A Historical Analysis on the Challenges of Development and Commercialization in a Knowledge- Based Medical Equipment Company

In response to various financial, managerial, structural, and marketing challenges, technology commercialization researchers and policymakers have proposed and implemented solutions to overcome the Death Valley challenge. The case study describes an experience of using Technology Holding Company as a structural response in technology commercialization in a knowledge-based firm manufacturing Iranian medical equipment. Data were collected during six months (September 2020 to March 2021) by conducting semi-structured interviews with experts. The company's experience during its life cycle of more than five years to date (stages of birth, growth, maturity, and resuscitation) is described with a historical narrative approach. The results show that although institutional strategies such as establishing research and production units of the company in growth centers and financing before industrial production since 2017 and in the stages of birth, growth, and maturity were able to achieve success, the challenge of doing activities. The market questioned the effectiveness of these strategies in the recovery phase. Also, creating a technology holding company in the revival stage, the company has offered a new solution to overcome the Valley of Technology Death challenge in knowledge-based companies. In cooperation with large companies and the establishment of subsidiaries in the field of "design and construction" and "marketing and sales" and establishing research institutes for pre-clinical and clinical studies, the company focuses on the technical aspects of the innovation process and acquires specialized activities. Furthermore, it has entrusted the work to experts in this field and has succeeded in commercializing its products.