University-Industry Collaboration for Technology Development: The Case of University Research Parks

Abstract

What are the conditions for success of University Research Park and what should the Korean government and universities have to do for meeting the conditions? We found out the factors that impact on the success of University Research Park through literature review and, applied them for University of Illinois. Previous researches emphasized on university policies, intellectural eminence, characteristics of research, venture capital as the critical factors for success of University Research Park. As a promising case, University Research Park of Illinois has the favorable environments except for external venture capital. Although none could surely assert that University Research Park of Illinois will follow the previous success stories of Silicon Valley, Research Triangle, and Route 128, we could say that it has good conditions, and high possibilityes for success. We analyzed critical success factors of University of Illinois compared with Stanford University, and drew some policy implications for improving Korean University Research Park: Government had better allocate more money in promoting excellent University Research Park, and universities rearrange university-industry collaboration polices such as incubator and licensing share, and foster supporting organization and internal venture capital.