This paper aims to focus on the standardization process and its consequences in the field of information and communication technologies (ICT) , with a view to understanding the significance of the standardization in academia and inclusion to this subject in academic curricula. Particularly, we take the scenario of cellular communication industry and as an evolutionary technology we take CDMA (Code Division Multiple Access) as a case study. Game theory is chosen as a tool for analysis of the business decision of stakeholder of an innovative technology. CDMA’ s spread spectrum approach was unique. However, the good technology doesn’ t always win out. A good example is VHS ; which is successful and won out the market though technically inferior to Betamax. For the case of CDMA, we explain the case of good technological innovation, strategic management by the innovator and the role of standardization as a pre-requisite to win the market. We designed the game based on the scenario while a technology licensor (Qualcomm) simultaneously works as a product manufacturer and make a role overlapping with the licensee (Motorola, Nokia, Ericson etc) . We also give a brief mathematical analysis with the Stackelberg leadership Game Model for the Qualcomm’ s Royalty and Chip business.