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Bridging the Gap in the Technology Commercialization Process and Sustainability

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A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (28 February 2023) | Viewed by 34060

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Special Issue Editors

Prof. Dr. Yeong-wha Sawng

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Chief Guest Editor

Department of Management of Technology, School of Business, Konkuk University, Seoul 05029, Korea
Interests: technology management for Innovation; technology strategy; technology policy; technology commercialization; technology convergence; entrepreneurship etc.

Prof. Dr. Min-Kyu Lee

E-Mail Website
Guest Editor

Graduate School of Management of Technology, Pukyong National University, Busan 48547, Republic of Korea
Interests: science & technology policy; technology demand forecasting; technology economic evaluation; econometric analysis of technology innovation; marine, port, and logistics sector study

Prof. Dr. Suchul Lee

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Guest Editor

Faculty of Business Administration, Sangmyung University, Seoul 03016, Korea
Interests: Strategic Management of Technology, Business Data Analytics, Information & Knowledge Management

Dr. Minseo Kim

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Guest Editor

College of General Education, Seoul woman’s University, Seoul 01797, Korea
Interests: Strategic Management of Technology; Business Data Analytics; Technology Valuation

Special Issue Information

Dear Colleagues,

We invite you to contribute to this Special Issue titled “Bridging the Gap in the Technology Commercialization Process and Sustainability”.

These days, firms are under pressure to innovate as rapidly and successfully as possible in order to encourage business growth through innovation. Therefore, the most technologically advanced countries are accelerating investment in research and development (R&D) by supporting technology innovation activities of this nature. Firms need to consistently implement competitive innovation, as technology innovation not only enhances new product development and competitiveness, but also contributes to productivity improvement. However, technology innovation does not always succeed, and often fails because innovation activity is uncertain. Furthermore, as technology life cycles grow shorter, firms are experiencing more failures.

In addition, even if technology development is successful, there are many cases of failure in the commercialization process. Technology commercialization means that newly developed technology does not necessarily create economic performance, as not every technology developed through R&D actually achieves market success or generates profit. R&D activities include the basic research and applied research to commercialize a new technology, such as a patent or research paper. While technology innovation through R&D is a key factor in economic growth, in order to actually create value, inventions must be successfully transferred to the market. However, technology commercialization is a difficult process that must include the technology’s market valuation.

The objective of this Special Issue is to invite novel research to fill these gaps. We welcome theoretical, empirical, conceptual, and experimental studies that offer fresh and critical insight. We are open to a wide range of research methods, as long as they are consistent with the aims and scope of this Special Issue.

In detail, we welcome submissions that focus on, but are not limited to, the following:

Strategies and policies for the overall process in order to increase sustainability by overcoming innovation failure and incubating the commercialization process.

Technology commercialization strategy

Research and business development
Technology transfer and transaction: joint technology development, joint venture, license, M&A, etc.
Technology valuation
IP (intellectual property) and R&D management
Validation: technology and market validation
Technology financing: venture capital, angel investors, crowdfunding, etc.
Technology marketing: market penetration strategy, market development strategy, product development strategy, diversification strategy, etc.
Emerging business opportunities and business model development
Technology start-up, entrepreneurship, and spin-off

Technology commercialization policy

R&D Policy
Technology transfer and transaction policy
Technology valuation policy
Technology financing policy
NIS (national innovation system)

Prof. Dr. Yeong-wha Sawng
Chief Guest Editor

Prof. Dr. Min-Kyu Lee
Prof. Dr. Suchul Lee
Dr. Minseo Kim
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

Technology commercialization strategy
Research and business development
Technology transfer and transaction: joint technology development, joint venture, license, M&A, etc.
Technology valuation
IP (intellectual property) and R&D management
Validation: technology and market validation
Technology financing: venture capital, angel investors, crowdfunding, etc.
Technology marketing: market penetration strategy, market development strategy, product development strategy, diversification strategy, etc.
Emerging business opportunities and business model development
Technology start-up, entrepreneurship, and spin-off Technology commercialization policy
R&D Policy
Technology transfer and transaction policy
Technology valuation policy
Technology financing policy
NIS (national innovation system)

