Abstract
Despite the widespread recognition of the important roles that innovative, technology-oriented small and mediumsized enterprises (SMEs) play in most economies, relatively little research has been focused on the integratedaspects of technology, management and the related factors in the context of SMEs. Since there are no well-definedor established research models or frameworks, we adopted an exploratory, longitudinal approach to investigatekey factors that affect success or failure business cases in Korean components and materials industry. Withforty-five case study analysis, we found three important factors for technology-oriented SMEs business successesor failures. These include technology factors (market-oriented technology; timely innovative technology;technology innovation capability; patents), management factors (financial resource; management commitments;human resource; R&D capability; commercialization capability), and the related factors (top managers' ethicalissues; transparency in R&D budgets; lack of commitments for success). We highlight the importance of theintegrative approach which combines technology, management, and the related factors to examine successful orfailing business cases. Further studies will benefit from our findings to develop theoretical models and examineother industries.
Highlights
Encouraging of innovation in small and medium-sized enterprises (SMEs) has been at the centre of governmental policy incentives owing to the important role in economic development
We investigated cessation/failure factors of government funded technology development projects which is an important part of the technology innovation system in Korea
We provided a theoretical basis to maximize the effectiveness of the national development policy to find a way forward for technology innovation improvement for companies that want to grow as an enterprise through the use of developed technology by commercialization
Summary
Encouraging of innovation in small and medium-sized enterprises (SMEs) has been at the centre of governmental policy incentives owing to the important role in economic development. The Korean Government (Ministry of Knowledge and Economic) understood this need and have designed effective policies in order to create opportunities for companies to achieve their innovative technological objectives. Each year the MKE announces a technology road map which needs to be developed to create national wealth; many companies follow it This program uses a 'selection' and 'concentration' policy, so the competition rate for the program is very high. The main reason why the government uses this method is that they want to leverage the evaluating ability of professional investment organizations to increase efficiency of the government funding program and to achieve their policy aims This method used so that companies can acquire funds for their business and gain additional business support from an investment organization
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