STPs as Technology Development Catalyst

The global innovation imperative illustrated successful cases in improving the economy of many countries. In fact, the developed countries are having huge R&D investments. In other words, there is a strong relationship between Innovation, R&D and countries prosperities. It has been identified that STPs are playing a vital role as R&D facilitators which build strong technology development catalyst. They generate great outcomes by transferring and directing basic researches towards applied researches. This place STPs as critical component in the economical ecosystem. Oman as an example is in the transition period from being efficiency-driven to innovation-driven economy. The Research Council of Oman (TRC) is executing one of the milestones in passing this stage by constructing the first STP, Innovation Park Muscat (IPM). IPM will achieve organizational Knowledge creation through the implementation of STP concept that synergy the efforts of the private and academic sector.