UNIVERSITE - INDUSTRIE:UNIVERSITE - INDUSTRIE:
POTENTIELS ET LIMITES DEPOTENTIELS ET LIMITES DE
DIVERS MODES D’INNOVATIOND...
2
INTRODUCTIONINTRODUCTION
 1990s: growing concern about techno-1990s: growing concern about techno-
logical gap between ...
3
INTRODUCTIONINTRODUCTION
 Multiple policy initiatives to supportMultiple policy initiatives to support
technology trans...
4
INTRODUCTIONINTRODUCTION
However,However,
– Spin-off firms tend to come from a small number of topSpin-off firms tend to...
5
Callan, B. (2001). "Generating spin-offs: evidence from the OECD." Science Technology
Industry Review. Special issue on ...
6
1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF
MODELMODEL
2.2. OTHER MODES OF TECHNOLOGYOTHER MODES OF TECHNO...
7
1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF
MODELMODEL
1.1.1.1. Generic ChallengesGeneric Challenges (*)(*...
8
 Industries:Industries: spin-offs are not adapted to all industriesspin-offs are not adapted to all industries
– + Indu...
9
 IndustriesIndustries
– Most common in biomedical industries.Most common in biomedical industries.
• Protected by stron...
10
 Technology:Technology: spin-offs are not adapted to all types ofspin-offs are not adapted to all types of
technologie...
11
 Commercialization:Commercialization: problematicproblematic
– Early stage ‘embryonic’ technologies: difficult to lice...
12
1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF
MODELMODEL
1.1.1.1. Generic ChallengesGeneric Challenges
1.2 ...
13
1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF
MODELMODEL
1.1.1.1. Generic ChallengesGeneric Challenges
1.2 ...
14
OriginationOrigination ConceptConcept
TestingTesting
ProductProduct
DevelopmentDevelopment
 OpportunityOpportunity
ide...
15
 Need to put in place a complex value chainNeed to put in place a complex value chain
requiring significant resourcesr...
16
OriginationOrigination ConceptConcept
testingtesting
ProductProduct
DevelopmentDevelopment
 OpportunityOpportunity
ide...
17
– Issue of scaleIssue of scale
– Lesson: Individual institution or several institutionsLesson: Individual institution o...
18
1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF
MODELMODEL
1.1.1.1. Generic ChallengesGeneric Challenges
1.2 ...
19
1.2.2 Firm level
SMESME
Growth-Growth-
OrientedOriented
VentureVenture
 ConceptConcept Substitute for a jobSubstitute ...
20
1.2.2 Firm level
SMESME
Growth-Growth-
OrientedOriented
VentureVenture
 ManagementManagement Weak – overlaps withWeak ...
21
Too much focus on spin-off creation and not enough on growth?Too much focus on spin-off creation and not enough on grow...
22
Too much focus on licensing university patents as a mechanism ofToo much focus on licensing university patents as a mec...
23
1. CHALLENGES TO THE SPIN-OFF1. CHALLENGES TO THE SPIN-OFF
MODELMODEL
2. OTHER MODES OF TECHNOLOGY2. OTHER MODES OF TEC...
24
Agrawal, A. and R. Henderson (2002). "Putting Patents in Context: Exploring
Knowledge Transfer from MIT." Management Sc...
25
Types of University-Industry Interaction Contributing to Innovation (%Types of University-Industry Interaction Contribu...
26
Use of Sources of Knowledge for Innovation: All CompaniesUse of Sources of Knowledge for Innovation: All Companies
Cosh...
27
1. CHALLENGES TO THE SPIN-OFF1. CHALLENGES TO THE SPIN-OFF
MODELMODEL
2. OTHER MODES OF TECHNOLOGY2. OTHER MODES OF TEC...
28
3. TECHNOLOGY TRANSFER AND3. TECHNOLOGY TRANSFER AND
TYPES OF LOCAL ECONOMICTYPES OF LOCAL ECONOMIC
DEVELOPMENTDEVELOPM...
29
Four Types of local economicFour Types of local economic
developmentdevelopment
 Indigenous creation of new industryIn...
30
University roles depending on the localUniversity roles depending on the local
economic development patterneconomic dev...
