The Role of Technology Commercialisation in the Operationalisation of Innovation and Industrial Policies in South Africa

Abstract

Abstract Innovation has been and continues to be recognised as central to promoting and supporting sustainable economic development; as such, South Africa has set the goal of becoming a knowledge economy. This is an economy that succeeds in producing knowledge and transforming itself into a technology-based from a resource-based economy that will stimulate growth and development of the country, while creating sustainable employment opportunities. The two key policies designed to drive strategic economic development in South Africa are the Innovation Policy and the Industrial Policy. This article considers the role of technology commercialisation strategy and how it can be utilised as a model for cooperation and collaboration to ensure achievement of the objectives of the innovation and industrial policies and present a homogeneous approach to policy implementation. The data was collected through a field survey of small, medium and micro enterprises (SMME s) which are technological oriented. Additional information was gathered through an in-depth, semi-structured interviews with selected stakeholders within the innovation landscape. The research findings confirm that commercialisation is the most significant and critical step of the innovation value chain, supported by collaboration and linkages of the innovation system players and it requires effective co-operation from both public and private entities. Successful technology commercialisation justifies efforts, funds and time committed to research and development and it propels enterprise development, spurs industrialisation, enhances enterprise technological capability, efficiency and competitiveness, create investment opportunities, and make research more demand driven.