Startup Funding Espresso – What Is Commercialization

What Is Commercialization Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Commercialization is the process of transitioning technologies from the lab into products in the marketplace. It is important because it brings new technologies to solve problems. Technologies and products bring new capabilities and can also reduce costs of existing solutions. Commercialization requires refactoring the technology into a product that can be reproduced in a cost-efficient manner. Here are some key steps in commercialization: Define the product to take to the market. Identify the ideal customer. Test the product idea with the ideal customer to check for interest. Sell the product to test the pricing and positioning. Reformulate the product with the pricing and positioning for the customer. Build a sales and marketing program to take the product to market. It takes several iterations to find the right product with the right market. The first concept of a product and its customer will most often change as you talk with customers. Be open to pivoting to a different product format and target customer. Consider these steps in commercializing your technology. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.