31
Type IType I Type IVType IV
Creating new industriesCreating new industries Upgrading existing industriesUpgrading exist...
32
ConclusionsConclusions
 Academic spin-off creation and growth works better under certainAcademic spin-off creation and...
33
ENDEND
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  • Je vous propose d’examiner un mode de transfert de technologie à partir d’institutions académiques qui a été assez dominant ses dernières années dans les préoccupations des responsables politiques: la création de spin-offs, de nouvelles societésen vue de commercialiser des technologies développées dans ces institutions académiques. Je voudrais en souligner les limites, car cela a peut-être été un peu trop présenté comme une panacée, et aussi pour en tirer des enseignements sur la façon de rendre ce mode de TT plus efficace. Je voudrais ensuite suggérer que la création de spin-off n’est qu’un mode de TT parmi d’autres et enfin qu’il est peut-être plus adapté à certains modes de développement économique que d’autres. Avant de commencer de commencer, je voudrais faire deux remarques pratiques. 1. Dans la présentation, j’utilise le terme “université” pour désigner les institutions d’enseignement et de recherche supé´rieurs, comme c’est le cas dans la plupart des pays. Je sais que le terme est plus restrictif en France. Je vous demanderais donc de l’entendre dans un sens large comme équivalent de institutions d’enseignement et de recherche supé´rieurs.
  • RADICAL: because radical investions canibalize existing assets, undermine existing comptencies and therefore are often rejected by managers of established companies. EARLY STAGE INVENTIONS because unproven technologies cannot easily be licenced to established firms. TECH WITH BROAD APPLICATIONS. If first application is not successful, founders can switch to another application. Established firms do not know what to do with general purpose technologies. CUTTING EDGE TECHNOLOGY PROVIDING SIGNIFICANT ECONOMIC VALUE. Otherwise entrepreneurs will not find the risk worthwhile.
  • EARLY STAGE: difficult to license - few entrepreneurs are interested in licensing the typical university invention. Their application and potential are not obvious. LONGER THAN AVERAGE PRODUCT DEVELOPMENT STAGE. “…To develop a commercial product for a U. tech takes an average of 4 years and $4m after the s.o. is founded, with revenues from the succesful commercialization effort not coming until the 8th or 9th year after licensing. TECHNOLOGY PUSH NATURE. We are dealing with a tech in search for problems to be solved rather than a classic case of a tech / a product meeting a customer need. Founders rarely have a clear vision of how their technology will solve real customer problems. At one point, the firm must evolve towards a market pull orientation. Customers do not buy technology alone, but purchase solutions to their problems
  • Innovac degroof slides for publishing 2010 11-17

    1. 1. UNIVERSITE - INDUSTRIE:UNIVERSITE - INDUSTRIE: POTENTIELS ET LIMITES DEPOTENTIELS ET LIMITES DE DIVERS MODES D’INNOVATIONDIVERS MODES D’INNOVATION Jean-Jacques Degroof MIT Industrial Performance Centre jdegroof@mit.edu http://web.mit.edu/ipc/people/affiliates.html Conférence Innovac 18-19 Novembre 2010
    2. 2. 2 INTRODUCTIONINTRODUCTION  1990s: growing concern about techno-1990s: growing concern about techno- logical gap between the USA and Europelogical gap between the USA and Europe  Renewed interest in technology innovationRenewed interest in technology innovation  Recognition of entrepreneurship as a validRecognition of entrepreneurship as a valid mode of technology innovationmode of technology innovation  Interest of policy makers in involvingInterest of policy makers in involving academic institutions in technology transferacademic institutions in technology transfer
    3. 3. 3 INTRODUCTIONINTRODUCTION  Multiple policy initiatives to supportMultiple policy initiatives to support technology transfer from universities.technology transfer from universities.  Support for spinning off new ventures fromSupport for spinning off new ventures from universities.universities.
    4. 4. 4 INTRODUCTIONINTRODUCTION However,However, – Spin-off firms tend to come from a small number of topSpin-off firms tend to come from a small number of top research institutions.research institutions. – The firms’ size, growth rates, revenues are modest.The firms’ size, growth rates, revenues are modest.
