Importance of research, innovation and commercialisation for technological success

Abstract

The present paper introduces three key dimensions of research, innovation and commercialisation as fundamental requirements to achieve technology-based economy which makes the country a developed (advanced or industrialised) one. The mathematics of these three dimensions is not easy, rather complicated and multi-dimensional and requires a strong commitment from three players of government, academia and industry. The paper also outlines the key requirements to implement right strategies and policies in implementing the research, innovation and commercialisation concept. The results clearly show that a true economic independence is not possible without technology development and that research and innovation are two key prerequisites for technology development.