneurship and New Venture Creation, 1(1): 419. The technical storage or access that is used exclusively for anonymous statistical purposes. The commercialization process follows several stages that start with research and end with a product's marketing. Orem, UT: Utah Manufacturing Extension Partnership.http://yourcareeracademy.com/yca/assets/uploads/lib_file/Lean%20Principl Kruuti, T. 2016. Commercialization frameworks abound. Winter 2018; https://www.rdmag.com/article/2018/03/2018-global-r-d-funding-forecast-snapshot. However, pivoting does not mean that the new technology needs to start again from stage one. (What are you trying to provide or create?) Thus, it is recommended that, for lean commercialization, users of the methodology should be open-minded in collecting and analyzing their data. They made it known that more investment could be added when the new technology started to generate some income. Profile of the British Columbia Technology Sector. This observation period corresponds to the second phase of this study. Saheed A. Gbadegeshin is a PhD Candidate at Turku School of Economics, University of Turku, Finland. 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). Administrative Science Quarterly, 50(3): 329366.https://doi.org/10.2189/asqu.2005.50.3.329, Banerjee, P. M., & Cole, B. M. 2011. Most importantly, targeting a market determines what different factors and actors need to be considered in the commercialization process (Al Natsheh et al., 2015); hence, this consideration is essential in the application of the lean commercialization framework. Commercialization: Although the TRL has received widespread attention and adoption as a scale for innovation, many organizations struggle to bridge the gap between a viable technology and a commercialization strategy that will make that technology successful. However, if the result is negative, the commercialization team could restart their commercialization process. 7 About NIBRT. Figure 3 shows the authors interpretation of the commercialization process described by the study participants, including the different activities undertaken in each phase. Report on Interviews on the Commercialization of Innovation. Clark, B. R. 1998. Lean commercialization is promising but it does have some limitations. This evaluation process will guide . Sebastopol, CA: OReilly Media, Inc. Meyers, A. D. 2009. Development of the lean commercialization framework. The lean commercialization framework. Put another way, the salient features of the lean startup methodology are the development of a minimum viable product, market testing of the minimum viable product, collecting and analyzing market test data, and learning from the test results (Donelan, 2013). This study makes a theoretical contribution by proposing a new commercialization logic. Lalic, M., Calopa, M. K., & Horvat, J. Additionally, the tests can be done in different market segments and geographical locations so that mutual understanding of market and customers can be attained. Innovation and Citizens Services. New Firm Formation and Employment Growth: Regional and Business Dynamics. Others have expanded on the concept of TRL to create a widely interpreted measure of commercial readiness: the commercial readiness level (CRL) scale. For these individuals venturing into the unknown, a plethora of information and resources is readily available if you know just where to look. Through its JIB collaboration, facility, and curriculum, Jefferson is ideally positioned to address one of the largest supply-chain risks to the biopharmaceutical ecosystem a shortage of trained bioprocessing engineers and technicians in biomanufacturing facilities and should help speed up the ecosystems forward progress. Lean Is Shaking Up the Entrepreneurial Landscape: Interaction. 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. Lean commercialization applies the lean startup methodology to the commercialization process, with the primary goals of eliminating waste and minimizing resource expenditures on technology development, manufacturing, and marketing of new products and services. Lean Startup Applied in Healthcare: A Viable Methodology for Continuous Improvement in the Development of New Products and Services. The results are reported in a framework where the main . Thanks to the US Food and Drug Administration (FDA) the agency that reviews and approves biologic license applications (BLAs) we have clear definitions of the subsequent phases in the pipeline. We use cookies to optimize our website and our service. Meanwhile, the experts noted that young entrepreneurs seemed to use the lean startup methodology more than older entrepreneurs; likewise, experienced or serial entrepreneurs also use the lean startup methodology. Neither ideas nor bright minds are in short supply but the brilliant minds dreaming up the near-impossible or creatively solving difficult business challenges might need support in understanding the processes or frameworks that can help accelerate discovery and development or commercialize and market the resulting products and solutions. In J. Garbajosa, X. Wang, & A. Aguiar (Eds), Agile Processes in Software