How Technology and Entrepreneurship are Shaping the Development of Industries and Companies
- Elgar original reference
Edited by François Thérin
Chapter 5: The commercialization process of innovation in small high-technology firms - theoretical review
Globalization, technological development and rapidly changing customer requirements have increased the significance of small technology firms because of their ability to create and exploit innovation (Allocca and Kessler, 2006). According to Schumpeterís (1934 ) milestone study, entrepreneurs play a crucial role in the creation and exploitation of innovations, and technological innovation in particular is recognized as a prime requirement for stimulating productive capacity and ensuring global business success (Kozmetzky et al., 2004). Consequently, both researchers and policy-makers have increasingly made an effort to identify ways to foster and support entrepreneurship and small technology businesses in modern, dynamic business environments, in order to promote economic growth (Audretsch, 2004). A process that is recognized as playing a key role in this context, particularly in rapidly moving high-technology sectors, is commercialization (Jolly, 1997; Andrew and Sirkin, 2003; Fetterhoff and Voelkel, 2006). However, a number of important aspects of the commercialization process have not yet been reviewed and analyzed; these include the structure of the commercialization process in small high-technology firms, the firm-related activities involved in the commercialization process, and the ways in which the commercialization process can be managed and developed in small technology firms. In addition, previous studies have emphasized that there is a need for the systematic analysis of the commercialization process in small firms, and that a more holistic approach is needed to complement the current commercialization literature (Benneworth, 2001).
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