What Does It Mean to Commercialize Innovation? Briefly Describe the Four

question 53

Essay

What does it mean to commercialize innovation? Briefly describe the four steps of this process.

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Definitions:

New-product Prototypes

Early samples or models of a new product, created to test a concept or process before full-scale production.

New-product Ideas

Concepts or propositions for new goods or services that a business can potentially develop to meet consumer needs or open new markets.

Crowdsourcing

The practice of obtaining information, ideas, or content by soliciting contributions from a large group of people, especially from an online community.

Regulators

Entities or individuals responsible for making and enforcing rules and standards to control or manage activities, often in industries like finance, healthcare, and utilities.