Abstract
In this chapter, the infrastructure and support mechanisms for technology commercialization in a science park has been evaluated with particular reference to business incubation of high-tech venture firms. The critical question is how science parks should develop in order to support the technology commercialization and business promotion, and benefit the regional economy as well as the local industrial structure. We have taken four findings from science park development experience; in a science park, there is a need to create business incubators (BIs) and technological and financial support mechanisms in order to maximize opportunities for technology transfer between academic and research facilities and private firms; science parks should include four major thrusts: a small BI, a technology commercialization center, a venture capital, and a cooperative linking mechanism for active R&D venture development. The four major thrusts will provide a focal point for the creation of new venture businesses and may serve as magnets to attract professionals in high technology fields and venture capital into the region; science park should develop a strong linking mechanism by network building which is largely composed of action programs that combine each resource of research institutes, universities, and a community; their efforts should focus on attracting high-tech industries and establishing promotional organizations. In particular, system approach of supporting entrepreneurship of high-tech venture firms is very crucial in terms of sustainable business incubation strategy. Start-up firms, after having successfully matured in the incubation center can then enter the productive-oriented industrial park. The combination of these three sectors (research park, high-tech industrial park, and incubation center) can be a kind of complex model of sustainable business incubation for high-tech venture firms in a science park.
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Notes
- 1.
Suggesting the ten major city examples of science park plans in Korea, Park noted that most of the science parks are under an initial planning stage and R&D units or firms are not actually located in the parks. He continued to argue that there are no significant differences in the selection of key industries among the proposed science parks according to the two models (Park 1992, p. 242–248).
- 2.
The literature on venture capital suggests that many venture capital firms like to be in close proximity to the entrepreneurs with whom they work (Lay Gibson 1992, pp. 39–41).
- 3.
National R&D Special Zone: all accommodating within the Daejeon Metropolitan City—Daedeok Science Town (DST), Daedeok Techno Valley (DTV), Industrial Complex, Yuseong Tourist zone.
- 4.
The members of a venture link called the ‘Daedeok twenty-first Century Club’ are steadily increasing but after KAIST started its technology innovation center and business incubator (TIC/TBI) in 1992, and ETRI in 1996 the number of the small companies drastically increased to 285 companies in 2000.
- 5.
Its major activities are as follows:
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efficient utilization of R&D resources, such as manpower, equipment, technology and domestic foreign technological information
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to support high-tech small and medium-sized firms by providing information on technological know-how, funds, etc.
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Oh, DS. (2014). Business Incubation Strategy of High-Tech Venture Firms in a Science Park. In: Oh, DS., Phillips, F. (eds) Technopolis. Springer, London. https://doi.org/10.1007/978-1-4471-5508-9_8
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