University Research Parks: Advancing Talent, Intellectual Property, Research Capacity and Economic Development
By Gregory W. Deason
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Today's parks are hot spots of talent, intellectual property, research capacity and economic development. This is made possible by fully engaging with their local universities as well as the evolution of the entrepreneurial cultures celebrated in North American universities and Research Parks.
Research Parks specialize in facilitating engagement between their businesses and the university as well as providing services to faculty and researchers wishing to pursue entrepreneurial activities. Research Parks also specialize in working with local and regional economic development agencies, real estate professionals, site selectors and others.
This has greatly increased the overall entrepreneurial spirit within communities and regions and takes full advantage of the university's core strengths.
* Talent provides opportunities for companies to locate in a Research Park that is near a university in order to utilize university-based talent to grow and enable their firm. For startup companies trying to build a team, the talent available enables them to fill or supplement key roles within their technical team. Faculty and researchers who become engaged in business or as entrepreneurs seldom leave their teaching or research post at the university. Many do report that these experiences make them more effective in their teaching and research as a result of the knowledge they gain from their Engagement activities. We also see more directed and focused university activities specifically aimed at increasing entrepreneurship and technology commercialization thus leading to an economic impact.
For existing companies this asset enables the expansion of their capabilities through new talent that includes the opportunities:
* For companies to interact with world-class faculty and researchers on development of new technologies. This can range from utilizing researchers and faculty as consultants to filling or supplementing key technical roles within the company.
* To utilize students (graduate and undergraduate) who are learning and participating in cutting-edge research activities at the university.
* To hire recent graduates.
* Intellectual Property provides opportunities for companies to utilize the output from research and discovery activities within a university. Having a continual flow of new discoveries produces patent and licensing helps:
* Companies benefit from licensed technology.
* Companies co-develop new technology through joint research efforts.
* Existing companies enhance product lines or technical advantages through new intellectual property.
* The creation of high-tech startup companies with novel platform technologies resulting from new intellectual property.
* Ongoing interaction with researchers and faculty in order to provide further development of the technologies.
* Research Capacity represents the facilities of a university that can be utilized for research pursuits for:
* Businesses to utilize research facilities on a fee basis where high-end research capacity is needed but the business is either unable or unwilling create their own "in-house" facilities. This is particularly important to early-stage firms that may not have the financial capacity or skills to have their own equipment.
* Ongoing contract research development with local businesses and joint research projects.
* Economic Development arises from "connectedness" to the universities differentiates Research Parks from general or business parks and allows each Research Park to reflect the core competencies of their university, thus creating a competitive market advantage.
* The partnerships enhance venture capital as well as angel investment is an area that Research Parks have worked hard to develop. In many cases they have influenced or created local funds for their parks or funds that are regional or global. Where existing venture capital resources are plentiful, the universities and Research Parks have worked to forge relationships with these firms to enable investment in companies within the Research Park.
* Research Parks have succeeded in creating inviting and entrepreneurial business environments focusing not only on physical real estate and facilities, but also on services designed to connect and support businesses in leveraging these critical assets. In addition, Research Parks have created numerous services intended to accelerate the growth of high-tech firms ranging from existing larger firms to the small startups typically located within Research Park incubation facilities.
* Universities and Research Parks have influenced programs such as investor tax credits to encourage angel and venture investment opportunities. In addition, the alumni networks of North American universities are strong. This is especially true in the United States, where these alumni are generous donors to universities as well as investors in Research Park companies.
* In North America alone, more than 300,000 high-tech workers are based in Research Parks. A Battelle study determined that 2.57 additional jobs have been created as a result of each high-tech job. This accounts for more than one million jobs as a result of North American Research Parks. This impact is already significant and will continue to increase in importance for years to come.
When leveraged properly, these assets of talent, intellectual property, research capacity and economic development provide a compelling attraction and retention opportunity for high-tech businesses.
Research Parks are well positioned for the future. They are providing a unique and rich resource environment that fully leverages their university resources. This environment, when combined with an increasing focus on the incubation of new companies, is leading to numerous high-tech job growth opportunities.
(Deason is president of the Association of University Research Parks, vice president of the Purdue Research Foundation and director of the Purdue Research Park network.)