Technology Commercialisation
Technology commercialisation, as the name suggests, is about bringing a new technology or product to market. There are several challenges that startups may face when attempting to commercialise new technology, including:
1.???????????Funding: Developing and bringing new technology to market can be expensive, and obtaining funding can be challenging. It is especially true for early-stage startups with no proven track record or significant revenue.
2.???????????Product Market fit: For a technology, finding the right product that requires the technology is challenging, especially if the technology is widely available and if the technology is only marginally better than the free versions available on Github. It can be challenging to determine if there is a viable market for new technology and, if so, what the size of that market may be. It requires conducting market research and identifying potential customers and revenue streams.
3.???????????Compliance: Many new technologies are subject to government regulations, and the compliance process can be time-consuming and costly. It is also essential to get the right compliances that the customer requires to improve the product's reliability.
4.???????????Intellectual property: Securing and protecting intellectual property (IP) can be complex and costly. It includes patents, trademarks, and copyrights.
5.???????????Competition: There may be competition from other companies or organisations that are developing similar technologies or products. This can make it difficult to differentiate a product and gain market share
6.???????????Scalability: Once a product is successful, it can be challenging to scale up production and distribution to meet demand. It can be incredibly challenging for small companies and startups with limited resources.
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7.???????????Go-to-market strategy: Developing a successful go-to-market strategy that effectively communicates the value of new technology to potential customers and partners can be challenging. Keeping geopolitics in mind when choosing the sectors and recruiting based on the target market is essential. It is also vital that there is a significant budget allocation for the business side; most startups tend to allocate all their budget to the technical side and ignore the commercial side.
8.???????????Talent: Developing and commercialising a new technology requires diverse skills, and finding and hiring the right talent can be difficult.
To overcome these challenges, companies and organisations often form partnerships and collaborations with other companies, research institutions, and government organisations. They also seek out funding from investors, grants, and other sources. Additionally, they may use accelerators, incubators, and other resources designed to help startups and early-stage companies navigate the commercialisation process.
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The above article is my personal opinion and not of my employer.