Arkansas Economic Acceleration Foundation (AEAF) assists Arkansas individuals, companies and organizations in attaining their technology-related business development goals. The Goldsmith Commercialization Model provides a framework for these efforts. Developed by H. Randall Goldsmith, Ph.D. of the Oklahoma Technology Commercialization Center, the Model has received national recognition as a successful approach for facilitating the commercialization of advanced technologies.

There is no doubt-- taking a technology from concept to market requires skill, resources, and a good deal of luck. Clearly a good commercialization plan will decrease the risk and maximize the chances for success. Many suggest that you need a road map to direct you through the commercialization process. That is true, but I think you also need a compass and a survival kit. The journey may start on the interstate, but you may encounter unforeseen roadblocks--barriers that detour you off the beaten path and into the thickets and briar patches of a cross country adventure. Navigation tools become critical to success.

It is important to remember that the commercialization environment is dynamic. The technology that looked "hot" when we started the process may have "cooled" substantially due to a new competing technology, a downturn in the economy, unexpected production costs or a hundred other factors. Flexibility, quickness, and information are critical to success. A good strategic plan helps you achieve these objectives.

The "Technology Commercialization Model" is a road map to developing strategic plans and actions for the commercialization of advanced technologies. The model breaks the process down into a sequence of three major phases, six stages, 18 significant steps and dozens of critical activities that maximize the chances for success. Each phase has technical, marketing and business activities that must be considered as you move through the process. The model is a framework to develop progress measures, to identify information and technical assistance needs, to project development costs, and to forecast financing requirements.

Too often, inexperienced innovators focus on accomplishing all of the technical steps, up to and even including production, before addressing critical marketing and business considerations. Others obtain a patent without market justification or structure business arrangements without knowing the future value of the company. Commercialization is difficult enough even without missed steps. While the "Technology Commercialization Model" does not provide the answers, it helps you ask the right questions...like "how do I get there from here?"

The following commercialization model is an evolution of work from the Department of Energy and Mohawk Research Inc.'s "Innovation Process Model" and the National Society of Professional Engineers' Cooperative Agreement with the National Institute of Standards and Technology.

H. Randall Goldsmith, Ph.D.

TECHNICAL MARKET BUSINESS Concept Phase       Investigation Technology Concept Analysis Market Needs Assessment Venture Assessment Development Phase       Feasibility Technology Feasibility Market Study Economic Feasibility Planning Engineering Prototype Strategic Marketing Strategic Business Plan Introduction Pre-Production Prototype Market Validation Business Start-Up Commercial Phase       Full Scale Production Production Sales and Distribution Business Growth Maturity Production Support Market Diversification Business Maturity   © 1999 H. Randall Goldsmith, Ph.D.