ENTREPRENEURIAL CAPABILITIES AND THEIR ROLE IN SUCCESSFUL INNOVATION COMMERCIALIZATION

Abstract

This paper examines the critical role of innovation commercialization in achieving sustainable economic growth and competitive advantage in the modern knowledge-based economy. Drawing on Schumpeterian economics and contemporary innovation theory, the study explores the multifaceted process of transforming research and development outcomes into market-ready products and services. The research highlights that successful commercialization extends beyond traditional R&D activities to encompass organizational changes, marketing strategies, training, and design processes. The paper analyzes the interconnections between fundamental research, entrepreneurial environments, and the practical implementation of innovations. Findings suggest that systematic innovative activity combined with effective commercialization practices is crucial for long-term firm profitability, while innovative passivity poses significant risks of "creative destruction." The study emphasizes that commercialization success depends not only on R&D results and marketing efforts but also on technological production capabilities, intersectoral cooperation, and human capital development. This research contributes to understanding commercialization as an integral element of innovation management that requires feedback mechanisms between idea generation and market implementation throughout all stages of the innovation life cycle.