Development of a Technology Commercialization Model for Indian Biotechnology Firms

Abstract

Commercialization of technology is vital to the survival and success of biotechnology firms, which offer solutions to key environmental concerns, such as air pollution, soil pollution, and climate change. Although a number of technology commercialization models have been proposed, the specific requirements of biotechnology commercialization, which include specialized infrastructure, intense research and development interactions, time-sensitive decision making, and pilot scaling have been addressed in the limited way in the previous literature. In this article, we study the process of technology commercialization through in-depth interviews with managers of biotechnology firms in India and propose a commercialization model that is tailored to biotechnology firms operating in an Indian setting. With the help of a two-tailed multiple case study design, we develop a commercialization model that identifies six new subprocesses and three valleys of death. The model can assist managers and entrepreneurs throughout the commercialization journey by defining objectives, activities, and outcomes of each of the 18 subprocesses of technology commercialization. Biotechnology firms can use this model to minimize errors, reduce time to market, and ensure time-sensitive decision making.