A Comprehensive Strategic Model for the Commercialization of New Product Development Technologies

A significant amount of time, money and resources can be invested into a new product development effort. In this era of “open innovation,” organizations have additional external commercialization options to consider compared to development of technology internally. An effective strategic model utilizing open innovation development options is required to exploit market opportunities for commercialization of technologies. These decisions need to be made in the early stages of development to optimize project selection and investment. This paper provides a model to aid the decision maker(s) in identifying the optimal product development approach based upon a methodology grounded in accredited literature and the input of new product development experts. The effectiveness of this model is validated using case studies and interviews of past product development efforts.