IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
Innovative Product Development Process of Long
Lasting Fragrance Chitosan
W. Chottianchai
N. Thawesaengskultha
Technopreneurship and Innovation Management Program
Chulalongkorn University
Bangkok Thailand
Department of Industrial Engineering
Faculty of Engineering, Chulalongkorn University
Bangkok Thailand
A.Chandrachai
S. Wanichwecharungruang
Faculty of Commerce and Accountancy
Chulalongkorn University
Bangkok Thailand
Department of Chemistry, Faculty of Science,
Chulalongkorn University
Bangkok Thailand
Abstract— This research investigates the innovation
development process and the commercialization of an
innovative product of the long-lasting fragrance chitosan
from the patented research work of Chulalongkorn
University. The theories of New Product Development
(NPD) is used to determine the investment opportunity
and identify the most suitable industry for developing
the product in response to the market’s high demands.
The work involves seven innovative product
development steps 1)new product planning, 2)
preliminary investigation, 3)concept development and
testing, 4)product development, 5)product testing,
6)market testing, and 7)commercialization. The research
found that during the development of industrial scale
products, Design of Experiments (DOE) method is
crucial to achieve the most efficient and effective
manufactured product. Evaluation of the targeted
industry’s potential indicates that the highest potential
market is the household product sector, specifically the
concentrated fabric softener market which has the
highest market growth in Thailand. Focusing on this
market, preliminary evaluation on technical aspects, the
technologies for manufacturing the product, the initial
investment, the development costs, the expected revenue,
and the appropriateness of the investment, by examining
the Net Present Value (NPV) which is 44,389,285 baht or
1.5m usd, the Benefit-Cost Ratio (B/C Ratio) which is
1.19, and the Internal Rate of Return (IRR) which is
55%, indicates that the project is appropriate for
investments.
household products, and packaging products to inherit a
unique scent for each product that can be used as a
supplementary selling point. Fragrances are also the main
active ingredient in many products such as air fresheners,
deodorants, and perfumes. Some essential oils are used for
both their fragrances and their antimicrobial activities. In the
year 2010, the market value of fragrances and flavors
exceeded 22 billion US dollars, which was 10% higher than
in 2009. Currently, the trend of the market is still gradually
increasing [1]
Keywords- Innovative Product Development; New
Product Development; Long-Lasting Fragrance; Chitosan
I. INTRODUCTION
A. Introduce the Problem
Fragrances, flavors, and essential oils are widely used in
a variety of products such as cosmetics, food, spa products,
Unsatisfying properties of fragrances according to the
market’s needs include short lived scented character and
chemical instability.The common, but impractical solution is
to add higher amounts of fragrances which results in an
overly strong scent at the beginning, and the scent still fades
away too quickly. Another solution to prolong the scent
character is the use of fixatives, compounds that will interact
with fragrance molecules in such a way that their
interactions will retard the volatility of the fragrance
molecules. However, some fixatives also possess their own
scents which interfere with the intended scents.
Additionally, allergic effect of some fixatives to the skin has
been reported. Lastly, when used in a formulation, it is
impossible to confine the interaction between fixative and
fragrance molecules, and thus they may not interact in the
formulations. Therefore, the fragrance retaining effect may
not be fully effective. Another crucial problem on using
fragrances is their non-water soluble property; they will
require surfactants for their use in aqueous base
formulations.
There have been many reports about technologies that
create a longer-lasting fragrance (control release of
fragrance).The fragrance prolongation technologies can be
divided into two categories which include physical
encapsulation and chemical derivatization. Physical
encapsulation involves controlling the diffusion of the
fragrance by the entrapment of fragrance molecules into
micro-or nano-containers. The fragrance can be slowly
released through various triggers such as concentration
gradient, temperature, light and pressure. Chemical
117
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
derivatization is the use of chemical reactions to convert
volatile derivatives or pro-fragrances. Both technologies
attempt to reduce the volatility of fragrances, protect and
prevent the loss of fragrances during the manufacturing
processes which usually involve heat, humidity, and
contamination
[2].
