The process of selling the new offering to customers or licensing out the technology to ensure innovations meet performance, reliability and economic requirements (Maine & Garnsey, 2006). Commercialization entails converting ideas and inventions into viable products demanded by the market. Its success positively impacts firm output, sales and growth (Osoro et al., 2014).
Published in Chapter:
Commercialization of Innovations in Tanzania: An Empirical Investigation
Mshindi Andrew Rwamuhuru (University of Dodoma, Tanzania) and Amani Gration Tegambwage (University of Dodoma, Tanzania)
Copyright: © 2021
|Pages: 23
DOI: 10.4018/978-1-7998-6471-4.ch006
Abstract
The study investigates types, sources of innovation, and corresponding challenges to commercialization among small and medium-sized industries (SMIs) in Tanzania. It employed a qualitative research design with semi-structured interview method. Findings indicate that incremental, product, and process are common types of innovations introduced. The major sources of innovations are employees, consumers, user-manufacturer lifestyles, consequential needs, and best practices by manufacturing firms. Also, it was revealed that SMIs do not follow all steps of the innovation commercialization process. Major challenges facing SMIs in the commercialization process include lack of commercialization knowledge; lack of development infrastructure and fast logistics; lack of strong university, industry, and public institutions linkage; and regulatory authorities' bureaucracy, among others. The study recommends that SMIs establish strong research and development units and collaborations with key stakeholders in order to improve identification and commercialization of innovations in Tanzania.