What is Commercialization?

Commercialization is a process that involves introducing new products or new production methods in the market. Commercialization generally involves product/service development, sales, marketing, distribution, customer support, and other key functionalities. 

Commercialization often comprises of the following components:

• The idea generation phase also referred to as the funnel.
• The business development phase which involves knowing the ultimate goals and how to achieve each milestone.
• Stakeholder involvement and this may include the customers.