A model for commercializing the outcomes of innovation/research activity in universities

Abstract

Innovation activity is central to economic modernization. Despite the fact that Russia possesses serious scientific/technical potential, it has fallen significantly behind industrial countries in getting innovative solutions to an open commercial market. The nation has had difficulties in commercializing innovative output, which has kept it from achieving the economic returns that it deserves. The commercialization of R&D outcomes is indispensable to the strategic development of any organization. The insufficiently effective realization of innovation potential in Russia is largely due to the detachedness of innovation activity in higher education institutions from practice and a lack of interest from business – a key agent of innovation commercialization. The research reported in this paper focuses on the scientific/theoretical and practical/applied foundations of the process of commercializing the outcomes of innovation activity in higher education institutions. It has helped establish and gain an insight into some of the key issues in the area. The paper makes a case for the possibility of enhancing this process via a special model for commercializing the outcomes of innovation activity in higher education institutions.