Supporting Technology Commercialization for SMEs: A New Service Model to Support Idea Generation in the Product Development Process

This study proposes a research model based on a Governmental initiative that aims to increase the success of commercialization for technology-oriented SMEs. It particularly focuses on supporting the identification and development of innovative product ideas. Although the success of a new product is dependent on the customers’ satisfaction, technology entrepreneurs often pay significantly less attention to their commercialization strategy as opposed to their technological innovation. This paper considers crowdsourcing as an effective method to overcome this. Based on this assumption, customers can aid the development of an idea for a new product through their own needs, ultimately driving successful commercialization. Furthermore, the paper provides some key insights to support small and medium sized firms and proposes a new service model with an open platform that facilitates crowdsourcing. It particularly focuses on the early stage of the new product development process, indicating how such a platform, with Governmental support, can be used in a variety of business areas.