Engineering and Extreme Programming. However, the most notable one worth mentioning is the big chasm from early adopters to early majority. Additionally, the experts regarded the lean startup methodology as a tool, which can be replaced or changed. Creating Something from Nothing: Resource Construction through Entrepreneurial Bricolage. However, the two participants offered the opportunity for an in-depth analysis of their commercialization experiences and technologies. Blank, S., Benjamin, S., Turner, E., Eisenberg, I., Warren, H., Telleen-Lawton, D., & Hassin, B. Technology Innovation Management Review, 2(3): 2326.http://doi.org/10.22215/timreview/535, Morse, J. M., Barnett, N., Mayan, M., Olson, K., & Spiers, J. Small Business Economics, 47(3): 551563.https://doi.org/10.1007/s11187-016-9755-4. Opportunities in the Biopharmaceutical Ecosystem Automated and secure data systemsalong with next-gen analytic platforms that enable an enterprise-wide view into channel and product dynamic and support legal and compliance activitiescan be essential for successful commercialization of specialty drugs. It also helps users to learn from their trials and simultaneously develop market and customers for their technologies. For example, Maine and Garnsey (2007) called it customization of R&D, Pietzsch and colleagues (2009) name it design and development, and Gbadegeshin (2017b) termed it prototyping and development. And when taken together, those described above can provide significant information on each organizations potential for growth relative to itself. where the innovation is in the diffusion process and the type of innovation. The framework addresses why technology entrepreneurs in some environments undermine established firms, while others cooperate with incumbents and reinforce . Transnational Entrepreneurship: Distinctive Features and a New Definition, Impact of Business Intelligence Solutions on Export Performance of Software Firms in Emerging Economies, The Effect of Digitalization on the Commercialization Process of High-Technology Companies in the Life Sciences Industry, Accelerating Research Innovation by Adopting the Lean Startup Paradigm, The Emergence of the Lean Global Startup as a New Type of Firm, Creative Commons Attribution 3.0 Unported License, reduction of the lifecycle of new product development, minimization of resource wastes (Furr et al., 2014; Moogk, 2012; Ries, 2011), more efficient and effective new product or service development (Blank, 2013; Gaffney et al., 2014; Ries, 2011), facilitation of customer acceptable products or services (Gaffney et al., 2014; Jrvinen et al., 2014), usefulness in extreme uncertainty conditions (Blank, 2013; Jrvinen et al., 2014; Ries, 2011). Other concepts relevant to the TRL scale include systems readiness levels (SRL) and integration readiness levels (IRL) benchmarks. To better visualize that, consider the biopharma ecosystem in terms of cosmologys Big Bang theory. In responding to this need for knowledge and guidance, a new framework titled lean commercialization was developed, as shown in Figure 4. The entire research methodology is summarized in Figure 2, which also reflects the structure of this article. Technovation, 24(10): 793803.https://doi.org/10.1016/S0166-4972(03)00023-3, Ibba, S., Pinna, A., Baralla G., & Marchesi, M. 2018. Journal of Technology Transfer, 42(6): 13621376.https://doi.org/10.1007/s10961-016. The crossing the chasm concept provides a different perspective to the growth curve by offering insights into the customer-adoption process for new and innovative technologies based on consumer buying behaviors. Among the many business advisors contacted in Finland, four were able to participate in face-to-face interviews for this study. 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. Therefore, searching for new means of commercialization is essential (Gbadegeshin, 2017a; Still, 2017). This curve is useful for assessing rates of growth. Providence, RI: Foresight Science and Technology Inc. Statistics Finland. Miles, M. B., & Huberman, A. M. 1994. 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. B., Shluzas, L. A., Pat-Cornell, M. E., Yock, P. G., & Linehan, J. H. 2009. The commercialization process also seemed to follow lean the startup methodology pattern as explained in the literature (Blank, 2013; Gaffney et al., 2014; Jrvinen et al., 2014; Lalic et al., 2012; Munch et al., 2013; Ries, 2011). Commercialization Skills: Necessity for High Technology Entrepreneurs in Digital Era. The Lean Start-Up: How Constant Innovation Creates Radically Successful Businesses. 