Journal Search Engine
Search Advanced Search Adode Reader(link)
Download PDF Export Citaion korean bibliography PMC previewer
ISSN : 2233-4165(Print)
ISSN : 2233-5382(Online)
Journal of Industrial Distribution & Business Vol.9 No.11 pp.39-54
DOI : http://dx.doi.org/10.13106/ijidb.2018.vol9.no11.39.

A Success factor for Technology Commercialization for Start-ups by the Weighted-BMO Model

Kwang-Dong Min**,Moo-Yul Huh***,Jeong-Hui Han****
* This Paper was Modified and Developed from the Master Thesis of the Co-Author.
** First Author, Doctoral student, Department of Global Plicy, Gongju National University, Korea. Tel: +82-41-961-5821, E-mail: kdantony@naver.com
**** Third Author, Doctoral Student, Department of Global Plicy, Gongju National University, Korea. Tel: +82-42-348-1004, E-mail: 310607@hanmail.net
*** Corresponding Author, Professor, Department of Global Plicy, Gongju National University, Korea. Tel: +82-41-850-0811, E-mail: hmyag@kongju.ac.kr
September 15, 2018 October 30, 2018 October 10, 2018

Abstract

Purpose - To success, in spite of deficient resources, a start-up company has to check various circumstances. Many researchers proposed different appraisal methods for technology commercialization. But everybody agrees Merrifield is the first one, who is a pioneer of an appraisal model of technology commercialization. After he proposed it, many researchers and field workers developed a more complicated model, which called a BMO model. In this research, considering the circumstances of start-ups that lack available resources, it proposes a new appraisal method for technology commercialization, which is named a weighted-BMO model.
Research design, data, and methology - For the new BMO-model, it studied the preceding studies. And it found that the success factors for start-ups were correlated with technology commercialization. After comparing the success factors for technology commercialization of start-ups with BMO appraisal factor, it withdraws the net BMO appraisal model: which we are calling the weighted-BMO model.
Results – This study found a few things. First, actually, the BMO appraisal factors related with the success factors of technology commercialization. Second, the weighted-BMO model, which included the entrepreneur ability factor, was more accurately estimated the success of technology-based start-ups than the BMO model. Third, it overcame the weakness of the BMO-model, which did not include quantitative factors. In addition to evaluating the feasibility of the BMO model, we also presented a strategy for the future direction. But, still, it included a few shortcomings, which we are calling the arbitrage of weighted value. Sometimes, the intentional weighted value can deliberate the different valuation.
Conclusitons - Due to this study, the weighted-BMO model included appraisal factors related with the success factors of technology commercialization and the entrepreneur ability factor, and quantitative factors. When evaluating the combined score of the existing Merrified BMO components, 35 points of the first pass criterion accounted for 29.17% of the total score, and 80 points of the merit score of the second rank criterion were 66.67% Considering that the weighted sum is taken into account, the baseline score of the weighted summing method for each component of the modified BMO model is 2.92 points, which is 29.17% of the weighted sum total of 10 points. The evaluation score was 6.67 points, 66.67% of the weighted total score of 10 points.

JEL Classification: L1, M0, M1.

