Commercialization

The terms invention, innovation, and commercialization are commonly used in a number of overlapping ways to refer to the process of developing new technology and incorporating it into new products, processes, and services. Papanui participates every step of the way, with a focus on achieving value through the maturation and commercialization of bona fide invention and innovation.

Invention refers to the act of devising or fabricating a novel device, process, or service. Invention describes the initial conception of a new product, process, or service, but not the act of putting it to use Inventions can be protected by patents, though many inventions are not patented, and most patents are never exploited commercially.

Innovation encompasses both the development and application of a new product, process, or service. It assumes novelty in the device, the application, or both. Thus, innovation can include the use of an existing type of product in a new application or the development of a new device for an existing application. Innovation encompasses many activities, including scientific, technical, and market research; product, process, or service development; and manufacturing and marketing to the extent they support dissemination and application of the invention.

Commercialization refers to the attempt to profit from innovation through the sale or use of new products, processes, and services. The term is usually used with regard to a specific technology (e g “commercializing high-temperature superconductivity”) to denote the process of incorporating the technology into a particular product, process, or service to be offered in the marketplace The term commercialization therefore emphasizes such activities as product/process development, manufacturing, and marketing, as well as the research that supports them, More than invention or Innovation, commercialization is driven by firms’ expectations that they can gain a competitive advantage in the marketplace for a particular product, process, or service.