Investment University Framework

Innovation is central to development and prosperity in a knowledge‐driven world. It requires a sustainable innovation ecosystem comprising of different sub‐systems, actors and institutions. For real‐time/near‐real‐time coordination, least transaction costs, maximum sharing of resources, efficient vertical and horizontal integration, maximum efficiency (social, environmental, economic) and sustainability; if all the sub‐systems, actors and institutions are local, inclusive and least ECR (Energy‐Capital‐Resource) intensive, we get the best results. We can call the whole framework Sustainable Local Innovation Ecosystem SLIE. We have found that the basic sub‐systems constituting SLIE are knowledge and information systems; infrastructure, funding and natural resources; efficient IPR protection; and value & entrepreneurship based education. Universities, empowered by efficient laws and sufficient resources, play vital role in SLIE through leading integration of all these sub‐systems and evolution of four basic types of institutions: Senior Enterprises (research parks, research centers, incubation centers, joint research facilities, dedicated research institutes, R&D club & consortia etc.), Junior Enterprises (student R&D bodies supported by respective universities, integrated with Senior Enterprises), Social Enterprises (NGOs, social enterprises, social innovation networks) and Cultural Enterprises (enterprises engaged in culture, tourism, media, entertainment etc). These institutions bring all actors: universities, industries, society and government together and generate incentives for all. Since universities play central role in this process supported by investments from all other actors, we have named this framework as Investment University. Different local ecosystems at different places complement each‐other for national and international ecosystems.

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