Civil Engineering Reference
In-Depth Information
adopting a technology for driving a corporate business varies. Business Angels and
other private investors can be persuaded at an early stage (technology readiness
levels 3 or 4
2
). These investors are often well connected to markets in the relevant
sectors and are an important conduit to support market development for micro
businesses. In contrast large multinationals that have open innovation programmes
have a preference for technologies that are above technology readiness level 6 and
have proven defendable provenance and IP and can be brought into play quickly.
An important role for science and technology parks is to continue to develop
ways of supporting market connections for the companies they incubate.
5 Conclusion
Science and technology parks, although not perfect instruments for facilitating
economic development associated with the commercialisation of science and
technology, are developments that have been instrumental in helping to shape the
business environment to support the process by evolving from passive property
developments to active players in business incubation. From this early process and
the success of some of these developments a number of innovation systems have
been created through policy initiatives which help to create the right environment
to support business development.
Parks have pioneered and led on pre and full business incubation and have a
proven track record in developing and sustaining innovation systems. This has led
to increasing interest in what these sites do that helps the process of creating
companies and what can be added to their contribution.
The development of each individual company follows a unique pathway but
understanding the broad principles that underlie this process provides insights into
the way that support programmes that are promulgated by innovation systems can
be implemented to support these individual journeys.
All of these ideas require some public investment but it is clear that these funds
are less easily found with growing demands on the public purse so one of the major
opportunities is to build links with the private sector to help create funding streams
for companies.
References
After Trezona, R. (2008). Presentation to the The R&D Society, UK.
Launonen, M., & Viitanen, J. (2011). In Hubconcepts (TM): The global best practice for
managing innovation ecosystem and hubs. Hubconcepts, Inc.
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