Innovations and success in an enterprise depend greatly on the ability to manage the innovation activities in the organization. There must be skills to develop, acquire and apply new scientific knowledge and know-how. Research and development within the enterprise, along with the existing and developing expertise of its personnel, provide a basis for the propagation, development and exploitation of competitive inventions. Also cooperation with universities brings added value to the work. Information and know-how turn into a strategic resource for the enterprise. Often new enterprises are established based on potential and interesting invention, which may become a successful invention. There must naturally be a balance between goals and resources. Very important is the long range support from the management.
The main phases involved in developing an invention into a commercially successful innovation include
- Planning (technical, schedules, business, financing)
- Evaluation (novelty and IPR, market potential, technical features, business)
- Patenting (strategy, domestic and international)
- Product development (technical, production, commercial)
- Marketing and commercialisation (own production or licensing, domestic, international)
All these phases require specialists and financial resources. Commercialisation is the key to making the invention successful and to earn revenues.