Although
many
encapsulatio
technologies including the melamine-formaldehyde
microparticle system and the polyurea-formaldehyde system
have produced satisfactory result regarding fragrance
prolongation, the system which uses high safety,
biocompatible and biodegradable materials is still being
sought after. Chitosan is a natural polymer with non-toxic,
non-immunogenic and biodegradable properties and is
biocompatible with human tissues [3]. The research team
from Chulalongkorn University has developed the novel
fragrance controlled release system based on chitosan. The
system is unique since it consists of both the chemical and
physical barriers [4]. Therefore this study applies the new
product development theory in order to develop the longlasting fragrance chitosan product from the patent of
Chulalongkorn University. The objective is to find out the
feasibility of the investment and to locate the industry with
the highest potential. This study includes the investigation
on upscaling and identifying products that would suit the
needs of the market and also involves developing the
manufacturing process, which requires a design of
experiments (DOE) as well as making a business plan on
product commercialization.
B. Innovation and New Product Development
“Innovation” has its root from the term Innovate, which
is defined as renewing or modifying. It also can be defined
as doing new things or bringing in new changes. (National
Innovation Agency, 2007) Another definition is the process
of bringing in new ideas, new processes, or new creations.
Currently, there is a reference based on the basic principle
study of new product development such as Stage-GateTM
Model [5], BAH model [6], Generic Product Development
[7], Generic Model of the Innovation Process [8], NPD
Process by Crawford and Di Benedetto [9] and
Commercializing Successful Biomedical Technologies
Model[10]. Concepts and Related Theories of Innovative
Products Acceptance. The consumer adoption process is a
study on the consumer’s knowledge of the product, whether
the consumers have tried the product, and whether the
consumers accept or decline the product. This process is
important to those conducting it because it helps attract the
customers to try the product. [11]-has given the definition of
the term innovation adoption or acceptance as the decision
to fully use or implement the innovation due to the belief
that innovation is better and more beneficial to its users.
C. Encapsulation Technology
Encapsulation is a process where one or more
ingredients are entrapped within capsules or other structured
containers with the range of sizes from within a nanometer
to microcapsules [12]. The entrapped ingredients are
referred to as payloads and are usually active materials to be
used as drugs or cosmetic ingredients. Materials used for the
entrapment, encapsulating agents, shell materials, wall
volatile
fragrance
molecules
into
less
materials or carriers are usually polymer based materials.
The use of polymeric materials actually makes the
encapsulation technologies developed during this decade
significantly different from the conventional surfactant
based vesicle or micelle technologies.Various encapsulation
methods have been demonstrated and examples include
coacervation technique, inclusion complexation, solid lipid
nanoencapsulation, in-situ polymerization, polymeric selfassembly, chemical cross-linking of shell materials and
ionic gelatin. Encapsulation is now being used in garment,
agriculture, food, medicine and cosmetics. Shell materials
include natural polymers such as carbohydrates; proteins
synthetic polymer such as polylactic acid, cyclodextrin, and
polyurea-formaldehyde;
and
semi-modified
natural
polymers such as various derivatives of cellulose and
chitosan.
D. Chitosan
“Chitosan”is a derivative of Chitin, a polysaccharide which
is the structural element in the exoskeleton of crustaceans,
such as shrimp and crabs. This material is classified in the
class of Generally Recognized As Safe (GRAS) materials by
many countries. Chitosan’s non-toxic, biocompatible, nonallergic, mucoadhesive and biodegradable properties [13,
14, 15,16] have made the material popular in food and drug
industries.
Chitosan encapsulation in controlling the release of
fragrance. A research team from Chulalongkorn University
proposed a fragrance controlled release system made from a
chitosan derivative; the system consist of both chemical
(imine bond between amino group of chitosan and aldehyde
or ketone fragrance molecules) and physical barriers
(chitosan polymer matrix). Based on an experiment with
four different aldehydic fragrances, the system showed 20 to
85 times fragrance prolongation comparing to free
fragrances. This system is in the form of nanospheres with
excellent water dispersibility.
