Technology Parks and Entrepreneurial Outcomes around the World
International Journal of Managerial Finance, Forthcoming
25 Pages Posted: 22 Feb 2013
Date Written: February 19, 2013
Purpose – This paper studies factors that affect the success of technology parks in terms of fostering entrepreneurial firm formation, growth and financing.
Design/methodology/Approach – Based on a new international dataset of technology parks (“tech parks”) from 13 countries (8 developing countries and 5 developed countries), we relate the success of technology transfer to the legal environment within which the tech park operates, as well as the characteristics of the tenants in the tech park and the services provided by the tech park.
Findings – The data indicate entrepreneurial success is more likely to be facilitated when there is better legal protection offered to companies in the jurisdiction within which the tech park is located, when there is a greater presence of foreign university and government-affiliated companies in tech parks, and a smaller presence of foreign private companies in tech parks, particularly foreign subsidiaries. The data further indicate entrepreneurial success is more likely when tech park tenants have greater testing/analysis focus, and when tenants have less assembly and service focused activities. Also, entrepreneurial success is more likely to be facilitated by tech parks with on- and off-site technology licensing offices, that promote trade shows, provide access to funds for commercialization and distribute information on the R&D outcomes of tech park tenants.
Research limitations/Implications – The data offer insights into efficient design of tech parks. Coarse measures from survey data are limitations yet offer scope for further examination in future research.
Originality/Value – The paper provides guidance for entrepreneurs and their investors in terms of ways maximize value in terms of entrepreneurial growth and financing from selecting appropriate tech parks.
Keywords: technology parks, entrepreneurship, new firm creation, growth, entrepreneurial finance
JEL Classification: G28, L26, O32, O38
Suggested Citation: Suggested Citation