Why do companies go to Science Parks or Research Parks?

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Innovation for business

A research park, science park, or science and technology park is an area with a collection of buildings dedicated to scientific research on a business footing. Typically businesses and organizations in the parks focus on product advancement and innovation as opposed to industrial parks that focus on manufacturing and business parks that focus on administration.

For Companies: 

1. Benefit from built facilities and infrastructures

A Research Park offers considerable advantages to hosted companies, by reducing overhead costs for facilities such as office and lab areas, uninterruptible power supply, telecommunications hubs, reception and security, management offices, restaurants, banks, convention center, parking, internal transportation, entertainment and sports facilities...etc.

2. Benefit from unique R&D resources (both human expertise and facility access)

Research Parks can attract companies that wish to leverage the expertise of scientists/researchers and to gain access to highly specialized, and often unique, facilities and equipment.

3. Benefit from "cross fertilization"

A Research Park can help to promote the interchange between different cultures or different ways of thinking that is mutually productive and beneficial. Science parks are sources of entrepreneurship, talent, and economic competitiveness, and are key elements of the infrastructure supporting the growth of today's global knowledge economy. By providing a location in which government, universities and private companies cooperate and collaborate, science parks create environments that foster collaboration and innovation. They enhance the development, transfer, and commercialization of technology.

A new model, which is strategically planned mixed-use campus expansions, is emerging and involves shared space in which industry and academic researchers can work side by side.

4. Tap into unexplored markets
A Research Park creates linkages between the university, industry and the community. It allows companies to tap into knowledge assets of a community with local business expertise.

For the regional and local community:

1. Economic development benefits

Science and technology parks are encouraged by local government, as it helps to attract new companies to towns, and expand their tax base and employment opportunities to citizens.

2. To better leverage national laboratory resources

It is becoming increasingly common for communities in which a federal laboratory is located to create a science park to leverage laboratory resources to realize economic development.

3. A launch pad for start-ups and spin-outs

Science parks can also provide a location for start-up (or university spin-out) companies created to commercialize technology developed in the labs. The typical park provides a range of business startup assistance to its client companies, which are often small startups based on innovative new ideas from university or private sector researchers.