The effect of university science and technology parks’ financial supports on their tenant firms: Evidences from Iran

Abstract

Science and technology parks (STPs) play an essential role in strengthening industry–university relationships and fostering innovation that can be considered an important mechanism to facilitate the formation and growth of knowledge-based firms. Therefore, this article investigates the effect of university STPs’ financial support, which was found to be the main barrier to innovation in the literature, on the innovation of their tenant firms. Data were collected in the summer of 2019 through interviews with ten experts and questionnaires filled by 348 firms located in university-affiliated STPs in Iran. Data were analysed quantitatively by SPSS. The findings of the research indicated that there is a positive and significant correlative relationship between the university STPs’ financial support and the innovation of firms. Although the effect of different STPs’ financial support mechanisms was in a similar range, branding facilities were more effective, particularly on marketing innovation. Eventually, to make improvements in this regard, suggestions were made to STPs, their tenant firms for conducting fruitful future research.