Abstract
In the era of the Fourth Industrial Revolution, the pace of technological innovation is increasing rapidly. However, the speed of change in laws and regulations has not kept pace, resulting in the so-called regulatory lag. This is because innovative technologies and industries produce new and disruptive things in a remarkable speed, while the regulatory response is slow and lagging behind. This study surveyed 75 companies in the early demonstration stage of technology development to identify the regulatory challenges they have experienced in commercializing innovative technologies and suggested alternatives to solve them. The study found that companies in the early demonstration stage of technology development claimed the absence or lack of a certification system to prove the stability and performance of innovative products as the biggest regulatory obstacle. This shows that appropriate regulations are needed for SMEs' technological innovation rather than deregulation.
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