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Knowledge Commercialization and Valorization in Regional Economic Development

Knowledge Commercialization and Valorization in Regional Economic Development

Edited by Tüzin Baycan

The commercialization of academic knowledge is increasingly seen as a potential economic development model, particularly for improving the capabilities and economic performance of regions. This insightful volume investigates the emerging factors in knowledge commercialization from an international perspective and highlights research agendas and challenges to be met across academia, industry and government.

Chapter 2: Backing the horse or the jockey? University knowledge commercialization in the entrepreneurial age

David J. Miller and Zoltan J. Acs

Subjects: business and management, knowledge management, economics and finance, regional economics, innovation and technology, knowledge management, urban and regional studies, regional economics


Practical and productive output has been demanded of US higher education since the founding of the first colleges in North America. The meaning of practical and productive has evolved over time and innovative educational, political, and philanthropic leaders have delivered by building higher education institutions and structures connected to local, regional, and national needs (Carlsson et al. 2007). After World War II and especially in recent decades, universities have employed an organization centric model for commercializing knowledge and providing practical value to their constituents. In its wake, a higher education landscape full of technology transfer programs, triple-helixes, science parks, spin-offs, and commercial partnerships has been created. Many research universities perpetually struggle to become innovation and entrepreneurship leaders and while a few vivid outliers seem to have ‘perfected’ innovation, entrepreneurship, and commercialization, their fortunes are not easily replicated. In an entrepreneurial age, researchers and policy makers must view the campus and its knowledge commercialization from a broader perspective and return to the local roots of America’s great universities (Audretsch 2007).

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