18 Steps Of Commercialization As Per The Goldsmith Model

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1. Concisely explain the 18 steps of commercialization as per the Goldsmith model. Goldsmith technology commercialization model is a set of guidelines or steps, developed by HR Goldsmith and the Mid-continent technology transfer center, that assist innovators and investors to transcribe an idea in to a commercially viable and marketable product (Goldsmith, 1999). The model categorizes the process of commercialization in to technical, marketing, and business segments and each segment consists of three phases, viz. concept, development, and growth. The model suggests innovators to follow the several crucial steps in each phase in order to successfully commercialize their ideas. The model is depicted in the Figure below adopted from the…show more content…
The steps in each stages are explained as follows. 4. Technical Feasibility: The first step in the feasibility stage involves the assessment of the technical viability of the product and that no roadblock is encountered during the manufacturing of the product. Also, it assesses that the feasibility of the expected performance of the product using standard industry-defined performance metrics. 5. Market Study: This is the second step in the feasibility stage and involves determining the appropriate price range for the product which the target market will be willing to pay to purchase the product. It also involves identifying the target customers and the units of the products that can be sold. 6. Economic Feasibility: The final step in the feasibility phase and perhaps the most important step of the model, economic feasibility involves developing thorough financial model that takes in to account all the costs involved with developing the idea in to a product and also the minimum sales necessary to break-even, i.e. pay all the debts or investments. 7. Engineering Prototype: This the first step of the development stage and involves optimizing materials, processes, and designs to make the product perform efficiently and expectedly. This steps involves exhaustive R&D to constantly improve the designs, processes, and raw materials to achieve the dominant design of the marketable product. 8. Strategic Marketing Plan: The

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