Profiting from innovation

There are several types of commercialization process, each with its own pace, indicators of progress, organizational approaches, and risk factors. Understanding when each of these is under way, and the nature of the true challenges faced, is a major factor in consistently successful efforts. The work described here is drawn from a National Academy of Engineering (NAE) study of USA industrial commercialization: the translation of innovative ideas into marketplace success as profitable products, processes, and services. An important aspect of the NAE study was the search for useful tools to aid the management process. The best commercialization organization depends on the nature of the commercialization activity at hand. These observations place emphasis on the importance of the leadership of a company understanding the nature of the business at hand