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The Advantages and Gaps of the Existing Models of Innovation Commercialization
Syhyda L. O.

Syhyda, Liubov O. (2022) “The Advantages and Gaps of the Existing Models of Innovation Commercialization.” Business Inform 4:34–44.
https://doi.org/10.32983/2222-4459-2022-4-34-44

Section: Innovative Processes

Article is written in Ukrainian
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UDC 339.1:005.936

Abstract:
Reducing the number of failures in the implementation of innovations is the goal of most enterprises engaged in innovative activities. This should allow them to get higher performance and move to the level of innovative leaders. This can be facilitated by a well-organized and introduced at the enterprise model of commercialization of innovations, which would contain a minimum number of «bottlenecks». Accordingly, the purpose of the article is to establish the main advantages and gaps of existing models of innovation commercialization. In the course of the study five models of commercialization were examined. The essence and specificity of each of these models are described. A critical analysis of the models was also carried out. Grouping of advantages has demonstrated that the directions of strengthening commercialization models are as follows: 1) preliminary valuation of innovation ideas from different points of view, for example, the technical possibility of developing an innovation, its market and marketing values and commercial feasibility of its implementation; 2) presentation of the idea of innovation as a valued proposition with a consumer component; 3) taking into account the influence of external groups of factors on the process of commercialization, in particular economic, ecological and social; 4) prediction of various options for commercialization and further spread of innovations. It is determined that the common gaps of most models are: 1) insufficient attention to the opinions of consumers; 2) separateness from the participants of the commercialization process; 3) lack of intellectual property protection. In addition, the following «bottlenecks» are identified: the model is focused on the rapid introduction of innovation, otherwise it may lose relevance; a large number of stages, which can complicate and delay the process of commercialization; high dependence between participants, which can delay decision-making. Further research will be aimed at developing a new model for the commercialization of innovation. Certain advantages of models can be used in the construction of a model in order to strengthen the result. The identified gaps will reduce the number of weaknesses in the model.

Keywords: innovative activity, commercialization of innovations, models.

Fig.: 5. Tabl.: 1. Bibl.: 18.

Syhyda Liubov O. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Business Economics and Administration, Sumy State Pedagogical University named after A. S. Makarenko (87 Romenska Str., Sumy, 40002, Ukraine)
Email: [email protected]

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