The commercialization of research results is an important component in innovation. Process management approach to commercialization allows focusing on measurable results and identifies the roles of stakeholders involved in the process. The goal of this paper is to identify the main problems hampering implementation of the commercialization process in Latvia and to propose suggestions for possible solutions of the identified problems. Application of process management approach and importance of relevant stakeholder identification is discussed, roles of stakeholders are identified. All that was compared with a real-life situation by organizing a focus group with managerial personnel of research organizations and policy makers. The results of the research prove the assumption that absence of experienced knowledge transfer specialists hinder the commercialization process in Latvia, which is evidenced by insignificant amount of scientific developments that have been commercialized. The details of missing stakeholders’ inputs were investigated which leads to a possibility of defining a profile of the relevant stakeholder. Focus group participants recognized the lack of optimal coordination of all commercialization activities as an important setback for successful knowledge flow from academic environment to industries.