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How important is “business model” to technology commercialization?

There are typically at least several different business models that could be used to commercialize any new technology. These models are not equally as effective in commercialization, however. A “bad” business model will ruin a “good” technology. And while no business model – no matter how good – can save a “poor” technology, a good business model can make an average technology successful. What is a “business model”? At its most simple, a business model can be defined by three fundamental questions: What do you sell? Who do you sell it to? How do you sell it? New technology commercialization can be accelerated, hindered, or stopped by the choice of business model. The success rate of technology commercialization could be dramatically increased if technology entrepreneurs would consider, and thoroughly think through several different business models as they plan their commercialization strategies.

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