Science parks – how to do it
Today, the big challenges facing society, such as climate change and economic slowdown, are not confined to a specific area or sector, but are global in reach. (NESTA Annual Review, 2008)National, regional and local economic growth strategies frequently rely on the creation of new innovative business (often high tech). Technology and science parks create opportunities to foster and develop linkages and interactions; an environment which stimulates economic growth.
The more traditional approach for economic development is through a pipeline of small start-up and high growth companies, guiding them through high growth programmes to reach “companies of scale” proportions.
Science parks not only provide business space but also access to performing areas of research and development and innovation. They are usually developed with support from public sector agencies and higher education establishments, and occasionally the private sector. They support small, medium and large businesses in technology, IT, bio-pharma and related industries. Often, they have an innovation centre which may include an “incubator” for fledgling enterprises; this is important for the creation of dynamic business growth.
Science parks nurture, support and provide their tenant companies with access to the very best information, knowledge and expert advice that help to deliver their tenants' future growth and expansion (UKSPA)
A successful science park is not a property venture: the short-term focus and commercial drivers will always outweigh economic development aspirations. True incubation and innovation activity is unlikely to be profitable and therefore needs to be part of a larger venture with a balanced portfolio of clients, from early stage companies to established SMEs and larger companies. Public sector intervention is often needed to support the higher risk incubation elements. Identifying a single best practice model is not possible: there are many different ways to achieve success. Those which succeed play to particular strengths and acknowledge the influence of their particular operating environment.
What makes a successful science park?
Science park success rests on a number of elements:
- Location
- Support network (plus on-site management team)
- The right mix of businesses
The location of a science park next to high performing research institutions, higher education activity facilities and research institutes is key to success, as long as those relationships are encouraged. Helping companies build relationships with academia, encouraging them to increase their levels of R&D activity, supporting spin-outs and commercialization opportunities from the academic base and providing more solid commercial support.
A science park is an area with a collection of buildings dedicated to scientific research on a business footing. (Wikipedia)
The most successful science parks are often the direct result of a driven, high profile, committed site management team. They stimulate contacts and collaboration with other tenants, the research base and suppliers of business services. The creation of a dynamic business environment helps a science park to build up its reputation and attract interest, particularly from foreign investors. Careful management is critical for success. The final factor, getting the right mix of enterprises in the same place, rests on the on-site management team: communicating the right messages to potential occupiers, linking them into the existing network and helping them realise their own objectives. The mix of tenants in should provide a greater opportunity to create sophisticated, innovative collaborations.
Further information
