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Bridging Innovation between Academia and the Private Sector

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Recent studies of Innovation have pointed to the growing relevance of external sources of innovation. Rather than relying on internal Research & Development (R&D), private companies and organizations are reported to increasingly engage in ‘Open Innovation’, especially with the Academic Sector (check more information in the article “Relationship-based university-industry links and open innovation: towards a research agenda”). This means innovation can be regarded as resulting from distributed inter-organizational networks, rather than single companies. In the same vein, various concepts of ‘interactive’ innovation have been put forward to understand the non-linear, iterative and multi-agent character of innovation processes. But what is the definition of Innovation nowadays? According to different sources, innovation could be defined as the process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business and enterprises, innovation often results when the company uses ideas in order to further satisfy the needs and expectations of the customers. Well, we know that most of the new discoveries occur in the Academic Sector and the Private Sector, even though having R&D, lags behind in some aspects. Depending on the country this will be different too and bridging innovation licensing and technology transfer between both sectors is not trivial. Today we see several Start Up Incubators and Accelerators popping up all over the world, especially in the United States. Each one of these has a different model and duration, however most are not connected directly to Universities. In the last 5-10 years, this is changing. We are starting to see established public companies with big valuations in the technology sector and also pharmaceutical companies opening spaces for…

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