Abstract
In this era of the fourth industrial revolution with corresponding trends in globalisation and globalism, technology commercialisation encompasses the packaging of one or more ‘candidate’ technologies towards satisfying human needs and desires in a manner that not only creates greater wealth for individuals and businesses but also, leads to sustainable development of society at large. In this chapter, the discussion of technology commercialisation is premised on the wider ethos of value instead of the narrow emphasis on financial gain. Innovation index, the technology-application-product/service-market framework, and entrepreneurship are highlighted as theoretical and philosophical foundations for technology commercialisation. The discourse is drawn from empirical evidence extrapolated from published literature, experience from teaching, research and numerous practical exercises conducted by students, as well as coaching and mentoring of budding entrepreneurs. For both the novice and the experienced practitioner, the content of the chapter may be considered as a concise guideline on technology commercialisation.
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Notes
- 1.
See extant literature on New Product Development for extensive discourse on the commercialisation of products.
- 2.
‘Society at large’ encompasses human society and the natural environment.
- 3.
Innovation is the process of turning new ideas into value, in the form of new products, services, or ways of doing things. It is deceptively complex, and goes beyond mere creativity and invention to include the practical steps necessary for adoption. New innovations tend to build on earlier versions and, in turn, to lay foundations for others. It is now widely accepted that innovation fuels the majority of the world’s long-term productivity and economic growth—and that innovative firms significantly outperform non-innovators, in terms of both revenue and employment growth—World Economic Forum.
- 4.
Good or service that provides non-excludable and non-rival benefits to all people in the population.
- 5.
So called “s-curve” depicting performance of the technology against time.
- 6.
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of ability to succeed in an ever changing and increasingly competitive global marketplace.
- 7.
…reasonable steps taken by a legal person in order to establish claims, rights and privileges, especially before entering into an agreement or contract with another party, or an act within a legally certain standard of care.
- 8.
T-shaped person—one who has in-depth knowledge of a specific field, with sufficient knowledge in other fields outside her own specialisation.
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Amadi-Echendu, J. (2021). A Guideline for Technology Commercialisation in the 4IR Era. In: Daniels, C., Dosso, M., Amadi-Echendu, J. (eds) Entrepreneurship, Technology Commercialisation, and Innovation Policy in Africa. Springer, Cham. https://doi.org/10.1007/978-3-030-58240-1_7
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