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date: 13 July 2020

Abstract and Keywords

This article examines the importance of science and technology in business innovation. It discusses the distinction between scientific research and technology and considers the justifications for government funding and the trade-offs between private and public financing and control of research. It describes science-based industries which are more directly dependent than others upon science for innovation and growth, and highlights the importance of university–industry interactions in business innovation. This article also discusses the challenges for business managers in determining how much science to invest in and perform within the firm, and how much to try to gain through external linkages by means of spillovers, networks, and partnerships.

Keywords: business innovation, science, technology, scientific research, government funding, science-based industries, university-industry interactions

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