Towards a cyclic systems model of technology development

The process of technology development and the theory of introducing a product to market have both received significant attention in the literature. Likewise the process of venture capital investment is a much studied area. However each subject makes scant reference to the other, though in reality they are inextricably linked. This paper explores the insight which can be gained by developing a systems model of the overarching technology commercialisation process, over and above that available in the separate literatures of venture capital, technology development and innovation and marketing. A brief review of the relevant aspects of the literature of venture capital, technology development and innovation and marketing is provided. An analogy is used to develop the logic which links together these existing, independent subject areas, and a unified model is presented, building on the principal systems models elucidated and inferred in the separate literatures.