[Cryptography] Recommended Process for a new cipher mode submission

[Salz, Rich]

  *   Would someone be able to recommend the right process to submit a new cipher-mode, gain acceptance and additionally, how to capitalize on the work?

By “capitalize” do you mean make money from it?  If so, that’s unlikely to be very successful, as the days of patented ciphers and license fees are over. All you can compete on is selling implementations. Implied in that sentence is that any ciphers these days must be defined in public documents, so that others can review them, find weaknesses, and so on. Especially if you are not a recognized authority in the field.

For examples, look at the NIST contest that resulted in AES, the ongoing post-quantum NIST work, the CEASAR cipher competition, and IETF CFRG documents for elliptic curves.  Web searches for those should turn up many documents.
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