Creating a model for commercialization of innovations in the software industry

Abstract

Innovation in the software industry is the implementation of a new or improved software product that meets customer needs. When the software innovation is created, the commercialization process takes place. The commercialization makes the innovation a driver of economic growth. The research paper gives an answer to the question how software companies could develop more innovations that are successfully implemented on the market. The aim of the paper is to present a model for commercialization of innovations in the software industry that will help software companies in their efforts to create innovations that the market needs and desires to buy and use. The results of the research paper are based on literature reviews and a conducted survey among 33 software companies in Bulgaria that develop innovations. The period covered in the survey is form December 2015 to December 2017. The survey is conducted by the author of the paper. The introduced model for commercialization of innovations in the software industry eliminates the problems that software companies experience when developing product innovations. The model is applicable to any companies that develop and bring innovations to the market.