7. Science-Based Industries Flashcards
What is a science-based company?
A company whose product (physical object, process, IP) is informed and enabled to a large degree by scientific research/knowledge and scientific skills of staff.
What is a STEM company?
A company whose key staff is scientifically competent in STEM subject(s) and that uses STEM knowledge and competences (skills) to design, engineer and improve their products.
What is the job of a science-based company?
To translate research and development into products, processes and competences. These provide economic and social value.
Define absorptive capacity
A firm’s ability to recognise the value of new information, assimilate it, and apply it to commercial ends. Investment in internal R&D is key to this as it creates a culture of people analysing and appreciating it.
The ____ a firm invests in research and development activities, the more it will be able to fully appreciate the value of new external knowledge.
More
What are the 5 benefits of (fundamental) science?
- Basic research is a source of new and useful knowledge, instrumentation, and methodologies.
- Creates skills developed by those doing basic research, can also lead to substantial economic benefits as individuals move on from basic research, carrying knowledge with them.
- Gives access to national and international networks of experts and information.
- Basic research may be especially good for developing the ability to tackle and solve complex problems.
- Creation of ‘spin-off’ companies, where academics transfer their skills, tacit knowledge, and problem-solving abilities directly into a commercial environment.
_________ between universities and companies is key when they are completing work together.
Collaboration
What are CUDOS values?
- Communalism
- Universalism
- Disinterestedness
- Organised scepticism