E. Design of Experiment: DOE
The design of experiment is defined as one or more
consecutive experiments done by changing the input
variables plugged into the system or process in order to
observe and point out the causes of the changes in the
different results from that process or system. The input
variables are divided into two groups, which are the
controllable variables and the uncontrollable or noise
variables. The determination of whether the variables are
controllable or uncontrollable depends on each individual
system. The general uncontrollable variables are usually
related to the natural environment such as the wind, dust,
relative humidity and external temperature. The controllable
variables usually consist of the source of raw materials and
machines used in the manufacturing process.
II.
METHOD
This research is done by using the patent research of
Chulalongkorn University called the Long-Lasting
118
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
Fragrance Chitosan to further develop the Chitosan for the
industrial scale production level in order to commercialize
the product. To apply the innovative process for developing
the long-lasting fragrance chitosan, there is a comparison of
new product development methods including [5, 6, 7, 8, 9,
10]. All of these models are very similar in many aspects;
the differences in detail of each stage and steps are seen in
Fig. 1.
Figure 1 New Product Development Process
Therefore, the authors applied the new product
development process mentioned above. The process consists
of seven stages that suit the management process of SMEs
in Thailand by implementing parts of Insight/Research by
[8]. Preliminary investigation [5], Concept development and
testing [6], Product development and Optimization
[5,6,9,10];
Market
testing
[5,6];
and
lastly
Commercialization by all models as seen in “Fig. 2” and
“Fig. 3”. [17]-proposed the university-industry collaboration
model called the “triple helix”, which has the government
[18], is the fund supporter as shown in Fig. 4.
Figure 2 The NPD of Long-Lasting Fragrance Chitosan
119
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
Figure 3 New Product Development of Long-Lasting Fragrance Chitosan
120
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
Figure 4 Triple helix model
To develop the long-lasting Fragrance chitosan to meet the
III. RESULTS AND DISCUSSION
The management process of the commercialization of the
long-lasting fragrance chitosan to the target market is
summarized as follows:
A. New product planning stages
Crawford and Di Benedett (2003) proposed a concept on
product development called the “Life-Cycle Concept”. This
concept begins with the recognition of an opportunity in the
market by an organization.
1) Searching for a new product opportunity by
reviewing the universities’ researches
There are a variety of sources both in-house and out source
for new product development opportunities. The authors
have selected a patent research called the Long-Lasting
Fragrance Chitosan from the university. It is an innovative
research with a new boundary of knowledge that fulfills the
needs of the fragrance industry such as: slow release (longlasting), non-allergic, non-toxic, cost-friendly technology,
competitive price, and environmental friendly and
biodegradable properties. This has the worth to be
developed for commercialization.
2) Concept evaluation
The evaluation process of the opportunity of the product is
developed by the authors in order to find the need of the
market and to compare the existing technologies to the new
technology. Through the evaluation, it is discovered that the
encapsulations have been commonly implemented to
overcome the instability and incompatibility of the fragrance
Base formulation. There are also discoveries of the
important properties of a long-lasting fragrance that matches
with the needs of the market. And the long-lasting fragrance
chitosan has all of the mentioned properties.
3) Set up of the new product development strategy
(Mission Statement)
A tool used to determine the new product development
strategy is a brainstorming section led by a single specialist
along with the organization team comprising of the
executive managers, research and development department,
technical/ manufacturing department, and marketing
department.
B. Preliminary Investigation
1) Market potential evaluation
demands of the industry, it is crucial to identify a target
industry since each industry’s standard and requirements are
different. The process for evaluating the potential target
industry with the modified GE Business Analysis
(Chandrachai, 2012) consists of setting up criteria in 2
dimensions, which are the industry’s attractiveness and the
competitive strength of the business. The authors preselected 3 industries for comparison which are the
household product industry, the cosmetic and personal care
industry, and the food industry. The relative weight
technique is used to determine the industry with the highest
potential. The industry with the highest potential is the
household product industry with concentrated fabric
softener as the specific market with the highest potential.
2) Pre-feasibility study on the investment possibility
The important step after determining a target industry with
the highest potential is to examine the possibility of
investments and to evaluate the potential of the organization
so that there can be a development of the product for
commercialization.
