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Technology commercialization
Technology commercialization
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Technology commercialization
Advanced countries have a long history of commercialization of the ideas as well as research results. For example, universities in the United States collaborate with industries concerning linkages between industries and universities in the commercialization of innovation and research results, dates back to decades ago, to the Morrill Act, 1862 which is also acknowledged as Morrill Land - Grant Act, defending research and development throughout the Second World War, and the competition between the 2 Cold War opponents the United States and theSoviet Union. These are US regulations that allow the establishment of a land grant college. Moreover, Bay-Dole Act, passed in 1980, encourages universities to acquire patent or registered government-funded investigation discoveries, in addition, to involve with “research commercialization and technology transfer” industries (Wu, Welch, & Huang, 2015). Lessons learned from Bay-dole Act shows that increasing policy support from the government has prompted academic entrepreneurs to produce spin-off businesses. The motivation for these initiatives is to make the best utilization of most of the public funding for public research (Mousavi, 2011).
Dorf&Byers (2008) emphasizes that technopreneurs or technology entrepreneurs are a kind of business leadership that is based upon identifying highly capable, technology-intensive commercial chances, collecting resources, for example, cash and talent, and managing speedy growth using ethical and authentic decision-making expertise. A striking business prospect was said to include a huge value proposition, theoretically viable products, protected intellectual property, sustainable competitive benefit, huge potential market along with mature business models (Park et al. 2012).
Nowadays, commercialization is an utmost controversial issue. Many countries and companies put this issue first and focus their attention on many actions. Jolly, 1997 defines technology commercialization and states that it is a process or an activity that benefits from technological modernization, which encompasses a wide range of possible revenue generation, manufacturing, display, or utilization. He believes that the commercialization of technology is regarding successfully carrying out a series of actions, each of which adds value to technology because it develops with the process of commercialization. As shown in the following figure, five from these activities create the key sub-process included in bringing novel technologies to the market: imaging technology market sight; developing a technology to determine its commercializability, and presenting it in contextually in products or/and processes; Promote the adoption of the latter and maintaining commercialization. Equally important to these sub-processes are four bridges amid them. The developments from one sub-process to the subsequent without postponement are critical in the commercialization of technology. Technology transfer gaps, interest gap, diffusion gaps, and market transfer gap are four major threats to four bridges. Jolly's process paradigm is very influential in defining the necessary actions for the fruitful technology commercialization.
Though, Mitchell and Singh (1996) define technology commercialization as “a procedure of obtaining ideas, adding them with corresponding knowledge, enhancing and producing saleable goods, besides selling goods in the market”. Though, Zahra and Nielsen (2002) incline to be slightly different. They believe that commercialization is "a process that begins with the product conception; continue to the product definition, prototyping, design, and pre-test phases; and is refined through effectual product manufacturing as well as advertising." Courtois (2004) proposed an easy definition, pointing out that commercialization denotes to the launch of new products or offering products to the marketplace. In one description, it includes creating the right product at a reasonable price to meet market demand. Inalternativedescription, the commercialization is a procedure of strengthening a link amid science and the economy by technology transfer (Ghazinoori, 2005). In addition, these opinions are backed by the Frattini et al. (2012), who emphasized that the commercialization of technological innovation is a process of technology development and then its widespread use. In other words, this is the process of transferring technology and knowledge from research centers and universities to industry and new business. Therefore, the description of commercialization is different because it is a very complex process that is influenced by many factors, for example, infrastructure, technology, society, politics, and history. These factors might promote or hinder the commercialization sequence.(Bodunkova, 2012).
Commercialization of technology is an essential part of innovation (Siegal, Veugelers& Wright, 2007). If it is assumed that the scope of technological innovation ranges from the generation of an idea to primary market access, then there is no innovation, so there is no commercialization without technology. Therefore, technology commercialization may be seen as helping with ideas or innovations to enter its market (Tayeb, 2015). Consequently, today's commercialization is deemed an integral part of the innovation chain; in addition, researchers should generate, develop, transform, and ultimately commercialize virtuous ideas in the development phase. There are diverse policies existed for the commercializing technology novelty. Few agencies have chosen internal methods, quasi-internal methods and externalization methods (Markman et al., 2008). These policies can be used by identifying the new intellectual property with the commercial potential and continuing financial and strategic support for the portfolio organizations to increase their probabilities of success. This can also be achieved by encouraging the collaboration amid regional academies, research as well as other establishments. The commercialization of novel technologies in the development of new products helps companies simplify production, increase productivity and rejuvenate the industry's life cycle. Efficacious technology commercialization supports emerging TBFs, bridge the gaps in the technology implementation lifecycle and address the issues raised by resource allocation difficulties related to the transfer of continuous innovation into troublesome innovation. The success of technology commercialization procedure is essential to improve the performance of new product development by moving technological developments into the commercial products, services, and processes (Bodunkova, 2012).
