TOWARDS A BUSINESS MODEL FOR COMMERCIALIZING INNOVATIVE NEW TECHNOLOGY

This review paper initially explains that the commercialization of an innovative new technology needs to be underpinned by an appropriate business model. The paper summarizes what has been previously proposed to be the components of a business model and makes the case that an extra one needs to be added and that two of them need interpreting in a special way in order to be appropriate for innovative technology commercialization. It is argued that the decision on what market to target may be crucial to the commercialization process as, often, initial failure may allow no second chances. A way of determining the most appropriate initial market is discussed as this market choice is a determinant of business model choice. Finally, conclusions are drawn on defining and devising business models for commercializing new technologies.