Published Papers (12 papers)

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Research

22 pages, 365 KiB

Open AccessArticle

Assessment of National Innovation Ecosystems of the EU Countries and Ukraine in the Interests of Their Sustainable Development

by Aleksandra Kuzior, Iryna Pidorycheva, Viacheslav Liashenko, Hanna Shevtsova and Nataliia Shvets

Sustainability 2022, 14(14), 8487; https://doi.org/10.3390/su14148487 - 11 Jul 2022

Cited by 19 | Viewed by 2347

Abstract

The purpose of the study is to reveal specific features of modern EU innovation policy in the context of its focus on sustainable European development and to conduct an assessment of the parameters of national innovation ecosystems of the EU member states with different innovation potential and Ukraine from the standpoint of their influence on the innovative development of countries worldwide. With the use of the correlation-regression analysis, the hypothesis of changing the parameters of national innovation ecosystems that affect the innovation of the EU member states and Ukraine in the global context depending on the level of their productivity and innovation potential was reiterated. The factors that have the greatest impact on the ranking of the countries in the Global Innovation Index, depending on which group the countries under study belong to according to the classification of the European Innovation Scoreboard, were identified. It was revealed that the set of such factors in each group of countries varies and has a different degree of influence on the level of their innovation development. Based on the results of the assessment, taking into account the need for a speedy post-war reconstruction of Ukraine, policy recommendations were made for Ukraine. Their implementation will ensure the systemic influence of the state on the national innovation ecosystem of the country. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

20 pages, 543 KiB

Open AccessArticle

Design Thinking for Public R&D: Focus on R&D Performance at Public Research Institutes

by Seonyeong Lim, Minseo Kim and Yeong-wha Sawng

Sustainability 2022, 14(13), 7765; https://doi.org/10.3390/su14137765 - 25 Jun 2022

Viewed by 1620

Abstract

Korean public research institutes (PRIs) have shown noteworthy technological innovation over the past years, but they have been lagging in the commercialization of technological results. To ensure sustainable technology commercialization, not only technological innovation but also a shift towards a market-oriented approach is required. As such, it has become even more important for the public sector to have a demand-oriented approach for responding to market failures or demand issues in the private sector. Yet the public sector has been geared to a supply-oriented approach, while adopting a demand-oriented perspective, in its inception. In an ever-increasingly complex society, the process of Design Thinking is necessary in the both the public and private sectors. However, Design Thinking-related studies have concentrated on the latter. Studying the impacts of Design Thinking as a demand-based innovation methodology of public institutions, this research aims to expand the traditional scope of the study of Design Thinking to include PRIs—owing to relevant key research experts, PRIs will prompt changes in the overall public sector going forward. With the Design Thinking process requiring empathy, integrative thinking, and experimentalism, this study examines the impacts of Design Thinking on PRIs. This research also aims to demonstrate that Design Thinking boosts innovation, specifically through PRIs, promoting higher discourse on Design Thinking. Concluding that Design Thinking improves technology performance in public research institutes, the study evaluates that Design Thinking leads to research innovation in a demand-driven R&D environment, producing innovations in the overall public sector. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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23 pages, 3076 KiB

Open AccessArticle

Effects of Technology Commercialization Proactiveness on Commercialization Success: The Case of ETRI in Korea

by Jin-Kyung Kim and Keun-Tae Cho

Sustainability 2022, 14(12), 7056; https://doi.org/10.3390/su14127056 - 09 Jun 2022

