INTRODUCING A NEW PRODUCT OR SERVICE INTO THE MARKET
Commercialisation is the process of introducing a new product or service into the market. It means making a concept or idea into a real business opportunity.
For example, a person has a new business idea for a new tool to help tradies. To go through the commercialisation process they need to undergo a process of market research and consultation, development, prototyping, drawing up business, marketing and distribution plans, and protecting their intellectual property before it becomes commercially available for sale in the mass market.
WTEC can assist at any stage of the development or commercialisation pathway to help you with:
Defining market potential and market fit
Refinement of an invention, product concept, or product requirements to meet the needs of the target market
Competitive analysis and development of a unique selling proposition
Development of the product business case
Development of the technology, and a technology and/or product roadmap plan
Product development within highly regulated industries (such as medical), including quality system and regulatory responsibilities and development of technical files.
Review of feasibility of project plans and budgets, or development of plans from scratch
Project risk management
Development of distribution strategies and plans
Development of sales and marketing strategies, including developing key opinion leader programs and relationships
Investment and grant options