What factors of early-stage innovative projects are likely to drive projects’ success? A longitudinal analysis of Korean entrepreneurial firms |
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| Authors: | Heeyong Noh Josh Siepel You-Eil Kim Jinny Seo Jong Ku Son Sungjoo Lee |
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| Institution: | 1. Institute for Manufacturing, University of Cambridge, 17Charles Babbage Road, Cambridge, CB3 0FS, UK;2. Science and Public Policy Research Unit, University of Sussex, Falmer, Brighton, BN1 9RH UK;3. Industry Information Analysis Center, Korea Institute of Science and Technology Information, 66 Hoegiro, Dongdaemun-gu, Seoul, 02456 Republic of Korea;4. Data Analysis Platform Center, Korea Institute of Science and Technology Information, 66 Hoegiro, Dongdaemun-gu, Seoul, 02456 Republic of Korea;5. SMEs Support Center, Korea Institute of Science and Technology Information, 66 Hoegiro, Dongdaemun-gu, Seoul, 02456 Republic of Korea;6. Department of Industrial Engineering, Ajou University, San 5, Woncheon-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, 16499 Republic of Korea |
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| Abstract: | Previous studies have identified the factors affecting successful technology commercialization as outcomes of R&D projects. However, most of them have used cross-sectional data, whereas there is a dearth of literature using longitudinal data analysis. Longitudinal analysis is essential for investigating the characteristics of early-stage innovative projects due to the inherent time lag between project evaluation and commercialization. Therefore, this study examines the early-stage project characteristics that can be used as meaningful evaluation criteria for predicting success, particularly in technology commercialization. We collected data on the ex-ante evaluation results and ex-post commercialization results of R&D projects pursued by entrepreneurial firms. We then conducted a logistic regression analysis and identified three market-related factors as significant in driving technology commercialization success in the early stages of technology development: market potential, commercialization plan, and market condition. |
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