Cited by 4 | Viewed by 2005

Abstract

Public technology transfer and technology commercialization are attracting worldwide attention, but the research on the commercialization of technology transferred from government-funded research institutes (GRIs) to small- and medium-sized enterprises (SMEs) is scarce. This study aims to identify and prioritize the factors contributing to the commercialization success of technologies transferred from GRIs to SMEs and to quantitatively present their importance. We proposed novel concepts of SMEs’ and GRIs’ technology commercialization proactiveness (SME TCP and GRI TCP) as two main success factors. We conducted hierarchical logistic regression analysis and decision tree analysis for 301 SME cases that adopted technology between 2013 and 2016 from Electronics and Telecommunications Research Institute (ETRI), a representative GRI in Korea. As a result, SME TCP was measured based on technology transfer expenditure (TTE), and frequency (TTF) was confirmed to be the most important factor. In particular, the success rate was higher when TTE exceeded 151 M KRW, or TTF was three or more. In addition, the success rate varied greatly depending on GRI TCP, namely the degree and the type of GRI researchers’ support. These findings can be used as primary data when establishing policies to promote cooperation between SMEs and other GRIs and provide practical implications for both technology providers and adopters. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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21 pages, 604 KiB

Open AccessArticle

A Study on the Development Priority of Smart Shipping Items—Focusing on the Expert Survey

by Young-Gyun Ahn, Taeil Kim, Bo-Ram Kim and Min-Kyu Lee

Sustainability 2022, 14(11), 6892; https://doi.org/10.3390/su14116892 - 05 Jun 2022

Cited by 5 | Viewed by 2444

Abstract

As smart technology in the shipping industry accelerates, demand for technology development, which aims to increase competitiveness by utilizing the latest smart technologies, is increasing. The shipping industry in each country is pushing for developing its smart technologies at a rapid pace, and it is urgent to prioritize the demand for smart technologies in the shipping industry for sustainable industry growth. The purpose of the present study is to verify the importance and urgency of smart technologies in the shipping industry, and the present study surveys 74 domestic and foreign shipping industry officials, covering shipping companies, brokers, governments, etc. The importance and urgency of each smart technology item in the shipping industry are questioned in a survey. It is necessary to focus investment on specific smart shipping items under a limited budget, and, since the priorities presented in this study were derived through comprehensive collection of opinions from 74 shipping experts, the priorities presented in this study are expected to be effective reference values when implementing sustainable shipping investment policies. According to an interview analysis on importance and urgency, both “autonomous ships” and “blockchain” items show high importance and urgency. Since both importance and urgency are high, strategic priorities are the highest, and it is expected to contribute effectively to enhancing the smartness of the shipping industry when it focuses its investment capabilities in those fields. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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20 pages, 1283 KiB

Open AccessArticle

Adaptive Social Innovation Derived from Digital Economy and Its Impact on Society and Policy

by Min-Hyuk Cho and Chan-Goo Yi

Sustainability 2022, 14(6), 3408; https://doi.org/10.3390/su14063408 - 14 Mar 2022

Cited by 7 | Viewed by 2567

Abstract

The traditional concept of innovation focuses on significant changes in products and services. However, today’s innovation derived from the digital economy environment is transforming our way of life, values, and even social relations. The economic benefits of the digital economy and technology have a wide range of impacts derived from the rapid socio-economic transformation. The negative impact on jobs and incomes is a typical problem that threatens socioeconomic fundamentals. This phenomenon is the reason that we must have a new perspective about innovation that connects technology, economy, society and policy beyond the traditional perspective. Based on the new perspective, this study categorizes social innovations using an expanded concept. One of them is “adaptive social innovation”, and this study focuses on its key motive and impact. In this paper, a theoretical discussion is adopted from integrating discussions in macroeconomics, social psychology, political science, etc. The key motive can be found in transformation of production, consumption, and distribution due to the digital economy. Based on this, the detailed operation mechanism of adaptive social innovation that transforms public perceptions and systems are analysed. At the same time, the process in which formal institutions and the output of adaptive social innovation, affect society and policy was explored. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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14 pages, 286 KiB

Open AccessArticle

What Causes the M&A Performance of High-Tech Firms?

by Sung-woo Cho, Jin-young Jung, Byoung-Jin Kim and Hyunjoo Song

Sustainability 2022, 14(5), 2820; https://doi.org/10.3390/su14052820 - 28 Feb 2022

