Innovation management is a key factor in an organization’s success and maintaining its competitiveness. Innovation management encompasses both the processes and strategies that enable the development and commercialization of new ideas, products, and services. Commercialization is the process of turning an innovation into commercial products or services. Innovation management includes product development and its management and requires creativity and skills that support continuous improvement. Commercialization forms an essential part of innovation management. (Chesbrough 2003; Gans et al. 2019.)
Commercializing ideas ensures that innovations reach the market and generate economic value. In commercialization, it is important to understand the target markets and customer needs, test and develop the product or service before market entry, ensure sufficient funding during the development and commercialization phases, and develop an effective marketing strategy for the product or service launch. Commercialization is a key part of business and economic growth. (Gans et al. 2019.) Without commercialization, product development does not yield the desired new products (Cubero et al. 2021; Datta et al. 2013).
Service design, open innovation & competitive advantage
An example of education commercialization in the cross-national context is the EDUCRO project. It was undertaken to enhance cross-border interaction and cooperation between HEIs and local SMEs in the culture and tourism sectors. It focused on developing and providing international lifelong learning training and assisting companies in creating new products and services. The curriculum development process included:
1. Collaborative Design: Creating educational modules in collaboration with partner universities to ensure they meet international standards and local requirements.
2. Customization: Adapting content to suit the cultural and educational contexts of different countries.
3. Implementation: Delivering the curriculum through online platforms, face-to-face seminars, study visits, and webinars. (Bogdanova et al. 2021; Meltovaara et al. 2021; Vuorela et al. 2021.)
Service design can also be used in curriculum development to foster innovations (Bogdanova et al. 2021). Open innovation processes can also be used in university and industry collaboration. By adopting open innovation practices, universities can enhance research capabilities, support local businesses, and contribute to economic growth. (Brusila-Meltovaara et al. 2024; Laine et al. 2015.)
The target audience is a central element in educational projects. Learn about your target audience and their needs by conducting regular interviews and feedback assessment. (Brusila-Meltovaara & Bogdanova 2021.)
The competitive position and advantage of the developed product should be examined, e.g. barriers to entry to a market, existing tends and/or exiting competition (Porter 2008). Pricing strategy and revenue generation as well as distribution models need to be established (Setiawan et al. 2023; Baker & Passmore 2016; Zhang et al. 2023). Scalability and sustainability of the courses and possible accreditation and the technology and delivery platforms should also be taken into consideration (Samboteng & Kasmad 2024; Tayaben & Kachchhap 2024; Duarte & Vardasca 2023; Bakah et al. 2019; Zancanaro et al. 2017; Wright 2006).
Commercialization of educational products, specifically at the European Qualification levels 7 and 8, can provide universities with additional income and increase university visibility. Level 7 indicates extended practice and is supported by postgraduate diploma education. Level 8 reflects advanced practice and is underpinned by Masters or Doctorate level education. (Coffey & Leech 2018.) For students these courses provide access courses outside of the normal curricula. To professionals they provide access to university level lifelong learning.
Author
Dr. Kristiina Brusila-Meltovaara is a Principal Lecturer at the Faculty of Technology at LAB University of Applied Science. She has long experience in industry as a Finance and HR director, as well as years of experience in lecturing, curriculum development, e-learning, development of teaching and learning materials, as well as commercializing trainings and university services. Current research interests include innovation work, commercialization, leadership and management, ethics, sustainability, and corporate governance and in particular the leadership thereof.
References
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