Institutionalizing University-Business Innovation Systems in an Innovation Economy

Abstract

The purpose, design and operation of universities and institutions of higher learning are being transformed. The transformations are requiring universities to lead the process of innovation. Collaboration with stakeholders is accelerated through innovation ecosystems that are functional in some universities. Innovation hubs are powerhouses of innovations at the apex of science and technological advancement. Traditional university designs have their strength in pure science but limit interdisciplinary integration and innovation. Government, private sector and philanthropists are key funders of innovation projects. Universities with a central role in the national and global innovation system exhibit varying impact, a few have exceedingly succeeded in this endeavor and innovation systems are avenues to have national and regional impact. A university is a place of discovery where academics, researchers, government, students, community and companies work together in an innovation ecosystem to develop solutions and products that have an impact on our society. Institutionalizing innovation laboratories is a winning strategy for powering science-led economies.