Determinants of successful technology commercialization: implication for Korean Government-sponsored SMEs

Abstract

Technology commercialization is an essential step for profiting from technological innovation. The Korean Government has supported technology commercialization; however, previous studies have provided limited empirical evidence on the effect of government support. This study examines the various factors that influence the commercialization strategy and performance of firms. It also identifies the determinants of successful technology commercialization and effective government programmes for commercialization performance by analysing the performance of Korean Government-sponsored firms. The results show that the determinants influence commercialization by firms according to the firm size and the degree of Korean Government support. The appropriability, innovative capabilities and investment in external R&D have significantly positive impacts on SME commercialization. This study provides empirical evidence on the effects of government support and contributes to the formulation of commercialization strategies and improved SME commercialization policy for firms.

Keywords:

• technology commercialization
• commercialization strategy
• government-sponsored SME
• innovative capability
• open innovation activity

Acknowledgements

This research was supported by Basic Science Research Programme through the National Research Foundation of Korea funded by the Ministry of Education, Science and Technology (2010-0013483). In addition, the paper is a revised and expanded version of the paper ‘Determinants of the technology commercialization of the government-sponsored firms’ presented at PICMET, June 2011.