Authors: Sarath W.S.B. Dasanayaka; H.G.G.K. Rangajeewa; Omar Al Serhan; Kimberly Gleason; Ala Abdulhakim Alariki; Wiktor Batena
Addresses: Department of Industrial Management, Faculty of Business, University of Moratuwa, Moratuwa, 10400, Sri Lanka ' Sri Lanka Institute of Nanotechnology (SLINTEC) PVT Ltd., Nanotechnology and Science Park, Mahenwatta, Pitipana, Homagama, Sri Lanka ' Faculty of Business, Higher Colleges of Technology, Abu Dhabi Men's Campus, Abu Dhabi, United Arab Emirates ' Department of Finance, School of Business Administration, American University of Sharjah, United Arab Emirates ' Faculty of Information Technology and Computer Science, American University of Afghanistan, Kabul, Afghanistan ' Faculty of Business, Higher Colleges of Technology, Abu Dhabi, United Arab Emirates
Abstract: Sustainable economic growth is in theory, positively related to Schumpeterian 'creative destruction', which occurs due to innovation, technological change, and entrepreneurship - factors that can transform inventions into marketable innovations. Sri Lanka has produced many independent inventors with high technical merit, and many of have won awards in international competitions and exhibitions. However, the country remains heavily dependent on the import of technologies. By improving the local innovation system, the country may be able to achieve a higher level of economic success. In this study, we investigate award winners of the Sri Lanka Inventors Commission (SLIC), who likely have the highest potential to commercialise their inventions. We conduct a detailed survey of award winners' demography, inventive, and commercialisation aspects, and find that around 75% of the local independent inventors have not achieved commercial success due to insufficient support from external parties. Based on our findings, we make recommendations for inventors, national entities such as the SLIC, and supranational entities interested in promoting economic development regarding the proper use of the invention process and support for the facilitation of commercialisation of these inventions.
Keywords: invention; innovation; commercialisation; technology management; economic growth; Sri Lanka.
International Journal of Business and Globalisation, 2020 Vol.25 No.2, pp.241 - 263
Received: 24 Aug 2017
Accepted: 27 Mar 2018
Published online: 30 Jun 2020 *