COMMUNICATION OF STAKEHOLDERS IN THE PROCESS OF COMMERCIALIZATION OF INNOVATIONS IN THE WORLD MARKET

Abstract

It is impossible to commercialize innovations without properly selected participants. Participants are the key to building a reliable commercialization chain that can quickly and efficiently turn an idea into an innovative product. However, selecting participants in the innovation commercialization chain is a rather complex, lengthy, and appropriate process. The success and speed of commercialization of innovations depend on it. In addition to selecting participants, it is important to ensure communication between them, i.e., to establish communication at a qualitative level, achieving harmonious relations. Properly built communication interaction will accelerate the introduction of innovations to the market and will contribute to the formation of long-term relationships. The article presents the results of a study of stakeholders in the process of commercialization of innovations. The study’s purpose was to analyze stakeholders’ communications and interaction in the process of commercialization of innovations in the international business environment. To achieve this goal, the following objectives were set: to define the stages of stakeholder analysis of innovation commercialization, analyze the degree of their importance and interest, and determine methods of interaction between stakeholders in the international business environment. The main research methods used in writing the article are comparative analysis of scientific publications and research on the work of commercialization of innovations, generalization and visualization map by VOS viewer software analysis of stakeholders, and methods of interaction in the process of commercialization of innovations, in particular the matrix of stakeholders, the Mendelow’s Matrix (“power/interest” matrix), MitchellAgle-Wood Stakeholder Model, Accountability Scorecard, Stakeholder’s Map. With the help of the VOS viewer software product, a visualization map was created in connection with the concepts of “commercialization of innovations”, “stakeholders” and related ideas based on information from the Scopus database. While working on the article, literary sources were analyzed close to the research topic. The analysis results confirmed the theory of the forms of interaction between stakeholders in the process of innovation commercialization.