Using TOPSIS method for assessing the commercial potential of biotechnologies

Abstract

In the course of research has been established, that specifics of different technology manufacturing branches are important for assessing the commercial potential. Over the last decade, the analysis of the tools on a global scale led to the unequivocal conclusion – so far developed methodical basis has suffered lack of maturity for its practical use in business, a need for assessing commercial potential at an early stage of biotechnology commercialization has been ignored. The scientific literature of the last years did not take into account the specific of biotechnologies. This aspect was taken into account in the process designing the set of factors, determining the significance and the values of the factors. The model applies multiple criteria methods the selection of which has been determined by the motive related to the goal of assessment – to assess and rank the compared objects. This article discusses in detail application processes of the TOPSIS for assessment the commercial potential of biotechnologies. Further, the values and significance of the factors are combined into a single criterion of multiple criteria evaluation using TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) methods.