The study of science and technology is crucial for the growth and development of the industries as well as the entire nation. The emerging markets across the world, particularly in Asia are continuously striving to innovate and introduce new products and new services. Hence, for the firms in emerging markets such as India, China, and Malaysia, it is important to make considerable investments in research and development (R&.D) and effectively initiate R&.D outcome at the marketplace for sustaining their competitiveness against the developed market firms of America and Japan. At the same time, it is essential for the policy-makers of these emerging market countries to recognize innovation and commercialization as one of the vital issues which needs to be critically addressed for ensuring thriving economic performance (Lester, “Universities, Innovation, and The competitiveness of Local Economies: Summary Report from the Local Innovation Project — Phase I”).. In recent times, Malaysia and other developing nations have engaged in following certain strategic approaches for effectively utilizing innovation as one of the sources for growth and development. Over the years, it has been apparent that Malaysia has firmly been focusing its efforts towards transforming itself as an innovation-based economy. Evidently, there has been a dramatic shift in terms of information, knowledge, and innovation in the past few years. Nonetheless, a shift in creativity and innovation alone cannot be regarded as enough for maintaining competitiveness in the highly dynamic socio-economical environment. Therefore, emphasizing on research and development and introducing research results effectively at the market is essential for remaining viable in the present highly competitive market.