R&D / Technology Maturation & Commercialization Strategy
Technology maturation moves broadly through three phases:
- Research/Exploration: Can we get it to work?
- Assess/Appraisal: Can it become economically viable?
- Commercialization/Development: How do we optimize the path to commercialization?
Each phase can be time-consuming and expensive. Managers push to commercialize as soon as possible; technical experts want to complete their understanding, de-risk the uncertainties and optimize the development. What is the right balance? How much time and capital should we invest in R&D / maturation? In which stages? What information should we collect, and which tests should we run? Should we seek partners and, if so, at which stage? Which markets and price point offers the most significant opportunity for successful commercialization?
- Lab work, field test, and development of new rare-earth metal extraction technologies
- Exploration, appraisal, and development of new oil and gas prospects and discoveries
- Pharmaceutical compound selection, trial design, and commercialization
- New technology or systems for a chemical facility or refinery
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