Abstract

Frequent changes in competitors status, technology, and customer interests make it unwise and impossible for companies to rely on their products. Customers always seek to find new products. Consequently, companies should continuously produce and offer superior products to meet customer needs, tastes, and expectations. In fact, every company needs a development plan for its new products. Research has demonstrated that one of the major reasons for rapid development of technology in industrial countries is commercialization of research results. The basis of such commercialization is research-industry collaboration in converting research output into innovation. Today, technology commercialization and its outcomes can provide financial resources required for organizational longevity. The main objective of this article is to propose a model for commercializing research findings from idea generation to initial market entry. We believe that this article can, hopefully, contribute to commercialization literature by acting as a guide to local authorities involved in commercialization cycle.