    5. 5. 5 Callan, B. (2001). "Generating spin-offs: evidence from the OECD." Science Technology Industry Review. Special issue on fostering high tech spin-offs: a public strategy for innovation 26: 13-56. • Degroof, J.-J. and E. B. Roberts (2004). "Overcoming Weak Entrepreneurial Infrastructures for Academic Spin-Off Ventures." The Journal of Technology Transfer 29(3-4): 327-352. Heirman, A. and B. Clarysse (2004). "How and Why do Research-Based Start-Ups Differ at Founding? A Resource-Based Configurational Perspective." Journal of Technology Transfer 29(3-4): 247. Clarysse, B., M. Wright, et al. (2005). "Spinning out new ventures: a typology of incubation strategies from European research institutions." Journal of Business Venturing 20(2): 183- 216. Mustar, P., M. Renault, et al. (2006). "Conceptualizing the heterogeneity of research-based spin-Offs: a multi-dimensional taxonomy." Research Policy 35(2): 289-308 Wright, M., B. Clarysse, et al. (2007). Academic Entrepreneurship in Europe. Cheltenham, UK, Edward Elgar
    6. 6. 6 1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF MODELMODEL 2.2. OTHER MODES OF TECHNOLOGYOTHER MODES OF TECHNOLOGY TRANSFERTRANSFER 3.3. TECHNOLOGY TRANSFER ANDTECHNOLOGY TRANSFER AND TYPES OF LOCAL ECONOMICTYPES OF LOCAL ECONOMIC DEVELOPMENTDEVELOPMENT Three partsThree parts
    7. 7. 7 1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF MODELMODEL 1.1.1.1. Generic ChallengesGeneric Challenges (*)(*) 1.2 Challenges specific to weak1.2 Challenges specific to weak entrepreneurial environmentsentrepreneurial environments (*) Adapted from Shane, S. (2004). Academic entrepreneurship. University spin-offs and wealth creation. Cheltenham, UK, Edward Elgar
    8. 8. 8  Industries:Industries: spin-offs are not adapted to all industriesspin-offs are not adapted to all industries – + Industries in which patents are more effective.+ Industries in which patents are more effective. – + Younger technology base.+ Younger technology base. – + Segmented Markets.+ Segmented Markets. – - Require large complimentary assets.- Require large complimentary assets. – - Large average firm size- Large average firm size
    9. 9. 9  IndustriesIndustries – Most common in biomedical industries.Most common in biomedical industries. • Protected by strong patents.Protected by strong patents. • Commercialization allows more time than in the physical sciences.Commercialization allows more time than in the physical sciences. • Universities are the locus of expertise in the life sciences.Universities are the locus of expertise in the life sciences. • Performance of the products is more valued by clients than cost.Performance of the products is more valued by clients than cost. • Low need of complementary technologies.Low need of complementary technologies.
    10. 10. 10  Technology:Technology: spin-offs are not adapted to all types ofspin-offs are not adapted to all types of technologiestechnologies – Radical inventions vs. incremental innovations.Radical inventions vs. incremental innovations. – Early stage inventions.Early stage inventions. – Technologies with broad applications.Technologies with broad applications. – Cutting edge technology providing significant economic value.Cutting edge technology providing significant economic value. – Strong intellectual property protection.Strong intellectual property protection.
    11. 11. 11  Commercialization:Commercialization: problematicproblematic – Early stage ‘embryonic’ technologies: difficult to license.Early stage ‘embryonic’ technologies: difficult to license. – ““Technology push” nature of product creation (>< “market pull”).Technology push” nature of product creation (>< “market pull”). – Market uncertainty is very high: is there demand for the product (at what price)?Market uncertainty is very high: is there demand for the product (at what price)? – Longer than average product development cycleLonger than average product development cycle – Scaling.Scaling.
