Wednesday, February 17, 2016

Innovation and the Economy: The Merits of a Well-supported R&D Sector

A science park, technology park, or research park is a research and development (R&D) facility that promotes innovation in a wide range of interests. Their goal is to facilitate collaboration between universities and the government in forwarding knowledge and technology for the benefit of the economy. While academic institutions supply the research manpower and intellectual capital, the government and investors take care of funding and the implementation of innovations as entrepreneurial goods.

Image source: umd.edu

 Many countries, particularly those traditionally reliant on agriculture and extractive industries, are now realizing the significance of these science and technology parks in fueling breakthroughs in industry best practices and products. In the business sector, research and development projects often attract substantial investment (such as human resources, capital, and the facility itself), creating more jobs and streamlining businesses processes for the benefit of companies, end users, and customers. In the academe, students are given veritable training grounds where they can sharpen their skills and knowledge sets for future employment or further research.

Last year, the Association of University Research Parks distinguished the University of Maryland Research Park as the Outstanding Research Park of 2015. It is Maryland’s largest research park, with key technology clusters such as environmental and earth sciences, food safety and agriculture policy, and language and national security.

 Image source: patch.com

Dr. Russ Lea works with various organizations in building and funding research facilities and tech parks across the country. To know more about his work, visit this website.

1 comment:

  1. I think supporting government-funded research is one of the keys to higher living standards and stronger economic growth in the future.

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