Creating Wealth from Knowledge
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Creating Wealth from Knowledge

Meeting the Innovation Challenge

Edited by John Bessant and Tim Venables

This book illustrates that, although innovation has always mattered in economic development, simply increasing expenditure in creating knowledge may not be the answer: we need to look at the whole system through which such knowledge translates to value creation.
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Chapter 15: Enhancing the Flow of Knowledge to Innovation: Challenges for University-based Knowledge Transfer Systems

Hossein Sharifi, Weisheng Liu, B. McCaul and Dennis Kehoe


15. Enhancing the flow of knowledge to innovation: challenges for university-based knowledge transfer systems Hossein Sharifi, Weisheng Liu, Brian McCaul and Dennis Kehoe 1. INTRODUCTION Innovation through the creation, diffusion and application of knowledge has increasingly become recognized as a crucial driver for economic growth, social evolution (OECD 1999, 2002; Foray and Lundvall 1966; DTI 2003), and a primary source of competitive advantage (Dutta 1997) in the global market. In this context, these changing elements have also triggered a substantial evolution in the process of innovation and knowledge diffusion (Robertson 1967), characterized by networking, integration, flexibility and just-in-time information processing (Freeman 1994; Wonglimpiyarat and Yuberk 2005). Innovation systems have therefore been evolving in theory and practice at great speed, indicated by the number of new models that have emerged in the past few years. Current debate on innovation theory is dominated by the fifth-generation innovation model proposed by Rothwell (1994) and the ‘open innovation’ paradigm propounded by Henry Chesbrough (Chesbrough 2003a, 2003b, 2006). On the other hand, ‘innovation diffusion’ is defined as ‘a process by which innovation is communicated through certain channels over time among members of a social system’ (Rogers 1995). This social system includes several key players, such as the knowledge adopter, originator and intermediary agents. To accommodate the brisk pace of innovation, innovation diffusion calls for the input of components (technology, management etc.) of innovation from a broader array of players. In respect of technological innovations and perhaps spin-outs with regard to...

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