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.