In order to inspire more commercialization of technology, incentives should be rewarded for the academic community in order to value commercial activities (Siegal, Veugelers& Wright, 2007). Experience has shown that transformations in technological and scientific policies in different nations have assisted them to make the huge leap in technological growth. Bahreinin and Shadnam (2007) pointed out that proper policy development can likewise be utilized to promote fundamental changes in perspectives and attitudes. Commercialization faces some important issues that require the remedy and attention of the authorities. Some authors have revealed that valley of death exists in the middle of innovation sequence as capitals are not accessible to finance individuals and companies to take new innovations or discoveries and turn them into marketable products(Bodunkova, 2012). For example, the market as a critical success factor in the process of technology commercialization can ascertain the failure or success of the entire supply chain. If there is a market, the company will arise with ways to enter and conquer the market as well as explore the interaction between different elements. Or else, a market would be created that requires specific and appropriate mechanisms to create market needs and demands. Some other difficulties to the commercialization of technology are the lack of participation of researchers in generating market opportunities as well as production environments, the time-consuming feature of capital returns in the technology commercialization, along with the time-consuming feature of the commercialization itself, because of which several entrepreneurs and innovators perform inadequate research regarding market, therefore, only one of the 2,000 ideas was effectively commercialized. These barriers vary by country or business type (Tayeb, 2015).
Ahmad (2016) conducted the same study in Malaysia to discover the issues of handling commercialization and innovation activities at the Malaysian Universities. It is inferred that one main obstacle to attaining greater commercialization and innovation is the lack of a favorable policy or a fairly consistent policy framework, and in various universities, there seems to be inner politics which need to address. In addition, funding and deficiency of human resources are among the key challenges of commercialization of technology. Commercialization of innovative research products is seen as the platform to upsurge the wealth of a country. Therefore, to attain this objective, research institutions and universities are playing an increasingly significant role in the commercialization of their inventive research products. Though, process procedure is not a simple straight path without any obstacles, especially in a country such as Malaysia where the commercialization of the universities research product is even now at its infancy. Therefore, Norain (2016) conducted a study to discover challenges and improve the way commercialization of inventive research products in Malaysian public academies. The study recognized three major defies in this area: intellectual property safety and commercialization policies, creating inventive research products as well as gaps amid academic and industry partners. In addition, Nor Kamariah conducted an alike study in (2013) to find gaps in the technology commercialization of R&D. According to this study, collaborations, funding, internal structure, as well as external environments such as leadership and government policy have been the major impediments in technology commercialization. Likewise, SMEs face some challenges in terms of commercialization. The study by Nurulhasanah (2016) highlighted the severity of marketing, management and financial issues, which is a major challenge for Malaysian SMEs. The Malaysian authorities along with SME support institutions said in a report that these three defies are often the cause of the failure of Malaysian SMEs. In addition, the writer even highpoints the truth that the challenges of countries, continents, and sectors vary. Therefore, the aim of this research is to find specific issues and challenges faced by technology-based companies in Malaysia.
Valley of death
Commercialization of technology innovation in an intricate process, because it involves various uncertainties and risks. In many cases, technology cannot create new businesses or anticipate revenue generation for visionaries. It is said that most technological innovations are ending in valley of death (Ford, Koutsky&Spiwak, 2007), they are not able to enter the market and attain sustainable business development; therefore, funding providers face a negative return on investment. In the technology transfer, “Valley of Death” is a metaphor that is often utilized to define the gap amid academic innovation and its commercial use in the marketplace. While conventional definitions of the technology transfer typically assume that intellectual property is smoothly transferred from a university research laboratory to public or private traded corporations that...