Korean government has been putting efforts to promote development of technologies by government sponsored labs and to transfer, diffuse, and commercialize these technologies in private sector since mid 1980s. In spite of these efforts, utilization of government-sponsored technology remains in the very low level. According to the survey conducted by Korea Intellectual and Patent Office (1999), the ratio of unused industrial property rights including patents was above 70% of total industrial property rights. Survey on the information and telecommunication industry done by the Institute of Information Technology Assessment (IITA) in 1999 shows that the utilization ratio of government-sponsored technologies is about 55.8%. This is especially true where government is not the primary or end-user of technologies. The purposes of this paper are to (1) identify a process model of technology commercialization, (2) develop the related variables of each step in the six-step continuous process model of government-sponsored technology commercialization, (3) empirically investigate the data gathered through questionnaire survey, and (4) suggest policy alternatives for promoting technology commercialization in Information and Telecommunication industries.