Wednesday, March 2, 2016

The Advantages of Developing University-based Tech Parks

Universities are a breeding ground for bright young minds that will eventually shape the society. Be it in the field of the sciences, business, or the arts, the goal of higher education is to encourage students and even faculty members to pursue projects that will change the community. These days, the perfect location where students and industry experts can develop new products is in a science and technology park at the heart of a university. 


Image source: Theguardian.com

The goal of a university STP is to be a center where students can develop new products and bring them to the attention of the companies who have the power to take it to more people. As these new projects are being drawn up with the financing of multiple corporations, it creates job opportunities for alumni and other professionals in the area. A good example of this is the South Alabama Tech Park and the University of Arizona Science and Tech Park.

Having a science and technology park is not just an investment for the university it is housed in but also for the local government and multiple businesses that serve as sponsors. As it encourages a partnership between the public and the private, it causes economic growth that everyone in the community can benefit from. The greatest way to enrich the community is to bring together the fields of education, technology, government, and business in one center. 

Image source: Tlists.com
An administrator for research and science, Dr. Russ Lea promoted the startup of faculty corporations and facilitated research processes across institutions, such as building research parks, commercializing innovations, brokering collaborations among the university, industry, and government, and handling intellectual property offices. Learn more about his projects here.