I was at a talk the other day by a Professor at SUNY ESF and he was talking about commercializing technologies that are developed within Universities.
He defined it as a process to take it from science to a product where you can sell the product at a price point above what it cost you to produce it.
An analogy that he compared technology commercialization to was cooking spaghetti and trying to get it through a key hole. It is extremely difficult to get a cooked piece of spaghetti through a key hole unless you have somebody on the other end to pull it through. The things on the other end of the key hole can include regulatory support, economic development support, financing, management team, etc...
Commercializing a new technology is difficult but also very exciting because you are working on things that that have not been done before.