India Desperately Needs University Related Research Parks to Promote New Technology Based Entrepreneurship

Abstract

University Related Research Park [URRP] is a World proven model for promoting Hi-Tech entrepreneurship. Developed countries like USA, UK, Germany, France etc. have greatly benefitted from it. University Related research Parks are found to give birth to New Technology Based firms. First mover entrepreneurs are born in these parks to give momentum to the movement of entrepreneurship. It generates employment in scientific fields of high income and first-class job conditions. It increases income of people and their standard of living. It brings scholarship to universities & colleges which is the prime requirement for making economy enterprising. It makes education more relevant, and purposeful to build a prosperous nation. URRP is a joint effort between industry and university. Research companies take space in the park on rent to conduct their operations. They draw benefit from research expertise of professors and students. Industry experts in turn deliver lectures to students in class rooms. India desperately needs it most. The adoption of Research Park so far in India is observed to be too slow. The paper explains how to accelerate its adoption.