Technology strategy development in Korean industry: an assessment of market and government influences

Many economic analysts view the Republic of Korea as Asia's next economic giant. This paper attempts to assess technology strategy development in Korean industry (chaebols and non-chaebols). Key factors found to affect technology development strategies are mainly financial ones. Corporate technology strategy making is driven by the desire to develop economically successful technologies according to plan, and that government influence in that process is limited. Government R&D policy at this point seems to have little effect. The paper concludes that, if Korea wishes to expand its technologically based factor of competitiveness, it must devise mechanisms for supporting innovation through science, supporting innovation through small business start-ups where there is presently little interaction, and supporting innovation through government procurement.