This article explores the relationships which transform new scientific knowledge into new commercial products, services, and ventures to create wealth creation. The major technology and marketing commercialization dilemmas are defined and addressed. The Quicklook methodology and related processes to quickly assess the commercial viability and potential of a scientific research project is explained. Using the Quicklook methodology and process early in the research and development process improves the success odds of commercialization.
William Bradley Zehner, Craig Williams and Gary Pletcher
Science and technology are the driving forces increasing the global standards of living. The technology - wealth relationship is complex and not well understood presently but recent macro data tends to support Robert Solow’s 1957 observation that societal, company, and individual wealth and increased standards of living is created by application of science and technology to socio-economic challenges. In 1987, Robert Solow received the Nobel Prize in Economics, for his insight that “seven-eighths” of the world’s increase in world wealth is due to advances in science and technology. The challenges and costs of of wealth creation are identified. This paper explores wealth as defined by GDP/capita, and the current correlations between world/GDP per capita and R&D spending, the number of scientific and technical articles, and number of patents applications from 2000 to 2012/2013 with a forecast of world GDP/capita to 2025 of approximately $15,000 USD from today’s $10,000 USD.
Under the influence of the new rules of the economy and the society, companies are achieving a notional line of a necessary change in the approach to creating new value, wealth. Implementation of changes in the system of wealth creation requires a review of existing assumptions of unlimited growth of the global economy and wealth creation in the environment accepting economic interests, society and the environment as a holistic unit. The main purpose of this paper is the clarification of a new requirements for business, presentation of the questionnaire survey Sustainable Corporate Social Responsibility and inform on value creation in the context of Sustainable Corporate Social Responsibility.
Scientists and engineers create the scientific and technological knowledge to generate societal and individual wealth and related economic growth. The article explores wealth creation, worldwide research and development (R&D) expenditures, US R&D expenditures by business, government, and academic organizations and economic sectors, and profiles the US science and technology workforce including recruiting and compensation costs. The process of recruiting scientists and engineers is profiled. Many technology based companies are currently using artificial intelligence algorithms to assess applicants’ technology knowledge and select the optimal job candidate. Are there non-technical personality traits which are equally important in recruiting scientists’ and engineers performance? What non-technical personality traits should a research and scientific organization assess to decide among position candidates? Five non-technical character traits to evaluate candidates in hiring decisions are intelligence, imagination, initiative, interpersonal skills, and integrity are explored. Specific questions to ask candidates are suggested to investigate each trait.
William Bradley Zehner II and Jacquelyn Anne Zehner
Marketing for research and science-based organizations is complex and not well understood; especially by the research, scientific, and technical communities. This paper presents a conceptual framework for scientists in research and science-based organizations to think about their organization’s marketing and sales functions, and related processes. NASA, one of the world’s most successful research organizations, which put two American astronauts on the moon in approximately 8 years, is briefly explored. The role of 21st Century research and science-based organizations in creating societal, organizational, and individual wealth is examined via a conceptual framework of the virtuous wealth creation process. Two forms of intrinsic organizational cultural conflict are examined; the external cultural conflicts between potential customers and the technology organization, and the internal conflict between scientists and economic managers. Strategic marketing is addressed and consists of market need, market segmentation, choosing a target market, and the organization’s position relative to the target market and competition. Tactical marketing (AKA sales) and its elements are delineated - product, price, promotion, physical distribution, and most importantly - personnel. The integration of all elements of strategic and tactical marketing into a cohesive whole is underscored. Additionally, several marketing and sales questions are posed to facilitate self-assessment by research and technology-based organizations.
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