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

Abstract

In Thailand, the petroleum industry is a major contributor to the economy as a supplier of crucial petroleum products. Due to its geographical location, multinational oil & gas companies have established their operations in Thailand. For Thai petroleum firms to remain competitive in the industry, innovation can be used as a strategy. Specifically, commercialization of inventions can bring firms competitive advantages in terms of financial returns, and business opportunities for partnerships. The objective of this research is to develop a commercialization model for inventions in Thailand’s petroleum industry. The model is aimed to serve as a roadmap of essential activities for individual work functions throughout the stages of the commercialization process. Additionally, the model will provide an overview of the relationships between work functions and their responsibilities. The methodology used in this research consists of three stages. The first stage is developing a preliminary commercialization model by integrating data from literature and data from interviews of industry experts in Thailand. The second stage is refinement of the model through evaluating the preliminary model on commercialization experts. Finally, the last stage uses a Thai petroleum firm as a case study to adapt the model for use at company-level. As a result, this research has developed 2 commercialization models, namely an industrial commercialization model, and a company commercialization model.