Overcoming the challenge of commercializing technology-based innovations in developing countries - A case study of Nigeria

Gloria I B Obioh

Abstract

Technology-based innovations have remained pivotal to the economic growth and success of developed countries and the template used by economies in transition to model their development pathway. This presupposes that the success recorded by any country is directly proportional to and strongly hinged on each country’s ability to harness, incubate and commercialize technologies which are locally developed; to ensure that the country does not remain totally import-dependent. However, it appears that there are many developing countries that have very little understanding of the role of technology acquisition from local institutions and how to use this to foster economic boom. This paper attempts to identify the constraints faced by innovators in developing countries to commercialize their products as well as strategies for breaking existing barriers in integrating local technologies into the fabric of national economic planning and development. An analysis of the local situation in Nigeria is reviewed and used as basis to re-construct a pathway or model for institutionalizing sustainable development and economic growth.