Answer To: Bridging the gap between academic research and innovation – the commercialised concepts – Adopting...
Soumi answered on Feb 18 2021
Running Head: BUSINESS INCUBATORS 1
BUSINESS INCUBATORS 2
BRIDGING THE GAP BETWEEN ACADEMIC RESEARCH AND INNOVATION – THE COMMERCIALISED CONCEPTS – ADOPTING UNIVERSITY INCUBATORS AS CASE STUDY IN THE AUSTRALIA AGAINST SIMILAR IDENTICAL CASES IN THE KSA
Table of Contents
Introduction 4
Aims 5
Primary Research Question 5
Problem 5
Purpose of the Chosen Research 6
Literature Review 7
Employee’s Incentives 7
Availability of Equipment 8
Level of Innovation 9
Entrepreneur Theories Relating to Business Incubation 10
Policy Implication 11
Research Questions and Objectives 12
Research Objectives 12
Research Questions 12
Role of Business Incubators in Australia and Kingdom of Saudi Arabia 12
Western Sydney University Launch Pad 12
APT Innovations 13
Umm Al-Qura University 14
King Fahad University of Petroleum and Minerals 15
Gap in Literature 15
Research Methodology 16
Timetable 16
Intended Outcomes 17
References 18
Introduction
Academic researches and innovation are the foundations, upon which the commercial concepts rely. Unfortunately, the intermediate stages, which bridge the findings of academic researcher and innovation with that of commercial concepts used for business, are less signified; therefore, a small percentage with higher potentials and most polished prospects complete the transition, which restricts the majority of academic research and innovation, undermining the scope of refiner business offering and apt commercial concept development.
In the previous years, researchers with profound knowledge and the zeal of commercial betterment have invested their times in discussing topic such as talent management for innovation in small and medium organization by Krishnan and Scullion (2017), and creative thinking for innovation in business by Roth, Schneckenberg and Tsai (2015). Evidences of discussion conducted on the use of academic research and innovation for commercial activities has also been done.
As mentioned by Robertson and Kitagawa (2011), in developed countries, such as Australia and Kingdom of Saudi Arabia, the full potential of academic research and findings has not been utilized. Therefore, some of the leading educational organizations have taken the responsibility of bridging the gap that exists between the theoretical learning, namely the base for academic research and findings with that of the practical implication in commercial activities. The current study tends to cover up the difference between academic research and innovation and the real life commercial application with special reference to Australian business incubators – Western Sydney University Launch Pad, APT Innovations and Kingdom of Saudi Arabia business incubators – Umm Al-Qura University and King Fahad University of Petroleum and Minerals, The Silicon Valley Energy.
Aims
The current study aims at identifying the factors that regulate the incubators degree of offering proper business incubation services to completed projects developed through academic researches and innovations, so that potential risks marked and resolved, leading to bridging of gap between the academic research- innovation and commercial concepts development.
Primary Research Question
The current research question is that “What are the ways of promoting business incubation so that the gap between academic research findings and innovation with that of commercialized concept formulation and business implication?”
Problem
Firstly, it is observed that majority of the academic researches and innovations do not get the scope to reach mainstream business productions, nor are they incorporated into organizational systems. These discourage the learners, students or academic researchers, who invest ample time to reach to and derive new findings. As mentioned by Lecuna, Thoring and Mueller (2019), the rejection of acceptance by commercial organizations reduces the practical value of academic research and it is gradually perceived as a mandatory part of education or learning, taking away the scope of new idea surfacing.
Secondly, it is found the gap between academic research-innovation and commercial concept formation makes existing business ideas dominate the market, which makes the products and services lack difference in approach, which makes business organizations lose out their brand reputation and loyalty. Another major problem can be identified from the fact that as the new ideas, generated from academic research and innovation, does not reach business organizations, the degree of innovation declines, making business unprofitable.
It is seen that not all academically proven ideas and innovations offer practical usage potentials and business incubators often face huge losses as new business ventures fail due to their lack of refinement and impractical perception. As supported by Li, ur Rehman and Asim (2019), when business incubators incubate new business ideas, they take huge risk and therefore, they only focus on most refined and potential research finding, rejecting a larger percentage due to their lesser potentials, creating the problem of inadequate scope of commercialization of ideas.
Purpose of the Chosen Research
Globalization has removed the fine barriers between the local and international markets, making the competition more intense than before. As mentioned by Goncalves, da Silva and Teixeira (2019), the degree of refinements done in periodic orders in all business sectors are nearing their saturation, leaving very little scope for pleasing the customers. As all the business organizations are offering more or less the same products and services, customers are not considering preferred brand, making the business fluctuating and risky. On the other hand, many students and learners are showing immense potentials as groundbreaking discoveries and innovations are taking place as results of academic researches, however, majority of the ideas being unrefined never make to commercial incorporations.
The current study derives its importance from the fact that in current markets where the need of innovations are high and the existing business are slowing down, making the startups the new platform of profiting and as the current study helps in identifying the factors of business incubation and the raw sources of new ideas, it becomes worth developing. The topic of the celebrated study is currently a potent aspect the business industries must focus upon, therefore, it has to added that the current circumstances of global business has significant contributions behind the selection of the topic.
The study will offer better understanding of the incubators’ factors, giving academic researchers, students and learners the ability to select the suitable incubator for themselves. In addition, it will also show the incubators the areas of improvement and their benefits. The study, conducted within a stipulated time and monetary resource limit will definitely retain its shortcomings, which future researchers can improve and derive better assumptions and understandings. It is also worth the mention that the current study will also be used a source of information and future researchers as well as learners and students will use the study as secondary literature.
Literature Review
Employee’s Incentives
As business incubator take up academic research and innovation works under development and provide human resources as well as proper business guidance to help setting up successful start-ups, it becomes evident that the incubators use their human resource and expect them to do their tasks accordingly. As mentioned by Sohaib and Hawryszkiewycz (2019) considering the fact that earning money is the core reason why employees work for organizations, it becomes important that organizations offer satisfying incentives to their taskforces, especially in incubation business, where the irresponsible or lack-luster action of one employee could lead to the failure of the entire incubation process.
As incubation process retains higher risk, the management of incubation organizations try to keep their internal cost low, offering moderate incentives to its employees. However, as mentioned by Olkiewicz, Wolniak, Eva-Grebski and Olkiewicz (2019), in order to perform a commercial incubation process, the employees of the incubators are required to offer dedication in an informal and organic manner, requiring flexible duty hours and more labor investing. As supported by Olokundun, Ogbari, Obi and Ufua. (2019), it is found that as incubators offer more incentives to the taskforce; they perform better, offering better supervision and assistance, increasing the degree of effectiveness.
As opined by Papke (2019), incentives make employees work better, and the more incentives are given to employees the better the incubation process becomes. Contradicting with the view on incentives of employees, Baron and Harima (2019) argued that offering additional incentives make the risk of incubation high, which is not good for business. Despite the risk of higher incentives, it is seen that the more the incentives are provided to the employees, the better incubation process be executed.
Availability of Equipment
The effectiveness of an incubator depends largely on the...