Commercialisation enhances profitability.

Understanding commercialisation.

Commercialisation is the process of developing and introducing a new product or service into the market. It is broken into stages, from the product’s conception through its production, adoption, and support of end users. It considers the production, financing, distribution, marketing, and customer support required for commercial success.

Commercialisation is often confused with sales, marketing or business development, so maybe a deeper understanding is necessary. However, it is about turning a concept or an idea into a successful business outcome.

Commercialisation is closely linked to creativity and innovation because they are the key drivers. Unfortunately, many people lack confidence in their ideas and their market acceptance. This lack of confidence leads to a lack of confidence in commercialisation and, of course, inhibits their potential.

One of FAQ Support’s objectives is to foster creativity and innovation. This means promoting the growth of new initiatives in small to medium businesses, not-for-profit organisations, and regional community development initiatives.

Essential aspects of commercialisation.

Recognise and understand your ideas and opportunities. I have been inside many organisations where people are working on great ideas. Unfortunately, many think their ideas are boring and nobody else would be interested. Others don’t believe their idea has any commercial significance, as it was only designed for their use.

The experience of the now is often more vivid than a distant memory. As a result, we can solve problems and make decisions in the future without regard for how we felt the last time we were in a similar situation. A simple solution to inform your future choices is to have a Knowledge Base to store your experiences and be able to pass them on to your team.

In some cases, it will pay to involve others with expertise. This will help you fully understand what you have or are developing and advise you on what is of real commercial value and how to commercialise it. This could include patents, copyrights, etc.

Don’t be put off; consider what you have to do.

Quotable quotes.

“Everything you’ve ever dreamed of will often appear in different packaging than you envisioned”. Peter Sergeant

“If commercialisation is putting my art on a shirt so that a kid who can’t afford a $30,000 painting can buy one, then I’m all for it”. Keith Haring