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Aug. 23, 2024 by AgriThority Commercializing new products has many challenges. It's important to deploy a disciplined process to ensure new products make it to a successful launch. Planning at the onset can help avoid many common pitfalls and wasting valuable time and money. There are seven steps to consider when moving innovations toward commercialization. 1. ROI is your goal, your investors' goal, and every growers' goal--delivering to all levels leads to successful commercialization. 2. Manage and allocate limited resources--money and time. Even the largest multinational companies face resource allocation challenges. 3. Focus and stay disciplined--avoiding opportunistic diversions of more uses, more markets or more targets can help stay on track within allocated resources. 4. Define efficient regulatory pathways--required testing for safety and label registration plus variable rules by state or country. 5. Define product position with scientifically proven results from reliable and consistent data over many seasons and many locations. 5. Consider the complexities of production agriculture-unknown environmental factors along with evolving competition and barriers to entry. 7. Differentiate benefits by application, crop or geography--Meeting the needs may go beyond cost-effective or proven solutions; the needs may include ease of application or convenience, as well as quality and yield. To read the entire report click here. Tweet |
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