An Analysis of the Perceived Benefits of Locating in Research Parks by On-Park Firms: A Case Study of the ISU Research Park
Date
2022-12
Authors
Gleisner, Maazin
Major Professor
Orazem, Peter
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Abstract
The last four decades have experienced an increasing interest in research or science and technology parks (STPs). However, the value of STPs has become a topic of debate. Some worry that the benefit of research parks is not measurable in any quantifiable way while others argue that, due to the relatively new nature of the concept, it can be difficult to determine exactly how and what to measure to gauge the mostly intangible benefits. The aim of this study is to identify which factors STP tenants perceive as benefits of being located in a research park. The study uses the Iowa State University Research Park (ISURP) as a case study. The analysis is based on responses of firms located in the ISURP to a survey questionnaire. The goal is to determine whether the results align with what is gleaned from the literature and to provide a contribution to the current debate. The analysis shows that the geographic location of employees and investors in Story County was perceived by the firms as important whereas the rest of the U.S. was considered important as the location of customers, input suppliers, investors, and business collaborators was most important at the national level. Access to the park’s infrastructure and amenities, the business climate, the availability of skilled labor, and affordability were considered the most important reasons for locating in the ISURP by a large number of the respondents (80% on average). Availability of mentors and collaborators, park infrastructure and amenities and support for new businesses ranked as the top three factors contributing to the success of the firms. However, some of the results are ambiguous. This may be due to the heterogeneity of the firms and the small sample size. The results point to the importance of STPs identifying the different types of firms located in their parks so that they are able to tailor their facilities and services in a way that optimizes the benefits received by their tenants.
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2022