Technology commercialization seems a complicated term at first sight, but its meaning is an easy one: the process of transforming knowledge into services/ products. Simple, but exceptional ideas are analyzed in labs, converted into services and products, and then launched to a wider international community.
The main purpose of technology commercialization is to add more value to the new products/services developed and based on the appropriate commercialization strategies to reach economic development in the long run. Technology commercialization is the most effective and efficient way to turn ideas into real services/products that will eventually satisfy people’s needs.
Nowadays, technology commercialization plays an important role in the integrated national approach for innovation and research. Likewise, businesses are always looking for new strategies to improve their market status, increase their business awareness and to develop successful products/services. Thus, by implementing the right ideas and converting them into products and services, they reach success.
Whether we are analyzing the current situation from an international, national or local point of view, one thing is for sure: technology commercialization is a key driver towards economic development.
The main source of innovation for technology commercialization
In the academic field, the creation of new knowledge and innovation represents the primary objective, and this is where the main source of new technology is located. The knowledge created within this environment is extremely valuable, and it guarantees broader advantages for our society.
Furthermore, at the international level, the economic growth enjoyed during the last 10 years was due to the evolution and development of technology commercialization. Having this in mind, by means of interactive, intensive and on-going practical technology commercialization ideas we are heading towards success in the future as well. Apart from the social and economic effects within the academic community, there is also a need for additional value. Such additional value is created, added and offered to broader communities through technology commercialization.
The future of technology commercialization
Starting with 2010, technology commercialization is expected to increase its progress and those people conducting researches and studies to find new ideas to enlarge its spectrum will gain a competitive advantage.
However, technology commercialization is not an easy process. It requires the understanding of some basic concepts which all institutions, universities and corporations should be aware of in order to achieve this process successfully. Similarly, the fundamental concepts of intellectual property protection represent an important issue related to technology commercialization, and it is helpful to be informed regarding the ways through which potential intellectual property conflicts can be avoided.
During the technology commercialization process, the elements are interconnected, and the final results are dependent on each of these elements. There is always room for improvement, and the main objective is to find innovative, practical and new ideas that generate economic growth. Through technology commercialization, we are always one step ahead of the others and on our way towards success.
In conclusion, technology commercialization is today’s key to success and tomorrow’s key to economic development. New knowledge is easily transformed into services and products, but the real value is added through the process of technology commercialization. Regardless of the field of activity or corporation, we are to analyze the technology commercialization is what it takes to achieve economic growth and to ensure a better future.