Commercialization of Energy Recovery Micro-Turbine Technology. Technical and Market development study for the product developed by QRRNT AS

Abstract

This thesis explores the avenues of commercialization for the energy recovery product developed by QRRNT AS, specifically for land based industries. This thesis has four chapters which are co-related. The Introductory chapter introduces QRRNT, its product, and the importance of the topic. This chapter gives an outline of the entire thesis to follow. It discusses the research questions that the thesis is attempting to answer and the choice of relevant theoretical frameworks adopted for each of the sub-chapters. Methodology adopted to gather data and its relevance is discussed subsequently. Thereafter, the Innovation study attempts to study the product’s innovativeness and diffusion potential. Technical know-how, innovativeness, Techno Economic Evaluation & Intellectual property considerations with respect to the product are explored in this chapter. Then the impact of the Innovation study is used to determine how to best position and place the innovation in market so that maximum adoption of the innovation can happen in the least amount of time. This is discussed and elaborated thoroughly in the chapter of Market Study. The chapter starts with the macro analysis which affect marketing activities for QRRNT. Thereafter, the need for a comprehensive Marketing Strategy Model is discussed and it goes on to derive the same. Its implications are discussed subsequently. Finally, the chapter ends with discussing other functional strategies and discussion on competitors. Thereafter a concise business plan is presented as the final chapter. Chapter-wise conclusions are provided at the end while the conclusion for the entire thesis as a whole is provided in the Introduction. The findings show that QRRNT has an excellent chance of diffusion of its innovation. The product is unique in many respects and provides a previously unexplored source of energy recovery for industries. The main factor that can inhibit the innovation diffusion is the ancillary costs associated with this innovation. QRRNT must also consider Internationalization and lowering production costs, to better target markets which get more ‘bang for the buck’ in terms of energy and environmental savings. Thus, QRRNT has to arrive at a good combination of geographic location, capital costs, electricity costs, environmental impact & economic impact to maximize its chances of innovation diffusion. This will help QRRNT identify potential customers and the ones that will be most likely to adopt it.