The Commercialising Technology Process

Stage 1: Concept Ideation

The first stage of the Commercialising Technology process is Concept Ideation. Throughout this stage team members will use Opportunity Identification techniques to stimulate the generation of new suggestions from within The Business or interactions in the market place.

Opportunity Identification is a creative process that leads to qualitative descriptions of new ideas and concepts with the notion that could, conceivably, be developed into next generation products and services.

Stage 2: Feasibility Analysis

The second stage in the Commercialising Technology process is Feasibility Analysis. In this stage the team will add detail to the concepts using Opportunity Analysis techniques.

This approach requires the team to find answers to four very specific questions benchmarked in the market from four or five unbiased sources. Opportunity Analysis leads to a quantitative assessment of the new concept.

Stage 3: Market Justification

Concepts that pass the second business screen in the Commercialising Technology process enter stage three – Market Justification. This stage requires the project team to justify the resources necessary to develop the product in stage four.

The team’s main activities will be to identify potential buyers, market demand, value available and potential channels to commercialisation.

Through stages one to three The Business will have committed few resources to analysing its new concepts. Market Justification is the last resource-lite stage and leads into one of the toughest screening discussions.

Agreement to pass the concept for Product Development commits The Business to a significant increase in resource deployment and costs.

Stage 4: Product Development

Stage four is concerned with Product Development. The project team is chartered to convert the concept into a product or service that can be sold in the market.

The team must incorporate all of their learning experiences from earlier stages into the development of a product that meets the needs of customers in the target market and at the lowest cost achievable.

Earlier in the Commercialising Technology process the team had defined a preliminary value proposition; during Product Development the team need to finalise the marketing mix (product, price, place & promotion) and, in the case of new-to-the-world technology or new markets, the marketing map describing how the product will be introduced to influencers, specifiers, buyers and users.

Stage 5: Commercial Launch

The fifth stage in the Commercialising Technology process is Commercial Launch. The objective in Commercial Launch is to demonstrate to the market that The Business has an important new product, or service, that meets specific needs and is available at a realistic price.

The launch is the opportunity to position the product, the brand, and The Business to the broad market, target buyers, trade press and increasingly to the public at large.

To succeed The Business will need an effective launch plan that addresses both external and internal audiences. Supporting a confident external message is one to The Business’ internal organisation and partners. This message must alert all functions that product development is complete; it is scheduled for commercial launch and of the need to prepare for new service requirements.

Commercial Product

Following Commercial Launch the new product assumes a different identity: it becomes a commercial product maintained and supported by the operational team within The Business. The account teams assume responsibility for achieving the sales plan and the project team begin working on something new.

You can find out more about how EXCITIM would help your business development programme by:

Clicking here to download further information on the five stages of the Commercialising Technology process direct from our server.

Calling EXCITIM in the UK on: 08707 117153 International callers please dial: Int+44 8707 117153

E-mailing EXCITIM at: projects@excitim.co.uk