Abstract
This article aims to measure both the economic and social value of Tecnocampus, a Science and Technology Park in its region of influence (Mataró city in the Maresme region of Catalonia, Spain). Our results show that the impact of Tecnocampus has a socioeconomic cost–benefit ratio of 2.39. Measuring the impact of this multifaceted centre requires a diverse approach. Although the methods used are not new, the combination of them presents a novel approach to measure the impact of an institution of this nature. We have measured the economic value with the Input–Output model, including the Social Accounting Matrix. On the other hand, for social value calculations, we have used cost–benefit analysis adding measurements of firm localisation to estimate externality effects. Our main results present an economic value of more than 0.054% of the Catalan GDP, whereas the employment impact represents almost 0.37% of total employment in the region. The total economic multiplier of Tecnocampus activity is estimated to be 1.89. Social value generates an additional 0.50 euros to the multiplier according with our analysis. This additional social value represents an increase of productivity estimated in 20 million euros of operational income for Catalan firms and the creation of seven additional firms in the Maresme region as a result of knowledge spillovers. The social value also includes reduction of over-education caused by a better matching between graduates and enterprises, a more direct application of research, and an increase in consumer surplus. Finally, we discuss the policy implications of our findings to promote investments in this kind of infrastructures.
Highlights
Over the last 30 years, the majority of Europe’s industrial areas, and Catalonia [Nomenclature des Unités Territoriales Statistiques II (NUTS-II)] in particular, have witnessed a transition from an economy with strong links with industry to a service-oriented economy based on innovation
As we have already mentioned, Tecnocampus is the combination of three university centres affiliated to the Pompeu Fabra University and a Technology Park, managed jointly in order to achieve an actual virtuous circle between university and business
We have divided the direct impact of the Tecnocampus into four parts: operating expenses, investment expenses, expenses of the start-ups, and expenses of the students from outside of Catalonia
Summary
Over the last 30 years, the majority of Europe’s industrial areas, and Catalonia [Nomenclature des Unités Territoriales Statistiques II (NUTS-II)] in particular, have witnessed a transition from an economy with strong links with industry to a service-oriented economy based on innovation. The practical implementation of this strategy has led to the development of numerous public initiatives: incubators, accelerators, investor networks, active networking spaces, technology transfer centres, spin-off facilities, and Science Technology Parks (STPs). STPs (Hobbs et al, 2017) are initiatives commonly implemented by public authorities or universities to create a space for activities based on innovation, under optimal conditions in terms of premises and facilities for R&D, knowledge transfer, and entrepreneurship. The aim of these initiatives is to aid in the transition of so-called industrial districts to so-called innovation clusters. The combination of a high degree of industrial clustering, typical of traditionally industrial areas, with a hub based on a high degree of innovation appears to be a factor that facilitates the transition towards an economy based on innovation (APTE, 2007)
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