ANALYSIS OF OBSTACLES AND SUCCESS FACTORS OF INNOVATION COMMERCIALIZATION

Shcherbachenko V.

Sumy State University,
Sumy, Ukraine

Kotenko S.

Sumy State University,
Sumy, Ukraine

Pages: 88-94

Original language: Ukrainian

DOI: 10.21272/1817-9215.2022.1-10

Summary:

The article presents the results of a study of the prospects for the commercialization of innovations and the factors hindering their development. The purpose of the study is to identify factors that contribute to the market success of innovation, as well as to examine the barriers that hinder the innovation of enterprises and do not allow to achieve the desired effect. To achieve this goal it is necessary to implement the following tasks: to conduct a bibliometric analysis of the relationship of factors of commercialization of innovation, to explore the negative factors contributing to the failure of innovation, to identify obstacles to innovation at different stages, and to determine factors of successful commercialization of innovations. The main research methods that were used in writing the article are comparative analysis of scientific publications and research on the work of commercialization of innovations, synthesis, generalization, and visualization map by VOSviewer software.

With the help of the VOSviewer software product, a visualization map was created in connection with the concept of "commercialization of innovations" and related ideas, based on information from the Scopus database. In the process of working on the article, literary sources were analyzed, which are close to the research topic. The results of the analysis confirmed the theory of factor influence on the effectiveness of commercialization of innovations. Both internal and external factors that directly and indirectly affect the results of innovation and opportunities to increase its profitability were identified. Groups of clusters formed as a result of the construction of visualization maps reflect additional factors that are insufficiently studied in the thematic scientific literature. Such factors, when further analyzed, can be the subject of new research and can help determine their specific impact (positive or negative) on the end result of the commercialization of innovation. Moreover, we have defined that innovation commercialization process has a number of practical advantages: economic, social, competitive, market benefits for companies, consumers, society in large.

Keywords:

success factors, competitive advantages of innovation, commercialization of innovations, technology transfer, innovation

Reference:
  1. Shvindina, H., Taraniuk, L., Kotenko, S., Awujola, A., Taraniuk, K., & Hongzhou, Q. (2022). Cross-Country Analysis of Competitiveness Towards Innovation Potential Assessment for Industrials. Journal of Eastern European and Central Asian Research (JEECAR), 9(2), 165-182. https://doi.org/10.15549/jeecar.v9i2.711
  2. Olefirenko O., Shevliuga O. (2017). Commercialization of innovations: peculiarities of sales policy at innovation active enterprise. Innovative Marketing , 13(2), 6-12. doi:10.21511/im.13(2).2017.01
  3. Frattini, F., De Massis, A., Chiesa, V., Cassia, L., & Campopiano, G. (2012). Bringing to Market Technological Innovation: What Distinguishes Success from Failure. International Journal of Engineering Business Management. https://doi.org/10.5772/51605
  4. Stojcic, N., Hashi, I. and Orlic, E. (2018). Creativity, innovation effectiveness and productive efficiency in the UK. European Journal of Innovation Management, Vol. 21 No. 4, 564-580. https://doi.org/10.1108/EJIM-11-2017-0166
  5. Mu Tian, Ping Deng & Bing Wu (2021). Culture and innovation in the international context: a literature overview. Innovation: The European Journal of Social Science Research, 34:4, 426-453, DOI: 10.1080/13511610.2020.1783644
  6. Entezarkheir, M., Moshiri, S. (2019). Is innovation a factor in merger decisions? Evidence from a panel of US firms. Empir Econ 57, 1783–1809. https://doi.org/10.1007/s00181-018-1515-7
  7. L, Hamid, N, A, Chuan, L, T, Ahmad, M, F, and Ahmad, A, N (2021). Commercialize or Not? : A Systematic Literature Review on Academician Desires to Market their Innovation during World COVID-19 Pandemic. Review of International Geographical Education (RIGEO), 11(8), 726-741. doi: 10.48047/rigeo.11.08.64
  8. Dmitriev, V., Simmons, G., Truong, Y., Palmer, M. and Schneckenberg, D. (2014). Business model development in technology innovations. R&D Manage, 44: 306-321. https://doi.org/10.1111/radm.12066
  9. Paradkar, A. (2015). Innovation in start-ups: Ideas filling the void or ideas devoid of resources and capabilities? Technovation : the international journal of technological innovation, entrepreneurship and technology management, 41/42, https://doi.org/10.1016/j.technovation.2015.03.004.
  10. Pellikka, J. (2007). Fostering commercialisation of innovation in small high technology firms. International journal of technoentrepreneurship: IJTE, 1(1), URL: https://www.inderscienceonline.com/doi/pdf/10.1504/IJTE.2007.013272.
  11. Zhi-hua Q., Rui L. (2013). An empirical study on the impact of R&D investment and employee involvement on innovation commercialization — Evidence from IT firms in China," 2013 International Conference on Management Science and Engineering 20th Annual Conference Proceedings, 1866-1875, doi: 10.1109/ICMSE.2013.6586520.
  12. Ben, P. J., & Dwivedi, N. (2013). The Role of Corporate Governance: A Hurdle or Steroid in the Commercialization of Innovations? Indian Journal of Corporate Governance, 6(1), 18–31. https://doi.org/10.1177/0974686220130102
  13. Zakharkin, O., Basantsov, I., Shcherbachenko, V., Zakharkina, L Public-private partnership as an effective tool in R&D activity. 2019. Proceedings of the 33rd International Business Information Management Association Conference, IBIMA 2019: Education Excellence and Innovation Management through Vision 2020. 6674-6678.
  14. Zakharkin, O.O., Basantsov, I.V., Myroshnychenko, I.O., Shcherbachenko, V.O. Analysis of the innovative development directions for industrial enterprises. Espacios. 2019. Vol. 40. 27,16-25.
  15. Medase, K. and Barasa, L. (2019). Absorptive capacity, marketing capabilities, and innovation commercialization in Nigeria", European Journal of Innovation Management, Vol. 22 No. 5, 790-820. https://doi.org/10.1108/EJIM-09-2018-0194
  16. Hang Do, T., Mazzarol, T., Volery, T. and Reboud, S. (2014). Predicting anticipated rent from innovation commercialization in SMEs. European Journal of Innovation Management, Vol. 17 No. 2, 183-208. https://doi.org/10.1108/EJIM-12-2012-0113
  17. Commercialization of innovations (2020). Lecture notes [Electronic resource]: textbook for students. Specialty 073 "Management", educational and professional program "Investment and Innovation Management" / KPI. Igor Sikorsky; structure.: S.O. Perminov. Kyiv: KPI named after Igor Sikorsky. 127. URL: https://ela.kpi.ua/bitstream/123456789/40739/1/Komerts_innov.pdf