Summary
“Eureka!" The moment you make a new discovery leads to great excitement about the potential created. Even in business, it's exhilarating. But more often than not, companies that develop a new technology may have trouble with bringing their innovation to market.
Collaboration is essential—the need to mobilize multiple stakeholders applies to a broad range of innovators and market participants across the value chain. Although many innovators recognize the need to build an ecosystem of stakeholders, the follow-through isn’t always there.
To help innovators maximize their chances of commercializing new technologies, L.E.K.'s Robert Haslehurst and Carol Wingard introduce the following five-step approach:
- Prioritize promising applications
- Map to stakeholders
- Value the technology’s worth
- Determine value allocation
- Decide how to implement the value-sharing approach
Although commercialization of innovation can be challenging, the chances of success increase by applying a well-informed, systematic and flexible approach to sharing the innovation’s potential value.
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