INTRODUCTION OF UNIVERSITY-INDUSTRY LINKAGES, VENTURE CAPITAL, INCUBATORS, TECHNOLOGY PARKS
Definition of Technology Park “a property-based initiative, which has formal and operational links with universities or other higher educational institutions, or major centers of research; designed to encourage the formation and growth of knowledge-based industries or high value-added firms, normally resident on site; and has a steady management team actively engaged in fostering the transfer of technology and business skills to tenant organizations.” defined as “a land-based project with formal and operational linkages to universities or other higher educational institutions or significant centers of research; intended to foster the establishment. Download mini-projects on University-industry linkages venture capital incubators and technology parks.
OBJECTIVES
- The purpose of an incubator is to provide a secure and regulated environment in which new-borns may survive while their internal organs continue to develop.
- In contrast to a conventional bassinet, an incubator has a climatic setting that can be fine-tuned to provide not just the optimal level of heat, but also the optimal quantity of oxygen, humidity, and illumination.
- These parks are often developed in close proximity to major industrial centers, and their primary purpose is to broaden the research connections that already exist between the resident companies and academic or research institutions.
- The capital market is improved as a result, which not only alleviates the anxiety associated with borrowing money but also makes it possible for them to acquire their own funding via the capital market.
- After receiving the necessary care from organizations that provide venture capital, many failing businesses are able to recover and thrive.
LITERATURE REVIEW
Technology parks are created with the intention of fostering connections between research centers, educational institutions, and technology-based businesses in order to make the creation and commercialization of cutting-edge innovations easier. Tenants of technology parks are often young businesses that are still in the beginning stages of their development and are pursuing an ambitious growth plan focused on the incubation of new ideas. The technological park offers a variety of services and facilities that make it possible to successfully adapt and implement these ideas in the market.
It assists in making innovative items that use contemporary technologies financially viable. It encourages businesses to become export-oriented so that they may earn more foreign currency. Not only does it give the financial institution, but it also helps with managerial, technological, and other issues.
CONCLUSION
The establishment and administration of technology parks and incubators might be somewhat different from one another. It is possible for state and municipal governments, universities and research institutions, development foundations, private enterprises, or any combination of these to create them as independent legal entities and give them legal standing.
Parks and incubators may be public or not-for-profit, private, academically affiliated, hybrid, or tied to other types of businesses, depending on the institutional makeup of their founding organizations. Local economic development, in the form of job creation, economic diversification, and extension of the tax base, is the primary goal of public or not-for-profit parks and incubators, which are supported by government and non-profit groups.
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