Commercialisation Process-A Road Map to Commercialisation Research.pptx

Commercialisation Process-A Road Map to Commercialisation Research

1. Commercialisation Process: A Road Map to Commercialisation Research

2. Nehemiah Yelu Attigah - CEO , Hatua Tech - Co-founder/Ghana Director, Accelerayt I wear a number of hats in addition to these. INTRODUCTION

3. Definition of Commercialisation Commercialisation refers to the process of transforming research outcomes, innovations, or technologies into marketable products or services. It bridges the gap between academia , innovator and the business world. It's a multi-stage journey that requires careful planning and execution. Each Step or stage plays a crucial role in bringing an idea to the market."

4. Importance of Commercialisation Effective commercialisation can lead to various benefits, including increased revenue, job creation, and societal impact. It's a crucial step in realizing the full potential of research.

5. Key Steps in the Commercialisation Process Let's delve into the key stages of the commercialisation process: 1. Idea Generation and Intellectual Property Protection 2. Market Research and Validation 3. Business Plan Development 4. Funding Acquisition 5. Prototype Development and Testing 6. Manufacturing/Execution and Distribution 7. Marketing and Sales 8. Scaling and Growth."

6. Idea Generation The journey begins with idea generation and thorough research. This phase involves identifying market gaps, understanding customer needs, and developing innovative solutions.

7. Intellectual Property Protection At this stage, identify innovative ideas that have commercial potential. Intellectual property protection, such as patents, copyrights, and trademarks, safeguards the uniqueness of these ideas. Securing intellectual property rights is crucial to safeguarding your innovation and preventing unauthorized use. Proper legal protection ensures your work remains exclusive. Meeting regulatory requirements is also critical for the integrity of your product and obtaining the necessary certifications are essential for ensuring your product's safety, efficacy, and legality in the market.

8. Market Research and Validation Market research is the foundation of successful commercialization. By understanding market needs, trends, and competition, you can refine your research innovation to meet real-world demands. Thorough market research helps assess the demand for the product or service. Validation involves obtaining feedback from potential customers to refine the offering.

9. Business Plan Development A well-structured business plan outlines the product, target market, competitive analysis, revenue model, and marketing strategy. It's essential for attracting investors and stakeholders.

10. Funding Acquisition Funding is crucial to support various stages of commercialisation . This could come from grants, venture capital, angel investors, or crowdfunding.

11. Prototype Development and Testing Turning the concept into a tangible prototype is a critical step. Prototypes provide a clearer picture of the final product and can be used for testing and attracting investors. Creating a functional prototype allows for testing and iteration. Feedback from testing helps improve the product's design and functionality. Thoroughly test the prototype and gather feedback. Iterative improvements based on real-world testing help refine the product and enhance its market fit.

12. Manufacturing/Execution and Distribution Once the prototype is refined, it's time to scale up manufacturing and establish distribution channels to ensure the product reaches customers efficiently. This involves making the product available to customers. Select and develop appropriate distribution channels, establish partnerships, and manage logistics efficiently.

13. Marketing and Sales Effective marketing strategies are key to reaching your target audience. They raise awareness about the product and generate interest. Sales efforts focus on converting potential customers into buyers. You must create a strong brand identity, engage in market research, and develop a comprehensive marketing and promotional plan to highlight your innovation and differentiate your product from competitors. Your go to market strategy either be focused on direct sales, partnerships, licensing, or other channels, simply adopt what will help you reach your target audience effectively.

14. Scaling and Growth As demand increases, the focus shifts to scaling operations, expanding market reach, and optimizing production processes for continued growth. Once the prototype is refined, it's time to scale up production. This involves setting up execution processes, establishing a supply chain, and ensuring quality control. Commercialisation doesn't end at launch; it's an ongoing process. Collect customer feedback, analyze market trends, performance metrics to help you adapt and refine your product to meet changing demands and stay competitive.

15. Challenges in Commercialisation While commercialisation offers great potential, it's not without challenges. These may include regulatory hurdles, competition, funding constraints, and market shifts.

16. Conclusion Remember that the commercialisation process requires dedication, strategic planning, collaboration and adaptability. Each step is vital for turning research into a successful market-ready product. In conclusion, the commercialisation process is a dynamic journey that transforms research into tangible products, benefiting both society and the economy. By following the road map we've discussed, researchers and entrepreneurs can navigate the path to successful commercialization by bringing your research innovation to the commercial market.

17. THANK YOU Q & A