Preliminary
market
evaluation,
preliminary technologies evaluation, and preliminary
financial evaluation are done.
3) Preliminary market evaluation
By SWOT analysis, it is discovered that the strengths of the
organization include being the first and the only one
organization to offer this type of product in the market. This
allows for the flexible set up of the profitability quantity and
price in the short run. Strengths of the chitosan include
being a natural and biodegradable material as well as being
safe for a variety of products by humans. The weaknesses of
the organization include lack of product awareness and
acceptance since it is new to the market. The opportunities
include the growth of the fragrance industry and fragrance
related service industries such as the fragrance
encapsulation industry. Customers are having increasing
interest among products with fragrance. Threats include
international competitors who offer the same service in the
local market. These international competitors are highly
experienced with this type of service and have continuous
improvement.
121
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
By Five Force Analysis, it is discovered that there exists no
competitors that offer the same service as this research due
to its uniqueness. The threat of new entrants is low because
this research is patented, which offers a high degree of
protection against new competitors. The threat of substitute
products is low because the majority of substitute products
are not able to control the release of the fragrances as well
as this research’s encapsulation technology. The customers
are split into two groups. The first group consists of
customers that are large users of this service in the industry
and have developed their own fragrant encapsulation
technology. The customers are usually large international
manufacturers with backward integration and have a very
high bargaining power. On the other hand, medium to small
businesses make up the second group of customers that need
the fragrance encapsulation due to the reason that they
cannot develop their own fragrance encapsulation
technology. Since there are a very little number of suppliers
who can supply chitosan with the required standard
specifications for encapsulation, the bargaining power of the
suppliers is high.
1) Preliminary up scaling technology evaluation
Since this research is patented, it is protected from
infringement. Preliminary financial evaluation.It was
discovered that this research is feasible for further
investments with a positive NPV of 44,389,284.74 baht or
1.5m usd. Internal Rate of Return (IRR) was estimated at
10% in the beginning, but had turned out to be significantly
higher at 55% with a B/C ratio of 1.19. The results suggest
that this research is feasible for further investments.
C. Concept development and Testing
The authors selected the Voice of the Customer (VOC) as
the method gain consumers’ insights. Thirty R&D personnel
(samples) from the target industry are chosen, as they are
the key players in this industry. An in-depth interview was
conducted in order to draft the specification of the product.
Content analysis and induction were used to perform a
descriptive analysis. The results are as follows: It appears
that most of the interviewees are from their own branding
manufacturers (60%), because long-lasting fragrance is of
interest to these manufacturers. This is due to the reason that
it helps their products to be unique and different from the
products of other competitors. The second highest category
of interviewees is OEM (30%). Lastly, there are
interviewees that are their own branding manufacturers
(10%). Lead time for purchasing decision in cosmetics and
household products usually takes three to four months
(33%), more than five months (27%), and one to two
months (20%). The most demanded service by the longlasting fragrance’s customer is the encapsulation of the
customer’s existing fragrance (41.7%). The next most
demanded service is the service for the development and
encapsulation of the new fragrances (36.7%) The least
demanded service is the service for the encapsulation of a
widely available or standard fragrance (21.7%). The liquid
texture of the long-lasting fragrance is the most preferable
and convenient texture to be used by the customers. The
most demanded packaging is the aluminum container (63%)
and is followed by the plastic container (30%) and the glass
container (7%). The most important factors that influence a
customer’s decision in selecting the long-lasting fragrance
to be used in their products includes price (17.42%) and is
followed by the fragrance long-lasting efficacy (16.93%),
compatibility with the formula (15.83%), texture and
difficulty of application (14.23%), safeness to the
consumers (13.99%), reputation of the fragrance
manufacturer (11.7%), and biodegradable property
(10.43%). However, small companies are more concerned
about the fragrance long-lasting efficacy than the price.
D. Product Development
Developing a product that originated from the research lab
for commercialization usually leads to the problem of high
costs because the technologies, equipment, and raw
materials used in the lab are often unique, exotic, high
quality, and expensive; this makes it difficult to make a
profit. Therefore the design of experiment (DOE) is a very
important tool that will help with the products’
manufacturing process to obtain the highest efficiency and
efficacy possible while lowering the cost.
