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Innovation and Commercialization: Key Definitions and Processes

Understand the basic definitions and processes of innovation, commercialization, and modernization. Learn about actors in innovation activity, infrastructure of innovation systems, and successful implementation of new ideas. Explore phases of new product creation and the role of research and development. Discover the importance of entrepreneurs and key factors in innovation.

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Innovation and Commercialization: Key Definitions and Processes

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  1. Lecture 1. Basic definitions Stepan Vladimirovich Khachin Head of Engineering Entrepreneurship Department Tomsk Polytechnic University

  2. INTRODUCTIONBASIC DEFINITIONS • Innovation activity is the activity that aims to: implementation of research and development implementation or other scientific and technical achievementsinto a new or advanced product realized on market;implementation of a new or advanced services; implementation of a new or advanced technological process used in practical activity and also additional research and development which is connected with this activity. • Innovation is a final outcome of innovation activity realized into new or advanced product, into new or advanced service realizing on market; new or advanced technological process using in practical activity.

  3. INTRODUCTIONBASIC DEFINITIONS Innovation project is a policy mix reflected recorded in documentswith feasibility, legal and organizational study of innovation activity that contains information about aims, tasks, preconditions, funding allocation, executives, deadlines and payback times, plans and action items concerning product implementation and aims to develop and diffuse innovation product.

  4. INTRODUCTIONBASIC DEFINITIONS Participants of innovation activityare the stock of innovation activity actors; actors that support innovation activity and actors contributing implementation of innovation activity. Actors of innovation activity are legal entities and natural persons realizing innovation projects. Actors that support innovation activity are public authorities of Tomsk region, self-governing authorities participating in coordination and regulation of innovation activity; also legal entities and natural persons regardless organizational and legal forms that support innovation activitywhich includes organizational, consulting and information activity.

  5. INTRODUCTIONBASIC DEFINITIONS Infrastructure of innovation system is a stock of innovation activity actors contributing implementation of innovation activity which includes services for creation and implementation of innovation:commercialization offices; business incubators; innovation and technological centers; technology transfer centers; science parks; training centers for human resources of innovation activity; venture funds.

  6. INTRODUCTIONPROCESS OF COMMERCIALIZATION INFRASTRUCTURE Special economic zone Commercialization offices Business incubators (student, technological) Innovation and technological centers M A R K E T Organization Draft Idea Production run Pilot run Sample Development team, scientific organization Guarantee of regional budget, Credit interest rate subsidization Regional venture, guarantee funds Research activities regional competitions Network of private venture funding Export support Innovation projects regional competitions Funding mechanisms

  7. INRTODUCTIONNEW PRODUCT CREATION PHASES • Fundamental research • Applied research • Experimental development • Implementation • Growth • Growth slowdown • Sales slowdown 1 2 3 4 5 6 7 Profit Loss

  8. Internationally: COMMERCIALIZATION is the process of introducing a new product or production method into commerce —making it available on the market. The launch of a new product is the final stage of new product development and the one where advertising, sales promotion, and other marketing efforts encourage commercial adoption of the product or method. COMMERCIALIZATION There are two parallel processes: • Concept formation and engineering • Market analysis Source: Wikipedia

  9. In Russian Federation: The process of a new product or service (innovation) development and market launch that has special consumer advantages. The process of knowledge–money transformation. Innovation business

  10. Modernization is a use of best management methods and technologies • Innovation is a new method of business fulfillment or groundbreaking technologies • Modernization involves economy, government and society • Generally, innovation is initiated by small group of people not by government or business Innovation and modernization

  11. SUCCESSFUL IMPLEMENTATION OF A NEW IDEAS that CREATE VALUES • Innovations are directly connected with research and development (research and development amounts to almost a half of economic growth with return of investment equals to 30%) • But innovations are more than research and development. Innovations comprise: • new products, • new processes, • new ways to attract customers and to create quality • Basic components comprise people, intelligence and financial capital • Key factors are entrepreneurs, contacts, local funding, local demand and strategic sense of a global demand Innovation

  12. Innovation and invention

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