University Technology Transfer in Transition
- Elgar Intellectual Property and Global Development series
Chapter 1: Universities, Technology Commercialization and Innovation Systems
1. Universities, technology commercialization and innovation systems [T]he balance between knowledge and resources has shifted so far toward the former that knowledge has become perhaps the most important factor determining the standard of living – more than land, than tools, than labor. – Paul S. Romer1 In today’s knowledge-based world, the creation and commercialization of new technologies are the driving force behind sustainable economic growth and social prosperity. New technologies create new products, new markets, new processes for doing business, and even new industries, while improving the economy’s overall efficiency and competitiveness. Reduced to its simplest concept, economic activity involves taking physical resources and rearranging them into things (products or services) that are more valuable than before. Because physical resources are scarce, economic growth requires more than just rearranging more physical resources, but eventually requires rearranging the physical resources better.2 That is where innovation and technological advances come into play. Because knowledge can be shared and infinitely reused at little to no cost, technological advances are generally much more valuable than the underlying physical resources that they seek to transform.3 As a result, those countries with the strongest innovation capabilities also tend to have the strongest and most advanced economies. Universities are one of the most important elements in shaping a country’s innovation capabilities. At the most basic level, universities help to develop the most technologically advanced portion of a country’s workforce. A country cannot develop a consistently successful, technologybased economy without a critical mass of highly-skilled workers that are trained...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.