Investigating the challenges and providing effective drivers for the commercialization of knowledge-based products in startups in the medical equipment industry

Document Type : Research Paper

Authors

1 Associate Professor, Department of Technology Development Studies (DTDS), Iranian Research Organization for Science and Technology (IROST) Tehran, Iran.

2 Associate Professor , Department of Technology Development Studies (DTDS), Iranian Research Organization for Science and Technology (IROST) Tehran, Iran.

3 Tehran

Abstract

The medical equipment industry has its own challenges in terms of commercialization due to its interdisciplinary nature as well as its sensitivity and connection with human life. Therefore, this study examines the drivers of commercialization of knowledge-based products in startups in the medical equipment industry. For this purpose, the subject was examined by reviewing the literature and the drivers were counted. By applying the subject literature, 9 experts of this industry were interviewed and their challenges were identified. In order to analyze and visualize causal relationships and prioritize drivers, DEMATEL technique was used. Since the causal drivers are the key factors of commercialization success, therefore, by using the examination and adaptation of the challenges and causal drivers, solutions can be identified to solve the challenges. Among the drivers in solving the challenges is the provision of financial resources and based on the identified relationships between the financial drivers, the potential growth of profit, financing capacity, existing financial resources and initial capital have priority. In the issue of market penetration and competition with brands, related to the marketability category includes marketing and sales skills, product market size, product competitiveness, and also the technology level component.

