A science and technology park refers to a property-based initiative with an organizational entity, which is established to assist the growth of knowledge-based firms normally resident on site and knowledge-intensive activities. Its major objective is to stimulate innovation and generate economic benefits via assisting knowledge-based firms and knowledge-intensive activities. A science and technology park supports its tenants by the provision of property services together with physical infrastructure, services and business environment.
Physical infrastructure. Physical infrastructure is a very important element for a science and technology park. Originally, the term "science park" had a very limited definition, focusing on the real estate aspect of the park concept, in which universities typically leased real estate, office space or research facilities to businesses. Sometimes these arrangements are referred to as "industrial estates" or "firm hotels." The term has evolved to include a much broader range of functions, research and development, entrepreneurship development, business incubation and technology transfer. However, the high-tech cluster provides its tenants with basic infrastructure such as building, electricity, telephone, conference rooms, laboratory, etc. It was reported by Sanz (2002) that 15% of high-tech clusters now have a residential element - a phenomenon that has increased significantly in the last five years. Often these residences have features specially designed for "knowledge workers", and can be used as offices as well as homes
Education and Research. It is globally acknowledged that physical proximity between a high-tech cluster and a university or a research centre improves cooperation between the two parties. IASP (Sanz, 2002) reported that a significant number (44%) of high-tech clusters in the world are situated within university campuses or on land belonging to a university. The university or research centre presence results in a quality workforce that is engaged in cross learning via proximity to others with similar interests, which is critical to any research and development activity.
Location. Location can be a significant factor in a high-tech cluster's success. Given the global nature of business today, another important component of a science park is proximity to transportation infrastructure, particularly airports and highways. Public transportation and rail networks can also be important. Saxenian (1994) pointed out that one cause of decline of attractiveness of Route 128 is traffic jam. Globally, most high-tech clusters (75%) are situated within cities. Although a significant number (25%) are located outside cities, those locations are not far from the nearest cities. The non-urban high-tech clusters usually focus on agro-food and crop technologies.
Research and Development. Seventy six percent of high-tech clusters have research or technology institutes or centres that mostly deal with applied research and technology and work in very close co-operation with industry. Tenants acquire new technologies from their own research or through the work of these educational and research institutions. In the second case, the science park facilitates the transfer of technology from university or research centre to knowledge based companies. Technology transfer addresses the assessment, adoption and implementation of technology. Venturing facilitates the 'pull through' of appropriate R&D from the laboratory to the marketplace by providing practical assistance in accessing financial resources (seed and venture capital) and expertise in the preparation of commercially viable business plans.
Business incubation. IASP’s survey conducted in 2002 (Sanz, 2002) reported that there is a strong relationship between high-tech clusters and business incubation. Of the more than 88% of high-tech clusters that have business incubation activities, 23% have at least one business incubator (BI) with its own management team and 52% have a BI that they manage themselves. In 13% of the cases, the science park is basically a big BI that has added some facilities and services to serve the post-incubation stage. Only 12% of clusters have no business incubation activity. A business incubator is a tool designed to accelerate the growth and success of entrepreneurial companies in a high-tech cluster. It catalyses the process of starting and growing companies by helping them to survive and grow during the start up period. The incubator provides entrepreneurs with the expertise, management assistance, access to financing (venture capital), networks and tools they need to make their ventures successful. It also offers entrepreneurial firms shared office services, access to equipment, flexible leases and expandable space all under one roof. A business incubator's main goal is to produce successful firms that will leave the program financially viable and free standing, usually in two to three years.
Venture Capital. The venture capital industry is the financial engine of the development of entrepreneurial processes in high-tech clusters. Seventy percent of high-tech clusters offer management support services, including helping tenants to obtain venture- or seed-capital funding (IASP, 2002). The venture capitalists are not only a critical source of capital for many start-ups, but they are also central actors in the cluster’s social and professional networks. Venture capitalists bring technical skill, operating experience and networks of industrial contacts – as well as cash – to the ventures they fund. Saxenian (1994) described Silicon Valley’s venture capitalists as involved with their ventures, advising entrepreneurs on business plans and strategies, helping find co-investors, recruiting key managers and serving on boards of directors.
Legal support. Legal issues are an important facet of many science park projects, involving such complex subjects as business incorporation, taxation, immigration, labour law, intellectual property and conflict of laws. While the majority of science parks are governed by the same legal system present in the country where the science park is located, there are some interesting exceptions. It is often helpful to think of a technology park as a mini-government unto itself that has the authority to relax or change legal requirements.
Protection of intellectual property. The intellectual property created by university or research centre employees is owned by the universities or research centres, which always have opportunities for the commercial exploitation of intellectual property. This may be via several routes including licensing, assignment, or through the formation of a venture company. In all circumstances, compensation is made available to the inventors by way of royalty payments.
Incentives. In order to attract knowledge based companies to high-tech cluster, many countries also offer various incentives such as financial, fiscal and “debureaucratization”, primarily through tax holidays and tax exemptions.
Service providers specializing in the problems of the technology industry – lawyers, market research firms, consulting companies, public relation companies, and distributor specialists – play an important role in ensuring the success of a science and technology park.
Environment. A science and technology park is a combination of R&D, knowledge-based economic activities and pleasant surroundings. The ambience of a technology park might include picturesque scenes of mountains, beaches or gardens and stimulating cultural activities in the surrounding area that entertain a well educated workforce. Environment quality is an important element that can improve the image of a science and technology park. According to the study conducted by IASP (Sanz, 2002), the size of designated green areas (all areas destined for trees, vegetation, garden, etc.) varied from 20 to 49 ha for the smaller clusters to 60 to100 ha for the big clusters.
Science Policy
