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This study explores how the technology commercialization process leads to either success or failure after transfer from PROs to SMEs by conducting a binomial logistic regression analysis. We found that the more additional development a firm implements on the transferred technology, the more likely the commercialization is to fail. The higher number of alternative technology and bigger market risk are associated with a greater likelihood of failure. On the other hand, the existence ofdoi:10.7545/ajip.2017.6.1.023 fatcat:6tyaavt75rajlctpmg3ekfikzu