Investigation of financial problems in the process of commercializing knowledge-based products

Conversion of research into new and innovative products plays a very important role in economic development and progress of countries. This process is very complicated. One of the main problems is the mechanisms of financing. This practical research was conducted by long-term "multiple case study". The purpose of this article is to investigate the financial problems in the process of commercialization of knowledge-based products in the Iranian business environment. For this purpose, three suitable knowledge-based products were selected in Isfahan Scientific and Technology Town during the years 2004 to 2019. The data collection method was based on pluralism and a combination of Goldsmith and Serkin commercialization models was used to analyze the data after theoretical saturation. The results were modified and confirmed in the focus group. Results of this study showed the role of intelligent financial support in different growth stages of knowledge-based companies. In all three cases, the destructive effects of inappropriate financing policies such as bank loans, short-term facilities, insufficient support for private sector investors and the incompatibility of supportive policies with the growth period of knowledge-based companies were explained. The research result was presented as a general model, includes useful and harmful financial strategies in different stages of commercialization of knowledge-based products.