Standards and standard-setting organizations (SSOs) have played a crucial role in shaping the innovation landscape for over three decades, especially in the information and communication technologies (ICT) sector.' The advancement in mobile telecommunication and the Internet has led to a fundamental change in the way individuals communicate with each other.2 Devices such as smartphones, tablets, laptops, and smart watches bear complex mechanical and technological features3 and perform multiple functionalities by connecting seamlessly.4 However, in order for the interoperability of these devices and their functionalities to come through, there is a requirement of a common set of specifications and interfaces, in the form of standards.5 Standards are widely acknowledged to be the mainstay of modern economy6 and can lead to an increase in the value of consumer products, as well as increased rates of innovation.7 The setting of standards and commercializing of innovation at large is facilitated by voluntary associations called SSOs. Competing firms come together under the auspices of SSOs8 to collaboratively select and adopt uniform technical standards.9.