Technology incubators: facilitating technology transfer or creating regional wealth?

Abstract

Universities are increasingly under pressure to commercialise their technological innovation and generate revenues to justify ongoing public investment to support that innovation. Most universities respond to this pressure by focusing on licencing patentable technologies. However, as most licencees operate far from the universities, the local economic impact is reduced. Due to this factor, regional economic development agencies, when looking to extract commercial value from university research, see limited benefit from the licencing of technology patents generated by universities. Instead, they concentrate on promoting new business ventures as a mechanism for regional wealth creation. We propose an expanded model of knowledge transfer from university research that underscores the importance of creating new ventures and demonstrates how university-based incubators can catalyse knowledge extraction and, as a result, align the goals of regional economic development agencies and universities.

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