Post-liberalization, level of protection imparted by Indian government to Micro, Small and Medium Enterprises (MSMEs) is gradually reducing. In the changed scenario, MSMEs need to complete with large companies, both Indian and foreign, with cost-competitive and good quality products. Due to limited resources available with MSMEs, they find it difficult to develop internal technologies and hence need to access technologies developed elsewhere. Technologies developed by public funded Research and Technology Organizations (RTOs) can support MSMEs. However, MSMEs should develop competence to commercialize technologies procured from public-funded RTOs, and also utilize available governmental support to meet the emerging challenges. This paper discusses the challenges and governmental support systems for technology commercialization, with relevant examples, from Indian MSMEs’ perspective.