Commercialisation
The process of commercial exploitation (including by production, manufacture, publication, promotion, marketing, licensing, assignment, sale or hire) of intellectual assets (including intellectual property, intangible assets and intellectual capital) or, more particularly, of a product, service, technology, system, franchise or other asset regardless of whether any revenue or other benefit is derived. From a broader perspective, the commercialisation process seeks to convert assets, add market value to them or derive other benefits from them. The commercialisation process requires alignment of technical, managerial, commercial and legal processes. Commercialisation activity should be grouped into stages for management purposes. Commercialisation is often seen in terms of what it can do for a product or a technology but it can be applied equally effectively to intellectual assets. Commercialisation requires a clear commercialisation path - for example in-house production, trade sale, licensing, joint venture or other type of collaboration, merger, business sale, and initial public offering. Commercialise and commercialising have corresponding meanings.