Business Incubation Strategy of High-Tech Venture Firms in a Science Park

Abstract

In this chapter, the infrastructure and support mechanisms for technology commercialization in a science park has been evaluated with particular reference to business incubation of high-tech venture firms. The critical question is how science parks should develop in order to support the technology commercialization and business promotion, and benefit the regional economy as well as the local industrial structure. We have taken four findings from science park development experience; in a science park, there is a need to create business incubators (BIs) and technological and financial support mechanisms in order to maximize opportunities for technology transfer between academic and research facilities and private firms; science parks should include four major thrusts: a small BI, a technology commercialization center, a venture capital, and a cooperative linking mechanism for active RD science park should develop a strong linking mechanism by network building which is largely composed of action programs that combine each resource of research institutes, universities, and a community; their efforts should focus on attracting high-tech industries and establishing promotional organizations. In particular, system approach of supporting entrepreneurship of high-tech venture firms is very crucial in terms of sustainable business incubation strategy. Start-up firms, after having successfully matured in the incubation center can then enter the productive-oriented industrial park. The combination of these three sectors (research park, high-tech industrial park, and incubation center) can be a kind of complex model of sustainable business incubation for high-tech venture firms in a science park.