Commercialization Journey in Business Ecosystem: from academy to market
Zhaojing Huang (IfM, University of Cambridge)
Clare Farrukh (CTM, University of Cambridge)
Yongjiang Shi (IfM, University of Cambridge)
In today’s world, research institutes are playing an increasingly important role in bringing new technology to market. Researchers and scientists are becoming more entrepreneurial in trying to commercialize their findings as new technologies and products. However, academic research focuses very little on the whole commercialization process and the management tools needed by entrepreneurial scientists. This paper looks at commercialization from the viewpoint of a group of scientists seeking to develop a new product from successful research. It takes a business eco-system perspective and presents a theoretical framework developed by mapping a wide range of literature. This framework is then compared to data collected during a longitudinal case study on the development of a fibre optic sensor analyser with application in the construction industry. A key finding is that relationships with partners and other supporting organizations need to be formed earlier than the literature currently suggests, and that an awareness of the business ecosystem within which the technology fits is as important to scientists as knowledge of available innovation and technology management tools. Hence an early focus on communication and partnership is highlighted as an important factor for commercialization success.
Keywords: Commercialization, eco-systems