The use of smart materials and multifunctional components has the potential to provide enhanced performance, improved economics, and reduced safety concerns for applications ranging from outer space to subterranean. Elastic Memory Composite (EMC) materials, based on shape memory polymers and used to produce multifunctional components and structures, are being developed and qualified for commercial use as deployable components and structures. EMC materials are similar to traditional fiber-reinforced composites except for the use of a thermoset shape memory resin that enables much higher packaging strains than traditional composites without damage to the fibers or the resin. This unique capability is being exploited in the development of very efficient EMC structural components for deployable spacecraft systems as well as capability enhancing components for use in other industries. The present paper is intended primarily to describe the transition of EMC materials as smart structure technologies into viable industrial and commercial products. Specifically, the paper discusses: 1) TEMBO EMC materials for deployable space/aerospace systems, 2) TEMBO EMC resins for terrestrial applications, 3) future generation EMC materials.