AbstractNew industrial crops are promoted as enterprises that will raise farm sector income, provide economic development activities for rural areas, and provide products that will substitute for imports from other nations. A conceptual model, based on the principles of strategic management, is developed for analyzing the economics of commercializing industrial crops. The model is applied to the oil derived fromLesquerella, a possible substitute for castor oil which is used in lubricants, cosmetics, and waxes. Botanical and chemical entrepreneurship are emphasized as key factors in the successful commercialization of new industrial crops. © 1995 by John Wiley&Sons, Inc