Designing a Practical Model for Commercializing Research Results of Engineered Nanomaterials

The commercialization of engineered nanomaterials in the coating industry is one of the key components influencing value production. In the last two decades, it has generated considerable investment by multinational companies in the domain of advanced materials. Due to the challenges of the commercialization process from laboratories to the market, however, organizations that perform in the advanced materials industry, especially the coating industry, are often high-risk companies. Also, a long commercialization process usually hurts investment in advanced materials. The research presented here deals with the challenges and investment strategies in the field by studying the factors impacting the commercialization of engineered nanomaterials in the colorant and paint industry. The findings indicate that the commercialization process of engineered nanomaterials in the the colorant and paint industry has long-term development phases and multiple challenges, such as technological and market uncertainty, including upstream position, complementary innovation, unobservable innovation, and multiple markets. Furthermore, the literature suggests four strategies to overcome the commercialization challenges of engineered nanomaterials from the laboratory phase to the market, including accelerating, prioritization of target markets, strategic position in the value chain, and strategic partnership and alliance. Generally, the long commercialization process, high cost of capital, and uncertainty are among the obstacles to investing in engineered nanomaterials and innovations. Finally, adopting appropriate strategies can reduce technological and market uncertainty and accelerate the commercialization process of engineered nanomaterials.