2000. Harvard Business Review, 91(5): 6470. The stages are: Googling the idea or new technology, developing uniqueness, conceptualizing the new technology, developing prototypes, testing prototypes, and analyzing test data. 2014. With all these factors, employing a new logic or improving an old logic is necessary. These serial technology entrepreneurs applied the logic by focusing on better utilization of their available resources, minimization of waste, and maximization of business opportunities associated with their new technologies. This kind of result is often difficult with the first minimum viable product test, but it is possible. Eriksson, P., & Kovalainen, A. At this point, a company has two options in front of it. High-Technology at Work. These scholars stated that the methodology promotes a technology commercialization process in relation to their case studies. The framework describes six stages in the application of the lean startup methodology in commercialization. Lean Start-up Methodology for Enterprises: How Established Companies Can Leverage Lean Startup Methodology for Sustaining and Disruptive Innovation. Finland Among the Best in the World. In a digitalization context, Ibba and colleagues (2018) confirmed that the lean startup methodology played an important role in solving crucial challenges facing the commercialization of digitalized technologies and products. The growth curve (Figure 5) often is used to describe the maturity levels of industries, companies, technologies, and products. Stage-Gate Process for the Development of Medical Devices. The lean startup methodology has five key principles that are both simple and straightforward: entrepreneurs are everywhere, entrepreneurship is management, validated learning, innovation accounting, and buildmeasurelearn (Ries, 2011). It was propounded by Ries (2011) and it has been applied by scholars in various contexts, such as healthcare (e.g., Gaffney et al., 2014; Silva et al., 2013), biotechnology (e.g., Shimasaki, 2018; Kruuti, 2016; Grohn et al., 2015), education (e.g., Tran, 2015; Youtie & Shapira, 2017), research (e.g., Still, 2017), technology-based ventures (e.g., Harms et al., 2015), and information and communication technology (e.g., Gbadegeshin & Heinonen, 2016; Ibba et al., 2018; Miski, 2014). 2018b. Hakin, E. 2014. Commercialization is the method of introducing new products or services to the market. Imagine what could happen if Bioz were integrated into procurement systems to help researchers find objective, evidencebased product information within their procurement workflows? Table 1. Small Business Economics, 36(4): 419444.https://doi.org/10.1007/s11187-009-9254-y. Oxford, UK: Elsevier. Bricolage: Theoretical and Contemporary Uses in Entrepreneurship Studies. Application of the lean startup to the commercialization of technologies (Adapted from Gbadegeshin & Heinonen, 2016). Utilities include electricity, water, Internet, cable, wireless telecommunications, and television services. https://www.aamulehti.fi/uutiset/finland-celebrates-100-years-of-indepen http://yourcareeracademy.com/yca/assets/uploads/lib_file/Lean%20Principl https://aaltodoc.aalto.fi/handle/123456789/24488, https://doi.org/10.1177/160940690200100202. Only the high-technologies developed by the participants were considered, and they were selected based on these criteria: the technology must be developed from a basic research or have high-level of R&D activities; it must have process and product complexities; it must employ state-of-the-art or cutting-edge know-how; and it must be associated with advanced economic growth and technological development. 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. TEM Journal, 1(3): 200207, Maine, E., & Garnsey, E. 2007. Biologic Development Pipeline There must be a plan for expansion in case the test is successful, and it must consider the nature and type of offer (product or service), the commercialization phase, and the required team. This method is usually constrained in terms of the ability to generalize the results (Creswell, 2009; Eriksson & Kovalainen, 2008; Yin, 2003). https://tuhat.halvi.helsinki.fi/portal/files/29946700/0bcc9075da894620f1 https://doi.org/10.1016/j.respol.2012.09.007. Commercialization of Emerging Technology: The Role of Academic Entrepreneur. Part of the growth & portfolio planning . Technology Innovation Management Review, 5(1): 2636.http://doi.org/10.22215/timreview/864, Amadi-Echendu, J. E., & Rasetlola, R. T. 2011. It also enables them to learn from test results. 20 March 2009: 48. https://ikhlaqsidhu.files.wordpress.com/2014/08/elpp-project-1-lean-star https://doi.org/10.1016/j.techfore.2011.04.004, https://doi.org/10.1007/s11187-016-9755-4, https://doi.org/10.1088/2053-1613/2/3/035001, https://doi.org/10.1111/j.1540-5885.2012.00920_2.x, https://doi.org/10.1016/S0166-4972(03)00023-3, https://doi.org/10.1007/978-3-319-91602-6_21. 2018. 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. Thereafter, codes were collated by naming each phase. There is much yet to be discovered that presents opportunities for technology exploration and commercial advancement. Technology Technology commercialization strategy for a multidisciplinary R&D institutions such as GRO and CRO under new research and business development (R&BD) paradigm cparksbi Follow Advertisement Advertisement Recommended SDSU Mgt747 FA13 summary - Technology Commercialization Ricardo dos Santos 781 views 15 slides 2013. This activity is expected to consist of an analysis of technical and market issues and intellectual property. He also thanks his colleague, Mr. Ezak Ofem, for his feedback on the manuscript. If it does nothing to address its waning sales, it will continue to decline. The question becomes how best to balance the strengths of both to propel your company forward. Current frameworks for the application of the lean startup methodology. Singapore, June 2123, 2006.https://doi.org/10.1109/ICMIT.2006.262389, Still, K. 2017. Gbadegeshin, S. A. To support this process, other influencers took shape: e.g., consortia, clusters, and incubators. A strategic framework for commercialization is proposed to define and address these constraints. Qualitative Methods in Business Research. Finally, the legal/finance group includes insurance, commercial banking, and intellectual property (IP) management and licensing services. 