    12. 12. 12 1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF MODELMODEL 1.1.1.1. Generic ChallengesGeneric Challenges 1.2 Challenges specific to weak1.2 Challenges specific to weak entrepreneurial environmentsentrepreneurial environments
    13. 13. 13 1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF MODELMODEL 1.1.1.1. Generic ChallengesGeneric Challenges 1.2 Challenges specific to weak1.2 Challenges specific to weak entrepreneurial environmentsentrepreneurial environments 1.2.1 Tech transfer policy level 1.2.2 Firm level
    14. 14. 14 OriginationOrigination ConceptConcept TestingTesting ProductProduct DevelopmentDevelopment  OpportunityOpportunity identificationidentification  Opportunity selectionOpportunity selection  IP protection testingIP protection testing  Business conceptBusiness concept testingtesting  SelectionSelection  Internal advisingInternal advising capabilitiescapabilities  Network supportNetwork support Degroof, J.-J. and E. B. Roberts (2004). "Overcoming Weak Entrepreneurial Infrastructures for Academic Spin-Off Ventures." The Journal of Technology Transfer 29(3-4): 327-352. See: http://web.mit.edu/deshpandecenter/ Firm creation 1.2.1 Tech transfer policy level Generic process of spin-off creation
    15. 15. 15  Need to put in place a complex value chainNeed to put in place a complex value chain requiring significant resourcesrequiring significant resources
    16. 16. 16 OriginationOrigination ConceptConcept testingtesting ProductProduct DevelopmentDevelopment  OpportunityOpportunity identificationidentification  Opportunity selectionOpportunity selection  Technical conceptTechnical concept testingtesting  Business conceptBusiness concept testingtesting  SelectionSelection Internal advisingInternal advising capabilitiescapabilities  Network supportNetwork support TechnicalTechnical Research capabilities;Research capabilities; management of research;management of research; IP CapabilitiesIP Capabilities R&D capabilities; IPR&D capabilities; IP capabilities Business duecapabilities Business due diligence and planningdiligence and planning skillsskills R&D capabilities; businessR&D capabilities; business development anddevelopment and management skillsmanagement skills FinancialFinancial R&D financing; investmentR&D financing; investment in TTin TT Innovation grants; seedInnovation grants; seed financing; investment in TTfinancing; investment in TT Early stage VC; growth-Early stage VC; growth- stage VCstage VC HumanHuman Scientists; TT specialistsScientists; TT specialists TT specialists; businessTT specialists; business coachescoaches Scientists; management;Scientists; management; board members; advisorsboard members; advisors SocialSocial Scientific networkScientific network Scientific network; networkScientific network; network in industry and in thein industry and in the entrepreneurial communityentrepreneurial community Scientific network; localScientific network; local and international networkand international network in industry and in thein industry and in the entrepreneurial community.entrepreneurial community. ResourcesResources
    17. 17. 17 – Issue of scaleIssue of scale – Lesson: Individual institution or several institutionsLesson: Individual institution or several institutions should join forces?should join forces?
    18. 18. 18 1.1. CHALLENGES TO THE SPIN-OFFCHALLENGES TO THE SPIN-OFF MODELMODEL 1.1.1.1. Generic ChallengesGeneric Challenges 1.2 Challenges specific to weak1.2 Challenges specific to weak entrepreneurial environmentsentrepreneurial environments 1.2.1 Tech transfer policy level 1.2.2 Firm level
    19. 19. 19 1.2.2 Firm level SMESME Growth-Growth- OrientedOriented VentureVenture  ConceptConcept Substitute for a jobSubstitute for a job and/or to pursue otherand/or to pursue other lifestyle choiceslifestyle choices Pursue opportunity withPursue opportunity with high potential tohigh potential to maximize economicmaximize economic value for thevalue for the entrepreneur andentrepreneur and his/her supportershis/her supporters  OwnershipOwnership ClosedClosed Open (outside funding)Open (outside funding)
    20. 20. 20 1.2.2 Firm level SMESME Growth-Growth- OrientedOriented VentureVenture  ManagementManagement Weak – overlaps withWeak – overlaps with ownershipownership Growing professio-Growing professio- nalization -Distinct fromnalization -Distinct from ownershipownership  UltimatelyUltimately ContinuityContinuity Exit – “liquidity event”Exit – “liquidity event”
    21. 21. 21 Too much focus on spin-off creation and not enough on growth?Too much focus on spin-off creation and not enough on growth?
    22. 22. 22 Too much focus on licensing university patents as a mechanism ofToo much focus on licensing university patents as a mechanism of technology transfer?technology transfer?
