Commercialisation (or, fulfilling a commercial opportunity) is the process of developing a market research idea into a product or service and introducing it to the market.
Iteration
Commercialisation is an iterative process. This means it’s gradual and not instant.
Taking a product or service to market involves investing time, money and labour.
Risk
And as with any venture into the unknown, the risk of failure (and associated costs) is to be considered.
Afterall, no business idea is guaranteed to succeed in the market. There’s always a chance that invested resources might not yield a profitable return.
As a means of minimising and managing the risk of loss due to failure, the act of taking the product or service to market is performed in a step-by-step manner.
Primary research and trials provide businesses with early market feedback before full commercialisation. This feedback is used to validate or invalidate research assumptions, thus guiding investment decision-making.
Therefore, with such an iterative approach, business owners and managers use evidence and data to support their resource commitments.