Keywords

Main Subjects


Ahn, J.-G.; Seo, G.-S.; Jung, E.-S.; Lee, S.-M.; Lee, D.-H. Medical Device Industry Trends and Investment Promotion Plan. 2017. Available online: http://news.kotra.or.kr/user/reports/kotranews/20/ usrReportsView.do?reportsIdx=7614 (accessed on 28 March 2019).
Bal, A., Banerjee, M., Chakrabarti, A., & Sharma, P. (2018). MRI Brain Tumor segmentation and Analysis using Rough-Fuzzy C-Means and Shape Based Properties. Computer and Information Sciences.
Bezdek, J. (2013). Pattern recognition with fuzzy objective function algorithms. Springer Science & Business.
Bolanos, R., Fontela, E., Nenclares, A., & Pastor, P. (2005). Using interpretive structural modelling in strategic decision-making groups. Management Decision, 43(6), 877-895.
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative research in psychology, 3(2), 77-101.
Chesbrough, H. Business model innovation: it’s not just about technology anymore. Strateg. Leadersh. 2007, 35, 12–17.
Chesbrough, H. Business model innovation: it’s not just about technology anymore. Strateg. Leadersh. 2007, 35, 12–17.
Chuang, K.-S., Tzeng, H.-L., Chen, S., Wu, J., & Chen, T.-J. (2006). Fuzzy c-means clustering with spatial information for image segmentation. Computerizes Medical Imaging and Graphics, 9-15.
Clinton, L.; Whisnant, R. Business Model Innovations for Sustainability. In Managing Sustainable Business; Springer: Berlin, Germany, 2019; pp. 467–507.
Davis, S. & Botkin, J., (1994), “The Coming of Knowledge-Based Business”, Harvard Business Review, https://hbr.org/
Dilcher, K. (2002). The Commercialization of University Teaching and Research Through.
Hathaway, R., & Bezdek, J. (2001). Fuzzy c-means clustering of incomplete data. IEEE Trans. Syst. Man. Cybrn, 735-744.
Heirman, A.; Clarysse, B. The imprinting effect of initial resources and market strategy on the early growth path of start-ups. Acad. Manag. Proc. 2005, 2005, A1–A6.
Hyytinen, A.; Pajarinen, M.; Rouvinen, P. Does innovativeness reduce startup survival rates? J. Bus. Ventur. 2015, 30, 564–581.
Kim, B.; Kim, H.; Jeon, Y. Critical Success Factors of a Design Startup Business. Sustainability 2018, 10, 2981.
Kohler, T. Corporate accelerators: Building bridges between corporations and startups. Bus. Horiz. 2016, 59, 347–357.
Kirihata ,T,(2007).The Cultivation of New Technology-based Firms and Roles of Venture Capital Firms in Japan. Kyoto Univercity.1-15
Lasch, F.; Le Roy, F.; Yami, S. Critical growth factors of ICT start-ups. Manag. Decis. 2007, 45, 62–75.
Lee, H.H.; Hwangbo, Y.; Gong, C.H. A Study on the Factors that Determine the Initial Success of Start-Up. Asia-Pac. J. Bus. Ventur. Entrep. 2017, 12, 1–13.
Lee, M. Strategies for Promoting the Medical Device Industry in Korea: An Analytical Hierarchy Process Analysis. Int. J. Environ. Res. Public Health 2018, 15, 2659.  [PubMed]
Lee, M.; Yoon, K. Ecosystem of the medical device industry in South Korea: A Network Analysis Approach. Health Policy Technol. 2018, 7, 397–408.
Lee, M.; Yoon, K.; Lee, K.-S. Social network analysis in the legislative process in the Korean medical device industry. Inq. J. Health Care Organ. Provis. Financ. 2018, 55.
Lee, M.; Yoon, Y.; Ryu, G.H.; Bok, H.S.; Yoon, K.; Park, S.; Lee, K.-S. Innovative distribution priorities for the medical devices industry in the fourth industrial revolution. Int. Neurourol. J. 2018, 22, S83.  [PubMed]
Lee, Y.H.; Park, S.H. A Study on the Success Factors of Venture Entrepreneurs and Entrepreneurship Education. Asia-Pac. J. Bus. Ventur. Entrep. 2014, 9, 231–244.
malone, D. (1975). An Introduction to the application of interpretive structural modeling. IEEE, 397-404.
malone, D. (1975). An Introduction to the application of interpretive structural modeling. IEEE, 397-404.
Manbachi, A.; Kreamer-Tonin, K.; Walch, P.; Gamo, N.J.; Khoshakhlagh, P.; Zhang, Y.S.; Montague, C.; Acharya, S.; Logsdon, E.A.; Allen, R.H. Starting a medical technology venture as a young academic innovator or student entrepreneur. Ann. Biomed. Eng. 2018, 46, 1–13.  [PubMed]
Palizdar, K., Madani, S., & Nia, M. A. (2018). Assessing behavioral and environmental factors affecting the attraction of venture capital for investing in Knowledge-based companies. Economic Development Policy, 6(1), 93-124.
Pammolli, F.; Riccaboni, M.; Magazzini, L. The sustainability of European health care systems: Beyond income and aging. Eur. J. Health Econ. 2012, 13, 623–634.
Park, C.S.; Kim, M.S. Credit Evaluation Model for Medical Venture Business by the Analytic Hierarchy Process. Asia-Pac. J. Bus. Ventur. Entrep. 2011, 6, 133–147.
Peng, S.-J., Lee, C.-c., Wu, H.-M., Lin, C.-J., Shiau, C.-Y., Guo, W.-Y., . . . Yang, H.-C. (2018). Fully automated tissue segmentation of the prescription isodose region delineated through the Gamma Knife plan for cerebral arteriovenous malformation (AVM) using fuzzy c-means (FCM) clustering. NeuroImage: Clinical.
Politis, D. Does prior start-up experience matter for entrepreneurs’ learning? A comparison between novice and habitual entrepreneurs. J. Small Bus. Enterp. Dev. 2008, 15, 472–489.
Sohn, D.W.; Hur,W.; Kim, H.J. Effects of R&D and patents on the financial performance of Korean venture firms. Asian J. Technol. Innov. 2010, 18, 169–185.
Stuart, R.; Abetti, P.A. Start-up ventures: Towards the prediction of initial success. J. Bus. Ventur. 1987, 2, 215–230.
Tur-Porcar, A.; Roig-Tierno, N.; Llorca Mestre, A. Factors Affecting Entrepreneurship and Business Sustainability. Sustainability 2018, 10, 452.
Tutar, H.; Nart, S.; Bingöl, D. The effects of strategic orientations on innovation capabilities and market performance: The case of ASEM. Procedia Soc. Behav. Sci. 2015, 207, 709–719.
Van Gelderen, M.; Thurik, R.; Bosma, N. Success and risk factors in the pre-startup phase. Small Bus. Econ. 2005, 24, 365–380.
Watson, K.; Hogarth-Scott, S.; Wilson, N. Small business start-ups: Success factors and support implications. Int. J. Entrep. Behav. Res. 1998, 4, 217–238.  Sustainability 2019, 11, 1948 15 of 17
Yang, A.; Farmer, P.E.; McGahan, A.M. ‘Sustainability’ in global health. Glob. Public Health 2010, 5, 129–135.