Cited by 2 | Viewed by 2430

Abstract

We perform an event study on 2824 cases of domestic mergers and acquisitions (M&A) that were disclosed in the Korean domestic stock exchange and took effect between 2002 and 2015. We focus on Korean capital markets to define the factor variables affecting the disclosure effect of M&A in high-tech industries and the effect of disclosure on long-term performance. We find the following. First, the disclosure effect of M&A benefits acquirers’ shareholder wealth; this effect is more pronounced for high-tech firms than for non-high-tech firms. Second, M&A of high- and non-high-tech firms harm acquirers’ shareholder wealth via the disclosure effect. Finally, M&A between high- and non-high-tech firms negatively affect long-term firm performance. However, acquirers that are mature high-tech firms have a positive effect on long-term performance. This result affirms that organizationally mature firms adapt better to highly specialized technologies and knowledge that are not yet internalized as corporate routines owing to their learned capabilities and breadth of experience. This study provides a significant novel perspective on high-tech M&A by emphasizing the financial performance of firms involved in them. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

18 pages, 770 KiB

Open AccessArticle

Economic Innovation Caused by Digital Transformation and Impact on Social Systems

by Inhye Yoo and Chan-Goo Yi

Sustainability 2022, 14(5), 2600; https://doi.org/10.3390/su14052600 - 23 Feb 2022

Cited by 24 | Viewed by 5292

Abstract

The purpose of this study is to review studies on innovation and identify factors that affect the acceleration of digital economic innovation. This study also analyzes the impact of economic innovation on social systems. A systematic literature review method was used to analyze the findings of extant studies on digital transformation and economic growth. Results indicate that different drivers trigger economic innovation in different times. Our analyses reveal that digital economic innovation results in changes in the industrial structure and helps productivity improvement and cost reduction in the production sector. Results show that the impact of economic innovation on technology and society spheres interacts with economic innovation. This study contributes to the literature by providing a comprehensive framework of how economic innovation and social systems are connected and how technology, economy, society, and policy sectors coevolve within the enormous framework of social systems. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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18 pages, 318 KiB

Open AccessArticle

The Value Relevance of Operational Innovation: Insights from the Perspective of Firm Life Cycle

by Sang-Lyul Ryu and Jayoun Won

Sustainability 2022, 14(4), 2058; https://doi.org/10.3390/su14042058 - 11 Feb 2022

Cited by 6 | Viewed by 1871

Abstract

This study investigates the effect of innovation on firm value at each stage of the firm life cycle (FLC): growth, mature and decline stages. Innovation involves improving the yield of input resources and creating new revenue sources. Thus, we define operational innovation as overall efficiency in business operations and divide the operational innovation into technical innovation and scale innovation. We adopt data envelopment analysis to measure a firm’s operational innovation and Dickinson’s method to determine the firm’s life cycle stage. The findings show that the effect of operational innovation on firm value differs among different stages of the firm life cycle, indicating that firms seeking value maximisation should improve the performance of technical innovation at the growth stage and that of scale innovation at the decline stage. In addition, technical innovation is positively related to the firm’s future value at every stage of its life cycle, signifying that the firm’s sustainability is associated with technical innovation rather than scale innovation. This study contributes to the existing literature by presenting the value relevance of the operational innovation that firms should pursue in each life cycle stage. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

24 pages, 3548 KiB

Open AccessArticle

Development of Innovation Studies in Korea from the Perspective of the National Innovation System

by HyounJeong Oh and Chan-Goo Yi

Sustainability 2022, 14(3), 1752; https://doi.org/10.3390/su14031752 - 03 Feb 2022

Cited by 2 | Viewed by 4036

Abstract

The objective of this study is to explore how extant studies on innovation have contributed to the distribution of knowledge required for improving the national innovation system (NIS) in Korea. Korea was chosen as the context for this study because it is one of the leading countries that has succeeded in establishing an NIS. Using a systematic review method, we selected 739 articles published in two representative innovation journals in Korea, and analyzed the critical topics of these articles from the perspective of NIS studies. Overall, we found that these studies helped establish a knowledge base necessary for developing the NIS in Korea. Results showed that, over time, the scope of the studies shifted attention from building the NIS to implementing it. As a subsystem of the NIS, the industrial fields that sectoral innovation systems (SIS) were interested in were also changing in line with Korea’s economic growth over time. This study contributes to innovation studies by offering a comprehensive picture of findings on NIS studies in the innovation literature in Korea, and providing a theoretical framework that organizes the literature. This study expands our understanding of the NIS, which has been recognized as an effective tool to compare and measure innovative performance and economic achievements. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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22 pages, 4009 KiB

