University–Industry Collaboration in Smart Product Development: A Case Study of Smart Bolt Monitoring Innovation

This study investigates how university–industry collaboration enables and constrains the development and commercialization of smart products. Using an in-depth case study of a smart bolt monitoring innovation led by a university engineering team, we analyze the mechanisms that translate research outputs into market-ready solutions. We also identify the barriers that limit the market adoption of university innovations. The study contributes to research on innovation and smart new product development by demonstrating a problem-driven, collaboration-centered pathway for smart product commercialization. In addition, it highlights the importance for universities, firms, and policymakers regarding the structuring of teams, financing, and market engagement to improve technology transfer and market outcomes.