1) Design the product and its specification to satisfy the
target industry’s needs as well as for applicable trademark
registration
2) The process of product design involves using the
results obtained from the concept testing stage to determine
the specifications of the product including the features,
benefits, ingredients and packaging of the product to best
fulfill the needs of the customers. Design of Experiment
(DOE) to find best conditions find the best conditions for
commercialization
The design of experiment’s (DOE) objective is to upscale
the manufacturing process. The first step is done by slowly
A design process that is effective and efficient would reduce
the time wasted on new product development process and
help create a unique product.dropping fragrance or flavor
into the water disposable chitosan derivative. The solution is
stirred by the agitator to induce a reaction and chemical
bonding between the chitosan and the fragrance. The
research determined the most suitable condition for the
highest encapsulation efficiency (%EE) by using the Central
Composite Design (CCD), which uses 4 hours 30 minutes10 hours 30 minutes (A), temperature between 50-90 degree
Celsius (B), amount of fragrance Citronellal 0.0-0.8% (C),
and the chitosan derivative (D) with a total of 30 test. This
equation is created to state the relationship between the
time, temperature, fragrance amount, and chitosan
derivative that would result in the highest percentage of
encapsulation efficiency (%EE).
3) Product Testing
The product testing results obtained from the evaluation of
the concept development and testing are as follows:
Product’s features and particles size test. To measure the
size of the long-lasting fragrance chitosan, the device called
Zetasizer Nano ZS90 (Malvern Instrument, Malvern, UK)
122
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
has been used along with the DTS v7.10 software. The
media used for measuring is water with the viscosity,
refractive index, and dielectric constant that equals to
0.8872 cP, 1.330, and 78.5 respectively. The measurement is
repeated 5 times and the results are that most of the
product’s sizes are in the nanometer range. The physical
feature evaluation of the product done with the Scanning
Electron Microscope (SEM) suggests that the product’s
shape is round, and the product’s size is in nanometers.
Product stability test. The results of the long-lasting
fragrance chitosan stability test with different levels of acids
and bases are shown in figure 8. The results are that the
long-lasting fragrance chitosan has a good stability level in
the pH range of 3.0 to 5.5 and 7.0 to 13.0, but in the pH
range of 2.0 to 6.0, the product is separated into two layers.
Base substances compatibility test. Testing the compatibility
of long-lasting fragrance chitosan with 6 different
surfactants including Cationic surfactant (Polyquaternium
10, Behentrimonium Chloride), Amphoteric surfactant
(Cocamidopropyl Betaine), Anionic surfactant (Sodium
Lauryl Sulfate, TEA-Lauryl Sulfate), and non-ionic
surfactant (Polysorbate 80) at the concentration of 2 % and 5
%. The process is done with 4 cycles of heating and cooling.
The result shows that the long-lasting fragrance chitosan has
a good compatibility with Cationic surfactant
Polyquaternium 10, but separated layers are formed when
tested with other surfactant.
Long-Lasting Fragrance testing in the application of target
market by the smell testing method. From the statistic
testing method ANOVA, it is discovered that on days 1-28,
the volunteers gave a higher smell score for the cloth
submerged into the fabric softener mixture that contain
long-lasting fragrance chitosan than the cloth submerged
into the fabric softener mixture that contain free fragrances.
The result can be drawn that fragrances entrapped by longlasting chitosan technology has increased in duration of the
fragrances when compared to free fragrances.
E. Market testing with the target industry
The results are that customers are most satisfied with the
size of packaging (16.36%) followed by environmental
friendly ingredients (16.08%), and safety (15.94%).
Customers favor natural ingredients over chemical
ingredients, compatibility with the base formula (14.13%),
ease of use or difficulty (14.13%), reasonable price
(12.59%), and efficacy or long-lasting property (10.77%).
