DESCRIPTIONTechnology Parks are also sometimes referred to as Research Development Parks, Science Parks, Innovation Centres and Technopoles. While there is some confusion about terminology both in Australia and internationally, for the purpose of this exercise we have classed them together under the heading of Technology Parks.
One set of distinctions, between Technology Parks and Science Parks is that Science Parks have a focus on research, whereas Technology Parks have a broader brief including prototyping and clean manufacturing.
Technology Parks are property developments linked to Universities, or other research and development bodies and centres of knowledge, with a range of property, technical, commercialisation, technology transfer and business development services on site. In Australia and Asia they are often flagships for regional economic development.
USES• Commercialisation of intellectual property.
• Technology transfer to industry from universities, or other research and development institutions.
• Linking business with academia, science and research and development.
• Hosting, sponsoring, or co-locating with a technology incubator.
• Foster entrepreneurial attitudes in academic institutions.
• Strategic impact on regional economic development.
• Increased potential for professional and technical training, work experience and employment.
• Introduction of dedicated seed and venture capital.
HOW IT WORKSTechnology Parks are property developments where industries and businesses locate on site to capitalise on the services and strategic links offered to universities, research institutes and other centres of knowledge.
They provide a bridge between science and business and have a number of common features:
• property—buildings to lease or purchase, or land on which to construct;
• access to research and development, and particular university expertise and knowledge;
• access to university and research institute facilities and services;
• management, commercialisation and technology transfer support and services on site.
Technology parks may focus on the development of a particular industry or they may be more general in nature. However, they will normally relate to the strengths of the universities or other research bodies involved.
PREREQUISITES• The involvement of at least one university.
• Industries and established businesses wishing to establish or consolidate links with that university.
• Sufficient land for the development.
• High level commitment from the key stakeholders, especially universities and governments.
HOW TO STARTAs with many economic development tools, a champion (organisation and individual) along with drive and ambition is critical. A key group of committed stakeholders will need to be drawn together in the early stages. Planning is then the task of the stakeholders and champion and should involve strategic and business planning.
STRENGTHS• A proven vehicle for technology transfer and commercialisation. It keeps activity within a region and fosters entrepreneurial attitudes within the participating universities.
WEAKNESSES• Unless the park is well planned, it may simply become a property development and not achieve the commercialisation and technology transfer outcomes expected.
WARNINGS• Technology transfer and commercialisation do not happen overnight so outcomes may not be realised in the short term (allow a minimum of 5 years).
• They are not easy and are often misunderstood.
• Academics and business often do not go together very well. They have different cultures and attitudes that take time and effort to change.
INDICATIVE PRICE/COSTSParks vary in scope and scale costs are equally varied.
Development stages
Feasibility studies and initial plans will cost up to $50,000. More detailed planning, including engineering and other technical planning can cost up to $250,000.
Establishment
Due to the diversity of established parks, this is very hard to summarise. However, the investment from government and the private sector should be seen in terms of millions of dollars. This needs to be considered in terms of the financial return expected from the investment together with the return in terms of the outcomes set for the Park.
To give an indication, one very successful Park has involved government investment of $10m-$11m and private sector investment of $100m in buildings alone. It has also provided returns to justify the investment. Another has involved more than $40m of government investment.
FUNDING RESOURCE OPTIONSCocktails need to be put together, which would normally include contributions from federal and state governments, universities or other research bodies, combined with private sector investment. Once a Park is established and has reached a critical mass it has not proven difficult to involve the private sector.
MONITORING AND PERFORMANCE EVALUATIONIdeally this will be based on annual surveys of all park tenants to track: turnover, employment, and research and development as a percentage of turnover and investment. One successful established park saw turnover of $225m (combined tenant turnover) with more than 20% of turnover being reinvested in research and development.
SIMILAR TOOLS• Business Incubators.
INFORMATION RESOURCESThe best source of information is the Australian Association of Science and Technology Parks.
Technology Parks Australia Limited
Secretariat:
Queensland Clunies Ross Centre
Brisbane Technology Park
Miles Plating Rd
Eight Mile Plains Queensland 4113
Tel: (07)-3853 5266
Fax: (07) 3853 5265
E-mail: ian@brisbane.cbr.com.au
For international information the best initial source is the International Association of Science and Technology Parks.
Another useful link is the Australian Venture Capital Association:
AVCA
Australian Venture Capital Association
Locked Bag 23
Grosvenor Place
Sydney, NSW 2000
Tel: (02) 9251 3911
Fax: (02) 9251 3922