Empirical Study on the Success of Technology Commercialization Projects of Firms

Abstract

Although numerous literature has proposed conceptual models and empirical evidence regarding technology commercialization of firms, prior research has not provided sufficient evidence-based implications about the success possibilities of technology commercialization projects within firms. To replenish related researches, this paper empirically investigates the factors that determine the success of the technology commercialization projects of firms based on the unique novel dataset from survey for Korean firms. To obtain policy implications of enhancing technology commercialization within firms, we conducted the research focusing on both environments surrounding firms pursuing technology commercialization and policy aspects rather than on internal factors of firms. The empirical results show that factors related to demands for the new technologies and products targeted by the projects, such as authentication, improve the success of technology commercialization projects within firms. In addition, the results show evidence that the government supports should be focused on the stage of product development among the commercialization process.