Abstract
Innovation activity is central to economic modernization. Despite the fact that Russia possesses serious scientific/technical potential, it has fallen significantly behind industrial countries in getting innovative solutions to an open commercial market. The nation has had difficulties in commercializing innovative output, which has kept it from achieving the economic returns that it deserves. The commercialization of R&D outcomes is indispensable to the strategic development of any organization. The insufficiently effective realization of innovation potential in Russia is largely due to the detachedness of innovation activity in higher education institutions from practice and a lack of interest from business – a key agent of innovation commercialization. The research reported in this paper focuses on the scientific/theoretical and practical/applied foundations of the process of commercializing the outcomes of innovation activity in higher education institutions. It has helped establish and gain an insight into some of the key issues in the area. The paper makes a case for the possibility of enhancing this process via a special model for commercializing the outcomes of innovation activity in higher education institutions.
Highlights
In the present-day knowledge economy, the entrepreneurial university is viewed as a dominant force that drives innovation, creative endeavor, and economic growth
The research reported in this paper focuses on the scientific/theoretical and practical/applied foundations of the process of commercializing the outcomes of innovation activity in higher education institutions
From a standpoint of managerial transformations and changes to policy, the format of proof of concept centers has importance as an instrument for boosting the market attractiveness and investment readiness of designs generated in university research
Summary
In the present-day knowledge economy, the entrepreneurial university is viewed as a dominant force that drives innovation, creative endeavor, and economic growth. Exploring the key issues that characterize academic entrepreneurship with a focus on identifying proper areas for research and appropriate mechanisms for interacting with the market forms the basis for detailed analysis of this phenomenon and may help gain a deeper insight into the current relationship between science and business. Successful innovation in the present-day economy is a complex process involving interaction and two-way feedback between academic research, industrial R&D, marketing and customer relations. Research organizations, business and the state ought to forge stable, long-term triple relations focusing on deriving value on a consistent and reliable basis. Advantage will be with universities and organizations that, going forward, will engage in mutually beneficial cooperation by way of joint establishments as a source of new technology, which is a major catalyst for innovation-based development [1]
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
