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The Road to Innovation Commercialization: New Call for Business Development, Innovation and SMEs program
Innovators often face the uncertainty of the value of their product and how it should be commercialized. Therefore, in the Ist quarter of 2022,The Business Development, Innovation and SMEs program will launch a new call for businesses to strengthen their business skills by increasing their competitiveness in green industry innovations, circular economy and information and communication technologies (ICT) areas.Strategic thinking, leadership, creative problem solving, and technological design are among the most in-demand abilities, announces The World Economic Forum. According to the International Organization for Economic Co-operation and Development (OECD), human capital is a key factor in economic growth, as it is necessary not only to absorb knowledge but also to use it in developing technologies. As a result, most OECD countries focus on training their employees and, more importantly, on developing their skills and abilities that can contribute to innovation and their commercialization.
The importance of commercializing innovation
As the number of new technologies grows, the question arises — how to bring them to market effectively and how to deal with competition. In a survey of PwC's business development, 80% of CEOs say innovation keeps companies ahead and gives them a competitive edge. As a result, market oriented companies are constantly exploring innovative ways to optimize their processes. However, one of the most prevalent issues faced by inventors is how to sell their newly designed items.
Studies show that about 60-80% of new products fail to gain a foothold in the market. The most common reasons for this are not the innovation itself, but the ability of the innovator to commercialize the product. It often happens that promising innovations do not reach their target audience due to a lack of business skills.
The transition from an innovation or research and experimental development (R&D) group to a business unit requires not only investment but also expertise of how to attract and effectively distribute it. Transferring a product from the lab to the business world requires an understanding of sales, strategy development, marketing, project management, reporting, and more. As a result, innovators often choose various training or mentoring programs, study visits to companies developing similar products for two reasons. Firstly it is important to comprehend how the product is positioned in the market and then, how to not only keep but also grow the business.
New Call for Business Skills Strengthening
The Call for Business Skills Strengthening is for innovators who want to improve their business skills by enhancing company competitiveness in the fields of green industry innovation, circular economy, and ICT, in order to help bring invention to market and turn it into a profitable business. Thus, it is planned that the call will support the acquisition of various forms of business skill strengthening. Training should strengthen skills related to business development, expansion of marketing strategies and sales promotion, engagement of employees' potential for innovation, development and application of growth-oriented business strategies and similar knowledge. They can take the form of study visits, when employees of a Lithuanian company visit a colleague or partner from Norway to learn about successfully applied business management, marketing, sales and product development strategies. Other possible forms are educational leadership or mentoring. They can be organized to restructure, digitize or 'green' a business, thus increasing the company's competitiveness.
The call for strengthening business skills is planned for Ist quarter of 2022.
The Business Development, Innovation and SMEs program administered by the Agency for Science, Innovation and Technology (MITA) aims to contribute to higher added value and sustainable economic growth by providing financing opportunities for Lithuanian companies operating in the field of green industry and ICT and introducing Norwegian companies developing green technologies.