You start with an idea and end with a best-selling product. In theory, it seems simple enough, right? Not quite. Just because you had a good idea that the market ‘needs’ doesn’t mean you’ll reach market success.
The vast majority of new innovations fail. Only about two products are launched out of every 3,000 ideas, say business analysts, and roughly one out of 5,000 inventions have successful product launches. And, the U.S. Patent and Trademark Office states that roughly two percent of patents actually earn significant profit for their inventors. The odds are disconcerting, but they are not set in stone.
Commercialization is considered the most critical stage of the technological innovation process. Success requires several layers of well-researched strategy and tactful planning that go from, product and service selection, to pricingstrategies, to targeting strategies as innovative as your product. It’s a formula – a precise process – known as commercialization of innovation.
Breaking it down, there are eight key steps the commercialization of innovation go-to-market process, each of which requires keen attention.
Forget the guesswork. Rely on science. At Legacy DNA, we’re experts in developing go-to-market strategies that are based on the science of commercialization of innovation. With doctorate-level intel and experience in taking a multitude of healthcare innovations to market – we’re trusted to teach these strategies at the university level.