Developing a commercialisation model for innovative products and processes in a petroleum firm

In Thailand, the petroleum industry is a major contributor to the economy as a supplier of crucial petroleum products. However, due to its geographical location, many multinational oil and gas companies have established their operations in the country. For Thai petroleum firms to remain competitive in the industry, effective commercialisation strategies of inventions to innovations can bring firms competitive advantages in terms of financial returns, business opportunities for partnerships, and advanced operations. Nonetheless, commercialisation of inventions is becoming increasingly difficult due to changes in the market. Firms operating without an explicitly established commercialisation process are at a disadvantage. The objective of this research is to develop a formal commercialisation model suitable for commercialising product and process inventions in Thailand's petroleum industry. The methodology used in this research consists of three stages as follows: 1) develop a preliminary commercialisation model; 2) refine the model; 3) apply the model to a Thai petroleum firm as a case study. As a result, two commercialisation models are developed, namely an industrial commercialisation model and a company commercialisation model.