Officials Look to R&D Clusters as A Development Catalyst
Since the founding of Stanford Research Park in Menlo Park, Calif., in the 1950s, research parks have seen an explosion of growth. Now, their development is tied to life sciences, a field seen by its practitioners as being on the verge of an historic breakthrough. It is fed by investment from sources as disparate as venture capitalists, academia, corporations, philanthropists and government that see the investment as an economic engine, attracting high-paying jobs and further development.
"The cluster of industries feed off each other," acting as a magnet for more investment, says Bill Drohan, executive director of the Association of University Research Parks, Rockville, Md. Drohan points to several ambitious initiatives involving a "patchwork quilt" of financing and a "big splash" of government funds.