F. Commercialization
The business plan is written based on the results from the
research as follows:
Setting up the business model. A company is set up along
with a factory for manufacturing within the proximity of
Bangkok for ease of logistic management. The main target
industries are also located within the proximity of Bangkok
as well. The company customizes the fragrance for each of
the customer’s need because most of the customers are large
companies that manufacture household products with the
need for a unique fragrance that is unique. The approximate
time for creating a new customized fragrance is about 3 or
more months. For small and medium industries, the standard
fragrances are available. A customized fragrance costs more
to manufacture than the standard fragrances.
The vision is to become the leader of long-lasting fragrance
encapsulation technology in Thailand. The mission is to
research and develop long-lasting fragrance technology,
create manufacturing innovations, and educate Thai
manufacturers on long-lasting fragrance applications. The
objective is to become the market leader on providing
services related to long-lasting fragrance in Thailand with a
market share of at least 20% within five years.
Legal management. Currently, it is in the process of patent
filing for commercialization and is also acquiring a
trademark.
Marketing plan. Market segmentation with customer
location as the key factor divides the market into the Thai
market and the international market. When using size as the
key factor, the market is divided into 3 sizes consisting of
large, medium, and small manufacturers. When using
industry types as the factor, the market is divided into
industry that manufactures fragrance, household products,
personal product, and food or drinks. The target markets are
the businesses that manufacture products with fragrances as
an ingredient including household products and personal
care products. The product positioning is to offer a better
product at the same price. The branding strategy is focused
on creating awareness to potential customers with strategies
including advertising signs, introductory brochures,
backdrops, rolling banners for trade shows, and setting up
booths in seminars and tradeshows.
Production plan. The floor plan is designed for the
maximum efficiency and is aligned with the industry’s GMP
standard. The manufacturing plant location and office will
be located in the industrial area at one of the provinces near
Bangkok due to a lower land cost than Bangkok (Capital
City). The main product and service provided is long-lasting
fragrance chitosan encapsulation and other related products
and services. Human resource plan. The organization will
consist of the marketing team, production team, research
team, and support team.
Financial plan. The net present value or the NPV has a
positive figure of 35,006,515.12 baht or 1.17m usd, which
means that an investment is feasible. The benefit-cost ratio
or the B/C ratio is 1.20. The internal rate of return or the
IRR is 84%, which is higher than the expectation of 10% in
the beginning.
IV.
CONCLUSION
The implementation of the seven-stage innovative product
development process is a suitable procedure to be used for
the commercialization of the long-lasting fragrance
chitosan. Summary of key stages involved and their results
are concluded in Table. 1.
123
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
TABLE 1 THE CRITICAL SUCCESS FACTOR OF THE 7 STEPS INNOVATION DEVELOPMENT PROCESS
STAGE
New product planning
PROCESS/METHODOLOGY
RESULTS
Reviewing the university’s researches
A patent research called the Long-Lasting Fragrance Chitosan
A potential industry(The house hold product industry with
concentrated fabric softener )
The market, upscaling technology and financial feasibility with
NPV of 44,389,284.74 baht or 1.5m usd. IRR is 55% and B/C
ratio of 1.19
Modified GE Business Analysis
Preliminary Investigation
Pre-feasibility study
Concept development and testing
Voice of Customer (VOC)
In-depth interview
Draft product specification
Product Development
DOE (Design of experiment)
The most suitable condition for the highest encapsulation
efficiency(%EE)
Particle size testing by Zetasizer
Stability testing with different levels of acids and
bases
Compatibility testing with different surfactants
Long-lasting fragrance testing
The product's size is in nanometers
Good stability in the pH range of 3.0-5.5 and 7.0-13
Good compatibility with Cationic surfactant; Polyquaternium 10
Increased in duration of the fragrances when compared to free
fragrances.
Market testing with the target
industry
Data collection and analysis
Customers are most satisfied with the size of packaging followed
by environmental friendly ingredients, safety, compatibility with
the base formula, ease of use reasonable price and efficacy
accordingly
Commercialization
Setting up the business model
Legal management
Business plan
Product Testing
The results demonstrate that the research is feasible for
commercialization and has high hopes of becoming
successful and yield rewards worth investment. Whether the
commercialization of this research becomes successful or
not
requires
the
university-government-industry
collaboration. The authors suggests that further research and
development need to create flavor encapsulation
technologies to satisfy the consumer products’ industries
including food, supplements, snacks, and beverages. This
will capture a larger market segment.
