Entrepreneurship Assignment: Importance of Innovation & Commercialization
Entrepreneurship Assignment Background:
Entrepreneurs see customer needs that others ignore and identify innovative solutions before others see the value. Therefore, curiosity and marketplace awareness are critical to entrepreneurial success.
You are required to identify two topics/articles that you find interesting/curious and provide a summary/precise of the article. Explain why this made you curious/interested.
Title: “Sustainable value creation in the commercialization of innovation: the case of AuriaBiobank”
Herein entrepreneurship assignment, the study purported to analyze the role of communication in creating value chain that is sustainable. The study especially focused on the commercialization within healthcare sector. The method used by the researchers to investigate the emerging fields such as personalization of medicines isinterpretative and inductive case study (Lehtimäki et al., 2019). The study has identified the challenges and opportunities of a company in innovation development in the healthcare context. The challenges include matching the commercialized activities with the essentially public characters. In contrast, the opportunity consists of sustainability of the business and the commercialization process. However, the challenges and opportunities are complementary to each other as innovation helps bridging innovation and commercialization in a sustainable manner. The injustice case study method used in the research has shown that commercialization engage in commercialization activities that are both planned and emergent in an emerging industry (Dezi et al., 2018). However, ground rules such as service dominant logic, goods dominant logic, and stakeholder value creation are the main logic that is needed to be incorporated into the commercialization of innovation.
Why I found this interesting:
This article could be found interesting as this article shows importance of both the planned and emergent activities relating to commercialization can be effectively used for creating sustainable value. Additionally, the article highlights the logics of commercialization that can be applied across the innovative operational range of the organization. Additionally, the role of value creation for all the stakeholders has been identified to be supportive of long term profit generation. The areas of interest also have been included into the study. The study hasprovided a legitimate focus on different aspects of commercialization and how it is driven by innovation.
Interconnection of the subject based on which the research has been conducted covers different subject area such as social psychology to explain the phenomenon explored in depth.
How this links to the course:
Entrepreneurs make decisions about the product introduction and presentation to the targeted public based on the ability of the product to meet a certain type if need. The course highlights that the awareness about the marketplace and curiosity of an entrepreneur in the current and emerging market trends and about which products are to be introduced and the extent of tradition maintained by the entrepreneur determine the success of entrepreneurship (Pustovrh et al., 2017). This study also acknowledges the business success dependency on the knowledge and tools along with techniques that are commercially driven and can help gaining competitive advantage against the rivals. Additionally, it indicates that innovation in the business context is the incorporation of the concept of improvement performing in a different manner so that something better can be made (Do et al., 2018).Therefore, the principles that are highlighted in the current study for commercialization and entrepreneur success resembles with the core idea of the article. The commerce is related to exchanging goods and services along with the activities that facilitate the exchange directly or indirectly. ?
Title: “Importance of research, innovation and commercialization for technological success”
The study has aimed to highlight the importance of three basic dimensions of business that may lead to the desired success of an entrepreneur (Dincer, 2017). The main focus area of this research was the role of commercialization, research and innovation and their contribution to achieve a technology based economy. It can be stated that an economy that is running based on technological performance is called industrialized or advanced. However, the researchers has highlighted that the equation between these three dimensions are difficult and their interaction are hard to track due to the plenty of other aspects of commercialization. Therefore, the researchers have identified that the role of industries, government and the academic researches is highly important to gain the performance ability which would help to catch up with the pace of industrialization worldwide (Gross et al., 2018).
In simple terms, in order to achieve business success, entrepreneurs are required to focus on different and diversified areas of the business as it is very difficult to identify which of the combination of effort can bring and eventual profitability boost to an organization. Additionally, the right strategies and planning and execution of those planning are the operational aspects which also determine the potential to success of an organization. For instance, entrepreneurs that would choose right strategies specific to research, commercialization and innovation are likely to make their business a technologically advanced company that would perform adopting a global standard. Additionally, technological development also is an indicator of economic independence; hence it is required to be used as a prerequisite for the success of the entrepreneur.
Why I found this interesting:
The study has effectively highlighted the role the three dimensions highlighted in the study in achieving the technological development can only be possible when the dimensions of research, innovation and commercialization are implemented effectively (Adelowo,Akinwale&Olaopa, 2017). This presents the relationship of innovation and commercialization with research and their combined role in facilitating the success of a business in developing as a technologically advanced company or a country in a larger context. It has presented a clear and broad view of literature search along with a detailed case study method used in the research. Another area of interest is it has provided a concise and information conclusion that provides highly comprehensive information about the article. These are the areas of interest I found in the research.
How this links to the course:
In becoming a responsible and progressing entrepreneur, it is already identified that there is a need for looking into different aspects and become curious. This warrants detailed research about the area of interest of the entrepreneur. Therefore, it could be identified that the article probes to bring along research and detailed search about the aspects of commercialization and innovation that would be based on extensive research. Along with this one needs to apply their personal skills to explore market trends and technological trends as well to achieve effectiveness in business. ?
Adelowo, C. M., Akinwale, Y. O., &Olaopa, O. R. (2017). Innovation and knowledge transfer in Nigeria. International Journal of Research, Innovation and Commercialisation, 1(1), 57-73.
Dezi, L., Santoro, G., Monge, F., & Zhao, Y. (2018).Assessing the impact and antecedents of university scientific research on firms' innovation commercialisation. International Journal of Technology Management, 78(1-2), 88-106.
Dincer, I. (2017). Importance of research, innovation and commercialisation for technological success. International Journal of Research, Innovation and Commercialisation, 1(1), 8-22.
Do, H., Mazzarol, T., Soutar, G. N., Volery, T., &Reboud, S. (2018). Organisational factors, anticipated rents and commercialisation in SMEs. International Journal of Innovation Management, 22(02), 1850018.
Gross, R., Hanna, R., Gambhir, A., Heptonstall, P., &Speirs, J. (2018). How long does innovation and commercialisation in the energy sectors take? Historical case studies of the timescale from invention to widespread commercialisation in energy supply and end use technology. Energy policy, 123, 682-699.
Lehtimäki, H., Helén, I., Snell, K., Eriksson, P., &Montonen, T. (2019). Sustainable value creation in the commercialisation of innovation: the case of AuriaBiobank. International Journal of Entrepreneurship and Innovation Management, 23(5), 451-465.
Pustovrh, A., Jakli?, M., Martin, S. A., &Raškovi?, M. (2017). Antecedents and determinants of high-tech SMEs’ commercialisation enablers: opening the black box of open innovation practices. Economic research-Ekonomskaistraživanja, 30(1), 1033-1056.