The development and commercialization of new technologies are important to the global
economy. New product technologies can revitalize old industries or create entirely new
industries. New process technologies can streamline production and increase efficiency.
High-tech start-ups and technology development firms, also known as technological
entrepreneurs, play an important role in developing and commercializing the
technologies, especially in artificial intelligence, biotechnology, software, and the
telecommunications industry (Zahra 1996a). As technology adopters, they use new
technologies for product and process innovation; as technology developers, they initiate
the commercialization of new technologies (Clarysse and Moray 2004). |