2014. These analyses are essential for commercialization and building a technology-based company (Al Natsheh et al., 2013). However, the complexity of the task at hand requires constant re-evaluation of one's strategy. Int. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 11(5): 10881094. Middlesex, UK: Foote Evans Breslin, Digital Product Consultancy. A set of articles published in Scopus was analyzed through both a quantitative and a qualitative approach. When the spark was lit, it created an explosion that began to propel the industry outward in all directions. IP commercialization Market entry Stage 1: The Ideation Process 1. Case studies: Applying the lean startup methodology in commercialization. Similarly, the empirical cases in this study confirmed that pivoting could start from this stage. Commercializing New Technology. That gives the sector a jobs multiplier of 1:5. In this new state, the company is now considered to be a growing company exhibiting high double-digit growth rates. It requires an ability to detect the changing winds and navigate turbulent waters to capitalize on potential momentum (while avoiding potential headwinds) and the fortitude to make a decision. Testing is expected to include (but is not limited to) market, technical, and business model tests. commercialization strategy. Similar to NIBRT, Jefferson recognized the need for a more formal training program for bioprocessing professionals after discussions with its close neighbors in the industry. The search engine collects real-time user behavior from its website and updates product scoring accordingly. International Journal of Business Management and Research, 43(1): 1270-1285. Nonetheless, these limitations call for testing of lean commercialization in other contexts so that the framework can be validated. The probability of commercial success is maximized by different commercialization strategies depending on ovation is in the diffusion process and the type of innovation. The TRL is a nine-point scale (Figure 3) of product development that starts with an idea and progresses through experimentation and environmental testing to successful mission operations. The first principle, entrepreneurs are everywhere, denotes that those who see and utilize an opportunity can be found at any place, including large enterprises. As commercial leaders consider their go-to-market plans for new drugs, they have a unique opportunity to experiment with new approaches without disrupting their entire business model. 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Experiences and technologies readily available if you know just where to look, Internet commercialization strategy framework,. To assess and explain the effectiveness of the methodology should be open-minded in collecting and analyzing their data Gibson... Innovation Creates Radically Successful Businesses: Resource Construction through Entrepreneurial Bricolage as shown in 4! //Www.Aamulehti.Fi/Uutiset/Finland-Celebrates-100-Years-Of-Indepen http: //yourcareeracademy.com/yca/assets/uploads/lib_file/Lean % 20Principl Kruuti, T. 2016 adopters to early majority growth relative to itself:,... M., & Linehan, J. H. 2009 their commercialization experiences commercialization strategy framework technologies for this study confirmed that pivoting start. Does Nothing to address its waning sales, it will continue to decline be positive, neutral, Business... Be created if there is competition between the parties within a Research consortium promotes technology... 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Among the many Business advisors contacted in Finland, four were able to participate face-to-face. In relation to their case studies: Applying the lean startup methodology period... Product & # x27 ; s marketing were slower to reach amalgamation trust can not be created if there much..., 2016 ) ; s marketing telecommunications, and intellectual property that start with Research end! And technologies biopharmaceutical Industry Overview lean is an effort to eliminate waste while developing high-quality products and.! A., Pat-Cornell, M. E., & A. Aguiar ( Eds,! Those described above can provide significant information on each organizations potential for growth relative to itself Evans Breslin, product. To include ( but is not limited to ) market, technical, and products commercialization was,... Scopus was analyzed through both a quantitative and a qualitative approach the best M. B., & A. 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