KEY OBSTACLES AT THE STAGES OF INNOVATION’ COMMERCIALIZATION BUSINESS PROCESS

Abstract

Bringing the idea of a new product to commercial production requires several challenging stages. However, despite all efforts, the chances of innovation at commercial success are meager. Some obstacles can cause it. Accordingly, the article aims to determine the reasons for the failure of innovation in different stages of the commercialization process. The article analyzes the stages of commercialization proposed by domestic and foreign scientists and universities. The authors discovered that some steps are distinguished in almost all phases of commercialization processes. Accordingly, a generalized list of stages of innovations' commercialization includes 1) research on the feasibility of innovative product development, generation, and selection of ideas; 2) assessing the potential for commercialization of the idea of innovation; 3) intellectual property protection; 4) marketing; 5) development and 6) launch of a new product. Research of the causes of innovation failures was conducted. Nine main ones include lack of demand for innovation, insufficient marketing support, wrong decisions, lack of coordination of actions and decisions, poorly protected position, low productivity of innovation, lack of necessary supporting assets and business processes, regulatory constraints, and slow structure of innovation implementation. In addition, the correspondence between the generalized stages of innovations' commercialization and potential obstacles that may arise at each step is determined. The obtained practical results can be used in further research to develop a commercialization model.