University Research Parks and the Innovative Performance of Park Firms

ABSTRACT: This project develops a methodology and statistically implements a data collection and evaluation process for assessing the innovative performance of firms located on U.S. university research parks (URPs). The results from the assessment phase inform the public and private sector about locational investments in science and engineering (S&E) activities occurring on URPs.

URPs have been an important element of our national innovation system for nearly half a century, and in 2007 the 'Building a Stronger America Act' (S. 1373) was introduced in Congress under the stated premise that it is in the best interests of the Nation to encourage the formation of new parks and the expansion of existing parks in order to promote the clustering of innovation through high technology activities. Surprisingly, very little research has been undertaken on science/research parks, in general, or URPs, in particular. And, no research has been undertaken on the innovation benefits realized by firms that locate on U.S. parks. This project broadens our understanding of URPs as a component of our national innovation system; develops an assessment tool for assessing the innovation benefits realized by firms as a result of locating on a park; collects relevant data to implement this methodology and offers empirically-based statements on realized innovation benefits from on-park research synergies; and offers prospective statements about the organizational structure of URPs that will be most conducive to enhancing the research synergies among park firms on new or expanded parks.

BROADER IMPACTS: The main intellectual outputs from this research are an assessment of the innovative performance of, and research outputs from, on-park firms relative to comparable firms that are not located on a park. As such, this project's broader impacts include, from a national perspective, the development of park-based science metrics and policy prescriptions to enhance university-driven S&E-based economic development through park formations and park growth. And, from a private-sector perspective, this project informs the locational consideration, and hence future research efficiency, of firms' S&E investments. The project's resulting science metrics inform the consideration of new innovation indicators specifically related to parks. The project's policy prescriptions inform not only Congressional deliberations related to the 'Building a Stronger America Act' but also future state and regional S&E investment considerations for building new UPRs and/or expanding existing ones.