Commercializing generic technology: The case of advanced materials ventures

Generic, radical technology is of interest because of its potential for value creation across a broad range of industries and applications. Advanced materials ventures are attracted by this opportunity yet face distinctive challenges in commercializing such technology. We explore an anomaly in common assumptions about the commercialization of generic technology. We build on Freeman's concept of technological innovation as a technological and market matching process, on existing literature and on prior experience to build, inductively, a model of the variables influencing value creation by advanced materials ventures. We then test the model on the basis of detailed observation and analysis of two case studies, which have successfully created value through commercialization of advanced materials technology. Extending this theory, we offer managerial and policy recommendations to support value creation by advanced materials ventures.