International and Russian Approaches to Commercializing Innovations

Effective innovation commercialization depends on a number of criteria and factors. The authors studied foreign and Russian definitions of innovation commercialization to compile an improved definition of their own. They also reviewed the best practices and the most popular approaches to this issue and studied its stages to identify the stimulating and the limiting factors. Before an idea turns into a commercially successful product, it has to pass through a set of commercialization stages, facilitated or hindered by a number of factors, which the authors managed to classify. The classification of limiting factors could be of some interest for merchandizers working for companies that produce innovative goods and services. Some innovations are especially sensitive to the differences between commercialization stages. By knowing the factors that facilitate the progress of an innovative idea through these stages, executives can take appropriate managerial decisions. Further research will cover the methods of optimal commercialization and bringing ideas to market, the reasons behind low demand for intellectual property results, and specific tools that boost commercialization at each stage, from an idea to commercial success.