Competitive advantage can be achieved through commercial success of technology acquisition. Therefore effective technology acquisition and successful commercialization are key managerial issues in technology-based firms.
The purpose of this thesis is to identify the success/failure factors of technology acquisition and commercialization and to present strategies and guidelines to promote technology commercialization, especially in the engineering industry.
Based on the in-depth analyses of 6 cases of technology acquisition and commercialization, the following key success factors have been identified. First of all, understanding user needs and familiarity with market are very important in the conceptual stage.
Second, accurate sales forecasting, market-driven ideas, better planning and systematic approach to innovation are major success factors in the planning stage.
Third, extensive customer-manufacturer interface, efficient management of development process, better internal and external communication and accumulated technological capabilities are key success factors in the excution stage.
Fourth, strong marketing effort, smooth adaptation to the external environment, and industry maturity are identified as key factors in the termination stage.
To promote the commercialization of technology in the engineering industry, following strategies are recommended. First, cross-functional skills are very important to promote commercialization and managers should consider commercialization as a corporate-wide activity rather than simple relay of R&D results to operating units.
Second, "critical" success/failure factors are related to the early stage of technology acquisition and commercialization, such as the conceptual stage. Therefore market-driven, custom-focused planning activities should be strengthened.
Third, continuous environmental monitoring is very needed. The ability to identify and adapt the environmental changes are one of the core competence of engineering firms.