    23. 23. 23 1. CHALLENGES TO THE SPIN-OFF1. CHALLENGES TO THE SPIN-OFF MODELMODEL 2. OTHER MODES OF TECHNOLOGY2. OTHER MODES OF TECHNOLOGY TRANSFERTRANSFER
    24. 24. 24 Agrawal, A. and R. Henderson (2002). "Putting Patents in Context: Exploring Knowledge Transfer from MIT." Management Science 48(1): 44. MIT faculty perception of relative importance of alternative channels of knowledge transfer from university to industry (N = 68) 18% 5% 26% 6% 12% 7% 17% 9% Publications Conferences Consulting Conversations Collaborative Research Patents & Licensing Recruiting Graduates Supervising Patent & Licensing
    25. 25. 25 Types of University-Industry Interaction Contributing to Innovation (%Types of University-Industry Interaction Contributing to Innovation (% Companies)Companies) 0 10 20 30 40 50 60 Non-exclusive licensing of University held patents Innovation-related expenditure spent on universities Exclusive licensing of University held patents Internships Joint research and development projects Problem-solving / consulting by university staff Recruitment at post doctoral level Testing and standards Conferences Publications Recruitment at first degree, or masters level Informal contacts US UK Cosh, A.D., Hughes, A. and Lester, R.K. (2006) UK Plc:Just How Innovative Are We? Cambridge-MIT Institute, University of Cambridge and MIT.
    26. 26. 26 Use of Sources of Knowledge for Innovation: All CompaniesUse of Sources of Knowledge for Innovation: All Companies Cosh, A.D., Hughes, A. and Lester, R.K. (2006) UK Plc:Just How Innovative Are We? Cambridge-MIT Institute, University of Cambridge and MIT. 0 20 40 60 80 100 120 Private research institutes Government research organisations Commercial labs or R&D enterprises Universities/higher education institutes Other public sector, eg Business links Consultants Trade associations Professional conferences, meetings Environmental standards and regulations Technical standards or setting bodies Technical press, computer databases Fairs, exhibitions Health and safety stds and regulations Competitors in your line of business Knowledge within the group Suppliers of equipment, materials etc Clients or customers Internal knowledge within the company US UK
    27. 27. 27 1. CHALLENGES TO THE SPIN-OFF1. CHALLENGES TO THE SPIN-OFF MODELMODEL 2. OTHER MODES OF TECHNOLOGY2. OTHER MODES OF TECHNOLOGY TRANSFERTRANSFER 3. TECHNOLOGY TRANSFER AND3. TECHNOLOGY TRANSFER AND TYPES OF LOCAL ECONOMICTYPES OF LOCAL ECONOMIC DEVELOPMENTDEVELOPMENT
    28. 28. 28 3. TECHNOLOGY TRANSFER AND3. TECHNOLOGY TRANSFER AND TYPES OF LOCAL ECONOMICTYPES OF LOCAL ECONOMIC DEVELOPMENTDEVELOPMENT
    29. 29. 29 Four Types of local economicFour Types of local economic developmentdevelopment  Indigenous creation of new industryIndigenous creation of new industry – Silicon Valley: personal computer, semiconductorSilicon Valley: personal computer, semiconductor – Boston: biotechBoston: biotech  Transplantation of new industry into regionTransplantation of new industry into region – I-85 corridor (NC/SC): automotive industryI-85 corridor (NC/SC): automotive industry  Diversification of existing industry into new industryDiversification of existing industry into new industry – AkronAkron, OH: tires -> advanced polymers., OH: tires -> advanced polymers. – Rochester, NY: cameras, copiers -> opto-electronicsRochester, NY: cameras, copiers -> opto-electronics  Upgrading of existing industryUpgrading of existing industry – Tampere, Finland: industrial machineryTampere, Finland: industrial machinery – Turku, Finland: biotechnologyTurku, Finland: biotechnology Lester, R. (2005). Universities, innovation, and the competitiveness of local economies. Summary report from the local innovation project — phase I. Industrial Performance Center Working Paper Series. Cambridge, MA, MIT Industrial Performance Center.