Open AccessArticle

A Study on Growth Engines of Middle Market Enterprise (MME) of Korea Using Meta-Analysis

by Minseo Kim, Seongbae Lim and Yeong-wha Sawng

Sustainability 2022, 14(3), 1469; https://doi.org/10.3390/su14031469 - 27 Jan 2022

Cited by 2 | Viewed by 2451

Abstract

The purpose of this study is to comprehensively review previous studies and discover implications for the sustainable growth engines of middle market enterprise (MME) of Korea using meta-analysis. Since Germany’s hidden champion companies are considered as benchmarking targets because their economic environment and size are similar to those of Korean MMEs, a meta-analysis was conducted on the previous studies of them. As a result of integrating the effect sizes of input and output factors according to the process of the Program Logic model from the viewpoint of dynamic capabilities, 198 in Germany and 229 in Korea were derived. It was found that, unlike Korean companies, the number of skilled workers, labor productivity, CEO experience, and Innovation activities within the firm had a significant impact on Germany’s hidden champion companies. In addition, industry and region-oriented innovation networks and family businesses were identified as important variables. Meta-analysis collects a large number of individual studies in order to integrate the results and statistically assess the data. As a result, it will be used as basic data for developing models for academic research in the future. In addition, it will provide implications for sectors in which Korean MMEs should concentrate their efforts in order to create an innovative ecosystem. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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20 pages, 3396 KiB

Open AccessArticle

Knowledge Structure of the Application of High-Performance Computing: A Co-Word Analysis

by Kiwon Lee and Suchul Lee

Sustainability 2021, 13(20), 11249; https://doi.org/10.3390/su132011249 - 12 Oct 2021

Cited by 5 | Viewed by 1943

Abstract

As high-performance computing (HPC) plays a key role in the Fourth Industrial Revolution, the application of HPC in various industries is becoming increasingly important. Several studies have reviewed the research trends of HPC but considered only the functional aspects, causing limitations when discussing the application. Thus, this study aims to identify the knowledge structure of the application of HPC, enabling practical and policy support in various industrial fields. Co-word analysis is mainly used to establish the knowledge structure. We first collected 28,941 published papers related to HPC applications and built a co-word network that used author keywords. We performed centrality analysis and cluster analysis of the co-word network; as a result, we derived the major keywords and 18 areas of HPC applications. To validate the knowledge structure, we conducted a case study to find opportunities for HPC research plans in the research community. As a result, we discovered 17 new research topics and presented their research priorities by conducting expert interviews and Analytic Hierarchy Process. The findings of this study contribute to an understanding of the application of HPC, to exploring promising research fields for technological and social development, and to supporting research plans for successful technology commercialization. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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14 pages, 1713 KiB

Open AccessArticle

A Smart City Service Business Model: Focusing on Transportation Services

by JungHoon Kim and Byungsun Yang

Sustainability 2021, 13(19), 10832; https://doi.org/10.3390/su131910832 - 29 Sep 2021

Cited by 5 | Viewed by 3003

Abstract

Most cities have adopted smart city services to solve urban problems. However, an examination of their operations reveals that many of these services have either been discontinued or have failed to advance further since they were not profitable. Therefore, this study reviews and proposes the business models of smart city services at a fundamental level. It defines and classifies the smart city service focusing on transportation and the components. The business model has been constructed for electric vehicles and autonomous shuttle businesses in terms of transportation services. It found that the model was profitable in each business only when various stakeholders were linked for mutual interests. Since various service stakeholders cooperate in smart city service, if one of them is unable to secure profitability, it is difficult to operate the smart city service fully. Therefore, a detailed review of the business model is required before providing a smart city service. Full article

(This article belongs to the Special Issue Bridging the Gap in the Technology Commercialization Process and Sustainability)

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