New Wealth: Commercialization of Science and Technology for Business and Economic Development

New Wealth: Commercialization of Science and Technology for Business and Economic Development

New Wealth: Commercialization of Science and Technology for Business and Economic Development

New Wealth: Commercialization of Science and Technology for Business and Economic Development

Synopsis

Drawing from more than 25 years of research and project development, the authors describe how accelerated commercialization strategies building on advances in science and technology offer a sustainable source of wealth. They show how collaboration among business, government, entrepreneurial, and academic partners--all focusing to leverage local resources to compete in the global marketplace--is an established and powerful strategy for 21st century business creation and economic development.

Excerpt

There has never been a more opportune time than in our age of burgeoning science and technology for the creation of new prosperity. For most of history, the sources of wealth depended upon the extraction of value from nature, as in hunting, fishing, farming, or mining, which the renowned economist Daniel Bell called the pre-industrial age; later, sources of wealth depended upon adding value through processing or fabricating goods from these natural resources, which, by contrast, he called the in dustrial age; and still later, with the coming of our post-industrial age, sources of wealth depended upon knowledge, information, or know-how for enhancing the foregoing.

Claiming the new prosperity

Today, we talk of the commercialization of science and technology, which is the basis for vast opportunities in the creation of new products and services or the enhancement of existing ones. But science and technology are not just for the already affluent; they can offer so many fresh opportunities for small or very traditional underperforming economies to be transformed into a new, shared, and sustained prosperity—and, most important, for enhancement in the quality of everyday life. Science and technology are sustainable sources of wealth. Business and development opportunities are there for the claiming if only entrepreneurs, investors, and political leaders will pursue them.

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