Technovation 23 (2003) 113–120 www.elsevier.com/locate/technovation Commercialization of new technologies in India: an empirical study of perceptions of technology institutions  V. Kumar a,* , P.K. Jain b a Department of Science and Technology, Ministry of Science and Technology, Government of India, New Delhi 110 016, India b Department of Management Studies, Indian Institute of Technology, New Delhi 110 016, India Abstract In recent years technology has become not only an important dimension of national development and growth but also essential for survival in this competitive world. Consequently, development and commercialization of new technologies has become an activity of focal attention and a force to reckon with. India had started development of its scientific infrastructure in a planned way immediately after independence, however, tech- nology development/commercialization attracted due attention of policy makers only since 1980s. The papers presents findings of field research undertaken by the authors to study the status of new technology commercialization practices in the country. The focus is on the parameters that influence the decision regarding commercialization of new technologies and the success of new technology ventures, the efficacy of existing financing/support mechanisms and the further actions required by stakeholder agencies, viz., industry, technology institutions, financial institutions and the government for further development of commercialization of new technologies in India. For better exposition the presentation is divided into sections dealing with introduction, technology commercialization — policy initiatives in India, need for the study, design and methodology, study findings and is summed up with concluding remarks.  2001 Elsevier Science Ltd. All rights reserved. Keywords: Technology; Technology transfer; Technology commercialization; New technologies; Innovation; Development through innovation; Research and development; Technology institutions; Technology stake holders; Technology research 1. Introduction The importance of technology in the current era has been brought out very explicitly by Jospin (1998) when he concludes “new products and processes will be required to move today’s industries into the next century and to achieve industrial competitiveness and sustainable growth”. The notable studies of Kuznets (1961), Denison (1962), Derry and Williams (1965) and Schmookler (1966), etc. have also shown that technology of late has become the most important factor for national growth. Historically, price and quality determined the competi- tiveness, but in recent years technology has become the significant factor affecting it (Seong-Youn, 1997).  The views expressed are those of the authors and not of the organ- isations to which the authors have affiliation. * Corresponding author. Tel.: +91-11-6961318; fax: +91-11- 6863866. E-mail address: tifac@nde.vsnl.net.in (V. Kumar). 0166-4972/02/$ - see front matter  2001 Elsevier Science Ltd. All rights reserved. doi:10.1016/S0166-4972(01)00095-5 The fast pace of technology developments and obsol- escence has left very little choice on technology front for developing countries like India. The complete depen- dence on the import of technology from developed coun- tries could lead to perpetual technology subordination on the one hand, and may hamper development of indigen- ous technology on the other. The technology anchor of a nation needs to be within the country to achieve self sustaining and self propagating prosperity; de facto it provides intrinsic strength for development of own tech- nologies, inter-alia, technological capabilities. 2. Technology commercialization — policy initiatives in India Recognizing the importance of science and tech- nology as a major force in national development, India laid special emphasis on creating a strong research and development infrastructure during initial years after