Innovation and Commercialization Training from March 03 to 04, 2022, at Karachi University
Members of the Office of Research, Innovation and Commercialization from different universities of Pakistan gathered on Thursday and Friday, March 03 and 04, 2022 to attend the training on the subject of Innovation and Commercialization at University of Karachi.
Mr. Hassan Syed the CEO of Ideagist Pakistan welcomed the participants and said that Innovation does not necessarily proceed linearly from basic scientific research to product development; it is an iterative process of both matching market needs to technological capabilities and conducting research to fill gaps in knowledge, whether during product conception, product design, manufacturing, marketing, or other phases of the innovation process.
Similarly, Commercialization is an attempt to profit from innovation by incorporating new technologies into products, processes, and services and selling them in the marketplace. For many new technologies, commercialization implies scaling up from prototype to volume manufacturing and committing greater resources to marketing and sales activities.
Mr. Nayyar Ahmed Siddiqui, the Research Associate of ORIC- SZABIST shared his experience and pointed out that Startups are companies or ventures that are focused on a single product or service that the founders want to bring to market. These companies typically don’t have a fully developed business model and, more crucially, lack adequate capital to move onto the next phase of business.
Startups can use seed capital to invest in research and to develop their business plans. Market research helps determine the demand for a product or service, while a comprehensive business plan outlines the company’s mission statement, vision, and goals, as well as management and marketing strategies.
Mr. Hasan concludes the process of commercialization in inter connecting steps- Research, Disclosure, Assessment, Protection, Marketing, Licensing and Revenue. He further elaborated the terms such as technology scouting and hackathon used in the process of commercialization.
The participants of the training appreciated the working of Ideagist Pakistan in the domain of Technology, Innovation and Commercialization.
Nayyar Ahmed Siddiqui
ORIC – SZABIST