The low success rate of innovation and commercialisation....
commercialisation process is to prove that the completeness and order of the proposed steps in the innovation and commercialisation process have a significant effect on the successful commercialisation of an invention.
Problem Statement There is an enormous need for innovation and it is important to bridge the gap between the needs of the market and the inventions which innovators have. The study recognises that the South African system of innovation remains fragmented and that the country is becoming less competitive year after year according to the GEM report.
There are numerous ideas worldwide, and especially in South Africa, that have existed for many years, but found only limited use or were never developed, because the inventors did not commercialise the idea in a timely manner (Cumming 1998:25). In order to successfully introduce new inventions to the market through commercialisation, it is important to know what the steps of the commercialisation process are. Within the entrepreneurial environment, there is a great need to know exactly what steps are to be followed in the innovation and commercialisation process to put a new product on the market successfully. In order to introduce new inventions to the
30 Management Today | January 2012
market successfully through the innovation and commercialisation process, it is also important to know what the steps that they omitted are in the whole process.
Objectives of the Study The primary objective of the study was to determine whether individuals are aware of and make use of the different steps in the combined innovation and commercialisation process in the right sequence.
Sample Selection The research population of this study consisted of the clients of Product Development Technology Station (PDTS) and Centre for Rapid Prototyping and Manufacturing (CRPM) at the Central University of Technology, Bloemfontein, South Africa from 2005 – 2010. The aim of these organisations is to assist entrepreneurs with an invention to get to the proof of concept stage. These innovators totalled 120 people.
Results The results determined the profile of the respondents and tested the degree of knowledge regarding the commercialisation process. Factors that hinder successful commercialisation and the crucial steps in the process were also identified. Particular consideration was given to the difference in the process followed
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