    30. 30. 30 University roles depending on the localUniversity roles depending on the local economic development patterneconomic development pattern  Creation of new industries (type I)Creation of new industries (type I) – Forefront science and engineering research.Forefront science and engineering research. – Aggressive technology licensing policies.Aggressive technology licensing policies. – Promote / assist entrepreneurial businesses (incubation services, etc.).Promote / assist entrepreneurial businesses (incubation services, etc.). – Cultivate ties between academic researchers and local entrepreneurs.Cultivate ties between academic researchers and local entrepreneurs. – Create an industry identity.Create an industry identity. • Participate in standard settingParticipate in standard setting • EvangelistsEvangelists • Convene conferences, workshops, entrepreneurs’ forums, etc.Convene conferences, workshops, entrepreneurs’ forums, etc.  Importation / transplantation of industries (Type II)Importation / transplantation of industries (Type II) – Education / manpower development.Education / manpower development. – Responsive curricula.Responsive curricula. – Technical assistance for sub-contractors, suppliers.Technical assistance for sub-contractors, suppliers.  Diversification of existing industries into technologically-related new ones (Type III)Diversification of existing industries into technologically-related new ones (Type III) – Bridging between disconnected actors.Bridging between disconnected actors. – Filing “structural holes”Filing “structural holes” – Creating an industry identityCreating an industry identity  Upgrading existing industries (Type IV)Upgrading existing industries (Type IV) – Problem solving for industry through contract research, faculty consulting, etc.Problem solving for industry through contract research, faculty consulting, etc. – Education /manpower development.Education /manpower development. – Global best practice scanningGlobal best practice scanning – Convening foresight exercisesConvening foresight exercises – Convening user - supplier forumsConvening user - supplier forums Lester, R. (2005). Universities, innovation, and the competitiveness of local economies. Summary report from the local innovation project — phase I. Industrial Performance Center Working Paper Series. Cambridge, MA, MIT Industrial Performance Center.
    31. 31. 31 Type IType I Type IVType IV Creating new industriesCreating new industries Upgrading existing industriesUpgrading existing industries FinancingFinancing Angel / venture capital (private &Angel / venture capital (private & public)public) Internal financing, supplierInternal financing, supplier financing, governmentfinancing, government InnovationInnovation cultureculture Science-driven: entrepreneurialScience-driven: entrepreneurial Customer driven, TQM,Customer driven, TQM, continuous improvement, “bestcontinuous improvement, “best practice”practice” Local anchorsLocal anchors Research UniversitiesResearch Universities Government labsGovernment labs Lead firms - lead customers -Lead firms - lead customers - usersusers EducationEducation AndAnd trainingtraining Ph.D. level scientists andPh.D. level scientists and engineers: entrepreneurialengineers: entrepreneurial business educationbusiness education BS/MS level engineers: faculty -BS/MS level engineers: faculty - student knowledge of industrystudent knowledge of industry practices and businesspractices and business problems. Internships, rotations.problems. Internships, rotations. LeadershipLeadership in thein the public spacepublic space Creating an identityCreating an identity (“evangelism”): standard setting(“evangelism”): standard setting Participate in regulatoryParticipate in regulatory processes: global scanning forprocesses: global scanning for best practice: ‘foresight’best practice: ‘foresight’ exercises.exercises. TechnologyTechnology transfertransfer Proactive technology transferProactive technology transfer from univ. & gvt labs: start-upfrom univ. & gvt labs: start-up orientedoriented Long term relationshipsLong term relationships between univ. and establishedbetween univ. and established firmsfirms
    32. 32. 32 ConclusionsConclusions  Academic spin-off creation and growth works better under certainAcademic spin-off creation and growth works better under certain conditions of industry, technology and commercialization.conditions of industry, technology and commercialization.  It requires significant resources and commitment.It requires significant resources and commitment.  Spin-off creation and licensing university patents is only one ofSpin-off creation and licensing university patents is only one of several mechanisms of technology transfer.several mechanisms of technology transfer.  Economic development strategy of universities needs to beEconomic development strategy of universities needs to be aligned with the particular industrial development in the region.aligned with the particular industrial development in the region.
    33. 33. 33 ENDEND

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