The purpose of this study was to assess the role of Competitive and Market Intelligence (CI/MI) Research as a potential source for improving the innovation capability of Small and Medium Enterprises (SME's) leading to successful new product/services/processes/capabilities development (Cooper & Edgett, 2002). This report highlights the background, methodology and findings of this study. Based on the findings, CI/MI service has the potential to contribute to enhancing a company's innovation capability by adding value at different stages of the research and development continuum, particularly at the early assessment stage as well as at a pre-commercialization stage. CI/MI research can lead to qualitative improvements in commercialization efforts. This, in turn, can contribute to a reduction in the high failure rate of new product commercialization, an ongoing problem identified at the beginning of this report.