Role of Universities in Contributing Towards Science and Technology Park Development: A Framework of Critical Success Factors - Technopolis: Best Practices for Science and Technology Cities - page 292

2 Theoretical Perspectives on STPs
Although STPs have appeared under different names and physical manifestations
across the world, there should be some broad definition that describes them. What
are STPs? A Science Park is an organisation managed by specialised professionals
whose main goal is to increase the wealth of its community by promoting a culture
of innovation and competitiveness of enterprises and knowledge-generating
institutions established in the park or associated with it. Science parks include
schemes under various similar names such as ''Research Parks'', ''Technology
Parks'', ''Science and Technology Industrial Parks'', ''High Technology Devel-
opment'', ''Innovation Centre'' and ''Technology Incubator'' (Zhang 2002 ).
2.1 Purpose of STPs
An important dimension in the discourse of STPs is the purpose for which the STP
is established to serve. According to the IASP ( 2011 ), STPs promote the economic
development and competitiveness of regions and cities by:
• Creating new business opportunities and adding value to mature companies.
• Fostering entrepreneurship and incubating new innovative companies.
• Generating knowledge-based jobs.
• Building attractive spaces for the emerging knowledge workers.
• Enhancing the synergy between universities and companies.
In China, for a firm to gain entry into the STPs, it is required to be classified as a
high-tech firm and must satisfy three key criteria for qualifying as a high-tech firm
(Zhang and Sonobe 2011 ). First, a high-tech firm is required to develop or use
technology in the new and high-tech products or services listed in the country's
Catalog for High and New Technology Products published by the Ministry of
Science and Technology, which includes electronics and information technology,
aerospace technology and biotechnology. Second, a high-tech firm is required to
spend at least 3 % of its annual gross revenue on Research and Development
(R&D) to develop products or services. Third, of the high-tech firm's employees,
30 % or more must have at least a college degree and at least 10 % must be
engaged in R&D. Should an enterprise fail to meet these conditions, then it is
excluded from enjoying various policy incentives given to high-tech firms. Most
high-tech firms are in the manufacturing sector.
The research by Money ( 1970 ) in North America on the critical success factors
for university related STPs established the following important points:
1. There are principal university services which STP tenants consider significant
in their decisions to locate in a university. Such services include the technical