In this work we adopt the theoretical framework of co-evolutionary analysis to explore the different roles of relevant stakeholders in the development of Cognitive Radio (CR) systems in the modern wireless market. Our analysis is aimed at yielding better understanding of factors upon which success or failure of commercialization of CR will depend and their possible link to policy and standardisation. Our analysis shows the benefits of co-evolutionary development coordinated across various domains: technology, policy and market. In particular, we build a compelling case that the policy domain and its respective stakeholders represent some of the most crucial factors that could “make or break” the future prospects of technology deployment and its advancement towards commercial success.