Factors affecting commercialization of newly developed products : a study of selected small and medium enterprises in South Africa

Abstract

The research was conducted to determine what the success factors for new product development and commercialization were for a selected sample of SMEs in South Africa. Academic literature on success factors for New Product Development and commercialization, as well as small and medium businesseswere reviewed. The review of the literature provided the theoretical framework for 21 success factors relevant to the study. These success factors were further extrapolated to 36 success factors and used as a basis for determining South African SME relevance. The findings were consistent with the literature review and point to several success factors that South African SMEs deem critical to success of new product development. In conclusion, South African SMEs confirm the importance of the success factors as presented in the literature. The ranking by importance of these success factors highlight the specific value that South African SMEs place on these success factors. These need further in-depth research.