Small Medium Enterprises (SMEs)
Overview
In our hybrid triple helix and open innovation model to create and develop spin-off companies based on university research outputs, as well as open innovation practices that encourage the sharing of ideas and knowledge. These university spin-off companies (SMEs) is an important component of our innovation ecosystem and partners shall provide mechanisms for their commercialization.
The programme shall encourage their formation around inventions or innovation developed during academic work by different cohorts of researchers and students. The SMEs formed will be developed through comprehensive processes to commercialize their Intellectual Property. The programme develop mechanisms to identify promising inventions or innovations that can be developed into SMEs and encourage partners to grant exclusive rights to use its intellectual property in exchange for royalties or other financial compensation. In addition, identify potential collaborators and partners who can provide additional resources and expertise to support the spin-off company
Our focus is to work with researchers and students behind these inventions or innovations to demonstrate how these spin-off companies create powerful tools for translating academic research into real-world applications. In addition, clearly show how these spin-off companies provide a pathway to develop new products and services to benefit society and also generate revenue for the partners, as well as create new jobs and drive economic growth.
We shall build new partnerships (ecosystem) with SMEs contributing to open innovation by collaborating with other stakeholders in the system, sharing ideas and knowledge, and collaborations. We shall provide access for SMEs to tap from the expertise and resources of academia, industry, and government, gaining access to new technologies and knowledge that can help them to develop new products and services. By leveraging these resources and partnerships, SMEs can grow and succeed in the market, driving innovation and economic growth
We shall SMEs through the following steps; identify a promising business idea or opportunity based on a market need or gap through market research, form a team of experts that include entrepreneurs, researchers, and industry experts who can provide the necessary expertise and resources to develop the business idea, secure funding from a variety of sources, such as government agencies, venture capitalists, angel investors or crowdfunding, develop a business plan outlining key aspects of the business, including the target market, the products or services to be offered, the revenue model, and the marketing strategy, form partnerships and collaborations within academia, industry, and government, to help develop the business idea and bring it to market, obtain necessary intellectual property rights and licenses to commercialize these inventions or innovation, and launch the SME and begin developing and marketing its products or services.
Partnership roles in creating SMEs
Academia: Universities and research institutions will play a key role in supporting the creation and development of SMEs by providing research, knowledge, and expertise. The responsibilities of academia in this context include:
- Conducting research and developing new technologies that can be used by SMEs
- Providing mentoring and support for entrepreneurs
- Offering training programs and educational resources for SMEs
- Supporting the commercialization of university research outputs by licensing and patenting intellectual property rights
Industry: Companies, particularly small and medium-sized enterprises, are key drivers of innovation and economic growth. In the context of the creation and development of SMEs, the responsibilities of industry include:
- Investing in research and development, particularly in collaboration with academia
- Providing funding and support for start-up companies
- Offering mentoring and advice to entrepreneurs
- Providing access to networks and resources that can help SMEs grow and expand
Government: Governments shall play a critical role in supporting the creation and development of SMEs by providing funding, policy support, and regulatory frameworks that enable innovation and economic growth. The responsibilities of government in this context include:
- Providing funding for research and development, particularly in collaboration with academia and industry
- Offering financial support and incentives for start-up companies
- Developing policies and regulations that support SMEs and encourage innovation and entrepreneurship
- Providing access to networks and resources that can help SMEs grow and expand