Factors influencing nanotechnology commercialization: an empirical analysis of nanotechnology firms in South Korea

Abstract

Nanotechnology is a representative emerging technology in an embryonic stage. Due to the continuous support provided by both the public and private sectors of many countries, nanotechnologies have increasingly been commercialized in a wide array of industries, but also produce many commercialization failures. Tackling this problem, we investigate key factors affecting the commercialization of nanotechnologies. Identifying key factors of nanotechnology commercialization through literature review and interview with CEOs, we collected data of 206 Korean nanotechnology-based companies, and analyzed the causal relationship between key factors and financial performance. Logistic and Tobit regression models are used. Overall, companies achieving successful commercialization hold some common characteristics including consistent exploratory R&D, governmental funding, and nano-instrument/energy/environment-related products. Also, the use of potentially toxic materials makes commercialization difficult even if the products are not toxic.