Facilitating the Growth of SMEs; The Strategic Role of Science Parks

Abstract

The major contribution of Small and Medium-Sized Enterprises (SME’s) to the European economy is widely accepted. Their particular role on the enhancement of the local economic and social structures has been recognised. Science and Technology Parks (STEP’s) have made a catalytic contribution on the facilitation for the growth of SME’s in as far as providing the required business environment that boosts the credibility of SME’s and their financial and market spectrum. On the other hand, Science and Technology Parks are offering an ideal environment for the creation of new spin-off companies associated with neighbouring Academic and Research Establishments.

Some of the most valuable tools any SME may use in order to sustain competitiveness in today’s globalised economy are innovation and technology. Successful innovation is founded on a marriage of technical competence and market knowledge. However, the leading edge on which an SME can base its future growth is the wise exploitation of new technologies that are provided through the technology transfer mechanisms of STEP’s. These have been proven of crucial importance offering the channels through which SMEs may identify and acquire know-how, in an effort to create sustainable and competitive infrastructures.

Tools that facilitate the growth of SME’s will be reviewed in the contest of successful operation of a STEP. A competitive study between a “young” and an “established” STEP will be presented in as far as the framework of their geographical, political, economic, social and business environments they are operating in, are concerned.