BMO모형을 이용한 스타트업 기술사업화 성공요인 연구

민광동**,허무열***,한정희****

초록


    Figure

    Table

    Reference

    1. Berry, L. G., & Goel, R. K. (1991). Guidelines for Successfully Transferring Government-Sponsered Innovation. Research Policy, 20(2), 121-143.
    2. Chen, C. -J. (2008). Technology commercialization, incubator and venture capital, and new venture performance. Journal of business research, 62(1), 93-103.
    3. Cooper, R. G. (1979). The Dimensions of Industrial New Product Success and Failure. Journal of Marketing, 43(3), 93-103.
    4. Eun, J. S. (2007). A series of rearch for the theory of self-estimating internet shoping-mall, business model which uses BMO estimating model. (Master Thesis, Hanbat Nationnal University). Retrieved October 10, 2018
    5. Ettlie, J. E. (1982). The Commercialization of Federally Sponsored Technological Innovations. Research Policy, 11(3), 173-192.
    6. Fleischauer, P., Goeller, B., Hederman, W., Johnson, L., Morrow, E., Rettig, R., & Wirt, J. (1979). Analysis of Federally Funded Demonstration Project: Supporting Case Studies. Santa Monica, CA: RAND Corporation.
    7. Gokhan, C., Ferruh, I., & Adnan, H. (2016). How Managers React to Crisis?: A Planned Behavior Theory. East Asian Journal of Business Management, 6(4), 5-12.
    8. Han, S. S. (2016). Industry Structure, Technology Characteristics, Technology Marketing and Performance of Technology – Based Start-ups: With Focus on Technology Marketing Strategy. Journal of Distribution Science, 14(2), 93-101.
    9. Jung, H. Y., Yang, Y. S. (2007). Literature Studies for Testing validity of Business Model of High-tech Starts-up;Utilizing BMO Model. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 2(2), 1-22.
    10. Kim, W. K. (2014). A Study on the Factors that Affect the Negotiation of Technology Trading for Promotion of Technology Transfer Commercialization. Journal of Distribution Science, 12(1), 35-46.
    11. Kim, Y. -K. (2015). Relationships between the Effect Factors of Private Brand Images and Customer Trust and Loyalty, Journal of Distribution Science, 13(7), 73-83.
    12. Lee, J. S. (2007). A study on overcoming the growing pains of start-up entrepreneur-A case study on K company based on BMO model. (Master Thesis, Hanbat Nationnal University). Retrieved October 10, 2018
    13. Lee, J. W., Jang, S. D. (2001). Success Factor of High-Tech Ventures Across Stages of Growth. Journal of Management, 9(2), 59-92.
    14. Lee, S. C., Lim, W. H., & Suh, E. K. (2014). Youth Startup Firms: A Case Study on the Survival Strategy for Creating Business Performance. Journal of Distribution Science, 12(6), 81-88.
    15. Lester, D. H. (1998). Critical Success Factors for New Product Development. Research Technology Management, 41(1), 36-43.
    16. Lin, B. -W., Lee, W., & Hung, S. -C. (2006). R&D intensity and commercialization orientation effects on financial performance. Journal of business research, 59(6), 679-685.
    17. Merrifield, D. B. (1978, December). How to select successful R&D projects. Management Review, 25-39.
    18. Mukhatarova, K. S., & Zhidebekkyzy, A. (2015). Development of Green Economy via Commercialization of Green Technologies: Experience of Kazakhstan. Journal of Asian Finance, Economy and Business, 2(4), 21-29.
    19. Rothwell, R. (1992). Successful Industrial Innovation: Critical Factors for the 1990s. R&D Management, 22(3), 221-240.
    20. Saifullah, K., Kari, F. B., & Ali, A. (2017). Linkage between Public Policy, Green Technology and Green Products on Environmental Awareness in the Urban Kuala Lumpur, Malaysia. Journal of Asian Finance Economics and Business, 4(2), 45-53.
    21. Sara, M., & Yi, Y. (2016). From an Entrepreneur to a Sustainopreneur: Extracting Facts about Sustainopreneurship. East Asian Journal of Business Management, 6(2), 23-25.
    22. Shan, Y., & Shuai, S. (2014). A Study of the Factors that Impact Chinese Consumers’ Purchasing Intent for High-Tech Products. East Asian Journal of Business Management 4(1), 37-40.
    23. Song, D. H. (2006). A study on Promoting Diffusion of Government funded Research & Development Outcome. KISTEP.
    24. Song, J. B. (2002). A study on commercialization and diffusion of the research results from company-attached research institutions, Journal of Hankyung University, 34th.
    25. Wind, Y. (2005). Marketing as an engine of business growth: A cross-functional perspective. Journal of business research 58(7), 863-973.
    26. Yam, R. C. M., Guam, J. C., Pum, K. F., & Tang, E. P. Y. (2004). An audit of technological innovation capabilities in chinese firms: some empirical findings in Beijing, China. Research Policy, 33, 1123-1140.
    27. Yuan, N. A., Thanh, N. M., & Loe, T. T. (2018). Technology Management and Challenges of Vitnamese Enterprises in the International Market. Journal of Asian Finance Economics and Business, 5(1), 43-52.
    28. Zahra, S. A., & Nielsen, A. P. (2002). Sources of capabilities, integration and technology commercialization. Strategic Management Journal, 23(5), 377-398.