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0:00
My name is Prof.
Milé Terziovski.
I'm a former engineer with
a multinational organization and
a PhD from the Melbourne
Business School,
University of Melbourne.
My PhD is in quality
management and innovation.
For the past seven years,
I have been working at Swinburne
University of Technology
as a tenured professor
of entrepreneurship and
innovation, where I held the
role as department chair
of business technology and
entrepreneurship for six years.
0:32
Today's topic is Topic 9,
Challenges in Technology
Commercialization.
The commercialization process
for technology is full of
challenges that can hinder
progress and success.
Failure rates are enormous
and may be reduced by
a company-wide rather than
a single-function drive
in new product innovation.
This topic will identify
common challenges faced during
the commercialization process,
like market acceptance,
competition, resource constraints,
technological hurdles.
I will discuss strategies
for mitigating these risks.
We will also look at a case
study, the Tesla case study.
The electric vehicle
manufacturer
encountered numerous challenges
during its
commercialization process,
particularly with
market acceptance,
competition, and
resource constraints.
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Common challenges during the
commercialization process.
Market acceptance.
The challenge that new
technologies often face
scepticism from
potential users, and
customers may be hesitant to
adopt unfamiliar solutions.
The key question is what
type of relationship
does each of our customer
segments expect us
to establish and maintain.
For example, Tesla focused on
creating high-performance,
aesthetically appealing
vehicles that
showcased the benefits
of electric cars.
Tesla's marketing strategy
highlighted sustainability
and innovation.
What are some of the
mitigation strategies?
Conduct thorough market research
to understand customer
needs and pain points.
Build a compelling
value proposition that
clearly communicates the
benefits of the technology.
Implement pilot programs to
gather user feedback
and demonstrate value.
