Commercialization research trends

Commercialization is not a new term or strategy, but it is a strategy that an increasing number of small businesses and entrepreneurs are learning to use to their advantage. A recent infographic released by Ryerson University shows that small business is thriving and now is the time to commercialize your ideas.

In simple terms, commercialization is the process of launching a new product in the market. While marketing and sales play a role in the commercialization process, there are some unique aspects of the process, namely who and how to engage, a stage-based approach to introducing a product, and refining ideas to hone in on one product that can be sustained long term.

The success or failure of commercializing a product or idea often comes down to timing, among other factors. Commercialization research today suggests that now is the time to take action.

Commercialization Research Says Now is the Time for Action

We are at a place in time where a good idea can go viral very quickly. Technology has definitely made it easier for the little guy to compete in a variety of industries, especially when it comes to information-based businesses. An insightful blog post or funny picture can go viral and reach thousands of people in minutes.

The information age is in full swing online and many entrepreneurs and small businesses are taking advantage of this by commercializing their knowledge. The time to take action is now. With more and more large corporations decentralizing, and with the trend for companies to increasingly contract out jobs to consultants and freelance professionals, there is a unique opportunity to commercialize your knowledge and build a business around it.

An Example: E-books and Information Products

The research industry is a prime example of how small businesses and entrepreneurs are taking advantage of the commercialization of ideas and knowledge. These ventures not only offer services to their clients, but they have also found a way to commercialize knowledge and offer it as a product to their customers.

Examples of commercializing knowledge and expertise include:

• Patents and registered intellectual property
• Information products
• E-books
• Research reports
• Seminars and teleconferences
• Consulting and advice

A good example of why now is a good time for small businesses and entrepreneurs to commercialize their ideas is the crowdfunding community. Not too long ago, it was not easy to raise the funds for commercialization.

However, today, with the growth of the Internet and other technologies, there is a growing trend towards exploring crowdfunding or crowdsourcing as a way of commercializing academic work.

At the very least, from a business perspective, commercializing your knowledge in the form of a book or information product will help to establish yourself as an expert, lend credibility and help you engage new customers and close more business.