ACKNOWLEDGEMENTS
This study was supported by Chulalongkorn University,
National Innovation Agency (NIA), The Thailand Research
Funds (TRF) and Welltech Biotechnology Co., Ltd.
REFERENCES
[1] Leffingwell and Associates, Flavor & Fragrance
Industry Leaders, Retrieve from
http://www.leffingwell.com/top_10.htm, 2011,
[2] R.G. Berger, Flavours and fragrances: chemistry,
bioprocessing and sustainability. Printed Germany:
Springer Berlin Heidelberg New York , 2007.
[3] R.A.A. Muzzarelli, “Chitins and chitosans for the repair
of wounded skin, nerve, cartilage and bone”,
Carbohydrate Polymers, 2009, vol. 76, no. 2, pp.167182.
[4] T. Treeudom, S.P. Wanichwecharungruang, and J.
Seemork, “Fragrant chitosan nanospheres: Controlled
release systems with physical and chemical barriers”,
CarbohydratePolymers, 2011.
[5] R.G. Cooper, Winning at new products. Third edition.
New York: A Member of the Perseus Books Group,
A company is set up along with a factory for manufacturing
Patent filing and trademark registered
Marketing plan, production plan, human resource plan, financial
plan with NPV of 35, 006, 515, 12 bath or 1.17m usd, B/C ratio
is 1.2 and IRR at 84%
2001.
[6] Booz, Allen, and Hamilton, New product management
for the 1980s. New York: Booz Allen & Hamilton, Inc.,
1982.
[7] K.T. Ulrich, and S.D Eppinger, Product design and
development, International edition. United States of
America: The McGraw-Hill Companies, Inc., 2000.
[8] D. Smith, Exploring innovation, New York: The
McGraw-Hill Companies, Inc., 2006.
[9] M. Crawfordand, A. Benedetto, New products
management. Seventh edition. New York: McGraw-Hill
Companies, Inc., 2003.
[10] S.S. Mehta, Commercializing successful biomedical
technologies basic principles for the development of
drugs, diagnostics and device, New York: Cambridge
University Press, 2008.
[11] E.M. Rogers and F.F.F. Shoemaker, Communication of
innovations: A cross cultural approach. New York: The
Free Press, 1971.
[12] A., Madene, M., Jacquot, J. Scher, and S. Desobry,
“Flavour encapsulation and controlled release – a
review”, International Journal of Food Science and
Technology, 2006, vol. 41, pp. 1–21.
[13] M. Sugimoto, M. Morimoto, H. Sashiwa, H. Saimoto,
and Y. Shigemasa, “Preparation and characterization of
water soluble chitin and chitosan derivatives”,
Carbohydrate Polymers, 1998, vol. 36, pp. 49-59.
[14] M. L. Duarte, M. C. Ferreira, M. R. Marvao, and J.
Rocha, “An optimized method to determine the degree
of acetylation of chitin and chitosan by FTIR
spectroscopy”, International Journal of Biological
Macromolecules, 2002, vol.31, pp. 1-3.
[15] S.K. Kim, and N. Rajapakse, “Enzymatic production
and biological activities of chitosan oligosaccharides
(COS): a Review”, Carbohydrate Polymers, 2005, vol.
62, pp. 357–368.
[16] A. Herrmann, “Controlled release of volatiles under
124
IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 3, No.4, August 2013
mild reaction conditions: From nature to everyday
products”, Angewandte Chemie International Edition,
2007, vol.46, pp. 5836–5863.
[17] H. Etzkowitz, and L. Leydesdorff, “The dynamics of
innovation: From national systems and ‘mode 2’ to a
triple helix of university-industry-government
relations”, Research Policy, 2000, vol. 29, pp.109123.
[18] A.Chandrachai, To business excellence, the guide to
strategic planning and BSC (Balanced Scorecard).
13thed. Bangkok: Chulalongkorn University Printing
House, 2012.
125