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For the exclusive use of Liz Martin, martinel@conferenceboard.ca, The Conference Board of Canada. Innovation in <strong>India</strong> Research Commercialization Partnerships for Business Incubation The space-sharing arrangement involving a stock exchange is an uncommon but sensible blend of institutions. resources for adapting to different cultural norms and legal standards. The Canadian Association of Business Incubation (CABI) also provided expert advice and capacity that facilitated the partnership process. Innovations BSE has fostered a collaborative environment in which a stock exchange, a post-secondary institution, and a business incubator all share the same space and similar missions. The shared space in the Bombay Stock Exchange building facilitates an open flow of instructors between BSE and the BSE Institute, with many acting as both teachers and practitioners. This close connection between potential employers and students enables BSE to directly cultivate the talent it needs while exposing student researchers early on to the practical challenges of industry. Prior research by The Conference Board of Canada has indicated that this type of co-location has the added benefit of improving the overall innovation environment and contributing to the performance of teams. 10 The space-sharing arrangement involving a stock exchange is an uncommon (see “Research Commercialization in the Developing World”) but sensible blend of institutions. Research has shown that innovation ecosystems work best “when venture capitalists and other individuals with strong industry ties are involved in designing and operating the incubator, a complementary education system is in place, and the incubator managers are working with real estate developers.” 11 With this in mind, financial nodes such as stock exchanges may prove to be ideal locations for new business incubators and similar university-driven commercialization initiatives, especially when related real estate has a single owner, as is the case with BSE. These types of collaborations are also immediately beneficial to firms, which are provided with a 10 Dimick, Driving Creativity and Commercialization, 3–10. 11 Markman, Siegel, and Wright, “Research and Technology Commercialization,” 1406. Find Conference Board research at www.e-library.ca 6
© The Conference Board of Canada. All rights reserved. Please contact cboc.ca/ip with questions or concerns about the use of this material. The Conference Board of Canada low-cost innovation back-office capacity as well as easily accessible “opportunities to rigorously assess the skills and aptitudes of potential recruits.” 12 Research Commercialization in the Developing World While some elements of the <strong>India</strong>n approach to research commercialization may initially seem strange in the Canadian context, the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) has suggested that its features are characteristic of the emergent research commercialization regime of developing countries. Whereas developed countries tend to move from pure research, to development, to design and production, developing countries tend to approach research commercialization from the opposite tack: from production, to design, to further development, and finally to research. 13 The continuing international partnership between the incubation systems of the BSE Institute and Ryerson has fostered an ideal environment for global research commercialization opportunities. With supportive international infrastructure facilitating access to mentorship opportunities, networks, and capital from abroad, start-ups at BSE and Ryerson have a superior potential for global expansion early on in their development. The BSE Institute has already sent two groups of start-ups to visit Ryerson’s facilities in Toronto, and plans are underway for a Ryerson start-up to expand its footprint into Mumbai in 2015. The government of Canada has also named Ryerson Futures a designated business incubator for its Start-Up Visa Program. The first of its kind in the world, this newly created visa program provides an avenue for international entrepreneurs to expand into the Canadian market. 12 Munro and Haimowitz, Innovation Catalysts and Accelerators, 25. 13 Ramanathan, An Overview of Technology Transfer, 5. Find Conference Board research at www.e-library.ca 7
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