An Equal Triangular Model Approach for the Sustainable Development of a Region: the role of Science Parks

Science and Technology are vital not only for the progress and the exploitation of knowledge, but also for the achievement of viable and balanced growth, stability and prosperity. The contribution of technology to economic growth and prosperity is of no doubt, mainly because of the recognition of the importance of the innovation within an economy. Science and Technology Parks (STEPAs) are essential means for the transferring of scientific and technological knowledge from the research institutes and universities to enterprises. A STEPA is a mediator that contributes considerably to the regional growth, facilitating the creation of high technology spin-off firms and disseminating innovative technological achievements to regional SMEs. This paper attempts to highlight this increasingly important role of STEPAs within sustainable regional development by utilising existing knowledge within economic development and linking it with the concepts of innovation, knowledge and entrepreneurship on a triangular approach. By undertaking mathematical calculations and geometrical axioms, this study shows different approaches in regional development based on various settings between these three fundamental concepts. Particular contribution to the knowledge is attempted through the introduction of Excellence within the proposed Equilateral Triangular Model Approach (ETMA). Particular emphasis is also given to the concept of knowledge based society and its main advances as well as differences compared with industrial society. The interesting question as to what constitutes Technology Transfer is addressed extensively. Finally, the dynamic role of STEPAs is addressed and discussed concerning the sustainable development of a region.